and incredibly dangerous crowd driven wealth destroying
which by virtue of their chosen professional as lawyer a natural propensity towards
insight to the journey from
journey of a professional
The persona I immediately disliked as I assumed it was a poorly veiled pump-up. As I read through
Having spent 9-12 months deep diving in the cess pool of retail forex, and more specifically those that use re-skinned off the shelf platforms as a front to promote stinky fixed return no risk, 100% guaranteed, most trustworthy, proprietary secret squirrel IP, market moving , most gifted AI bot, self percolating fund management investment (aka a dodgy HYIP Ponzi) I’ve perhaps become ultra cynical and somewhat sensitive to these schemes, those that promote them and the n
was providing an account of had made the cautious decision to invest with FX United
- I speculate that if UGHL has provided any accounts they would have filed them as ‘dormant accounts’, because of course they are not actually doing business through this entity. There is a UGHL Bahamas, which like other similar jurisdictions doesn’t require you to file accounts in any event.
FX United Explained
archived 15 Jul 2016 00:50:51 UTC
What started out to be a comment to one of Richard’s articles that mentions the soon to be homeless United Global Holdings, has blown out a little and has morphed into an article / blog of sorts.
FX United Explained
During the week I stumbled across web-blog www.fxunitedexplained.com. To be honest, I am still a little confused and have mixed feelings about the site. My first reaction was that it was a marketing ploy by FX United taking on the persona of a Sydney lawyer.
If it is in fact an honest account (which I think it may be), it provides an unfettered insight of ones journey a qualified professional journey from cynic to champion, and highlights the powerful influence of human behaviour and the crowd.
Its important to note, that the author of the blog started as a cynic, and did undertake a level of due diligence, as part of this process was looking for signs that this was a scam.
Its easy to look from the outside in and pick holes in someone’s process and decision making.
The first most obvious question from an outsider, thats had no involvement in something similar, is that how does a professional, especially one in the legal professional that has natural propensity towards being a cynic and a risk mitigator quickly move so quickly from cynic to champion.
Having thought about it, there are some reasonably obvious reasons.
We all are a product of our environment, and generally move through life within the constraints of our chosen career. Lawyers are highly skilled, by virtue of their profession tend to be cynical, generally cautious, and risk adverse. Each of these traits can be seen within the blog.
Advantageously, there the ability to transfer and utilise these skills in other environments and sectors. But they can also be very ineffective without availability
Being a lawyer in no way equates to having an effective understanding of financial markets, or the regulations that those markets are bound by.
A combination of the lack of identifiable and easily accessible resources that he could use and process that would provide definitively provide the clarity he was seeking as to whether this was a scam or not. One of the things I found most concerning was the lack of understanding of the legal and regulatory considerations; "is it a scam and does it really matter". Yes and yes. Actually its a train wreck of breaches
The retail forex space is a cesspit filled with dodgy providers. So much so ASIC has recently lifted the skirt on 55 providers, handing out 150 regulatory actions, and this is just to the licensed providers, their corporate representatives, and not those that are unlicensed or peddling the HYIP Ponzi death traps.
I doubt that the blog would ever have been started if he was digested and understand the legal and regulatory considerations and potential consequences resulting from promoting, taking a clip from those that sign up to an unregulated fx provider peddling an illegal product.
Secondly, and quite importantly there is no easily available analytical model that provides clarity to just how impossible it is for the products
These resources if were within his reach you would expect the outcome to be
One trait that wasn’t lost throughout was the importance of risk mitigation.
Unfortunately, the merchants of scam know is the key to maximising their scam.
It is delivered with devastating effect;
the outrageously high yield, the false sense of confidence gained from the month to month payments, the reinforcements, and the stimulus of confidence meshed with the eniviatble desires of greed. Result in the ultimate sin being committed. Borrowing to invest in something that is not real.
tools at his disposal, looking for facts that he considered important in determining if this was a scam or not, a strong desire to move his life forward,
somewhat unaware of the influence of a small but motivated and conflicted crowd
skills and expertise developed can b
while transferable and useful outside their core area of expertise, are not
Our knowledge, skills and
professional in one field develops knowledge and skills
FX United ‘Funding your account'