The following post was lifted from PMTForum thread:
New to this forum. I’m a businessman based abroad. I just found myself lurking in the forums and chanced upon this thread. Unfortunately, these things happen everywhere, most especially in third world countries, where financial regulations are not as mature as more developed countries. It doesn’t help that people have the tendency to easily believe profitable deals. I know this is retrospective at this point, but I just thought that I might put my two cents in, as I used to trade for banks here in the EU.
It’s mostly common sense, but the hardest thing to do is to resist the temptation of investing in deals that you know can be “dodgy”, thinking that it might be a window that’s unlikely to open again. I point out the following:
- 1. Don’t invest in a financial venture if it’s not registered with any sort of regulatory body. I think in this case it’s the sec or DTI, right? If you knowingly go to bed with someone who is dabbling in forex illegitimately, aren’t you sort of being an accomplice? Hindi ba delikado baka madamay ka?
- 2. Don’t pay via bank transfer or online. The money I’ve noticed which changed hands seem like a lot by Philippine standards. 500k or so is not something you give to somebody who does not have a portfolio at all. Kung hindi transparent ang pamamaraan, buwelta na. Kung hindi face to face, don’t invest more than twenty pesos.
- 3. Scammers easily drop the word “forex” and people fall for it. I’m sure you’ve heard this before. To be fair, I’ve personally seen big wins. I have friends who have been in this business for years. Maliit ang 30% na panalo per week. Unfortunately, maliit din ang 30% na talo per week. It’s always a calculated gamble. Kahit papaano mo panipisin ang probability, there is still a chance na sasablay. And no, never guaranteed. Pag sinabing forex, sabay garantisado, buwelta ulit. Foreign exchange is more volatile than stocks a lot of the time, especially during these times na recession. Any person who studies the markets knows this.
- 4. Are you running a business or a charity? Anywhere else, pag nag-suspect na scam, report agad sa authorities. It is a business. Kung hindi ka alerto, timbog ka. I think the people here gave these scammers too much leeway and kindness. It’s not a bad trait to have, kindness; but if you want to be successful in business, a certain amount of ruthlessness is required. Mind you, I’m not talking about being cutthroat; rather, if you suspect that you’re being cheated, don’t give them the benefit of the doubt. Kesyo may aids pa yan, that’s your hard-earned money. Hanggang hindi pa nakalibing, singilin mo.
- 5. Let’s face it. The reason we do these types of things is greed. I’m going to keep it real. I do it, too. Nothing makes me feel better than making a quick, honest buck. Don’t tell me you don’t think the same because you’re only fooling yourselves. There’s nothing wrong with being greedy. That’s how capitalism was built; however, be greedy to a certain point, huwag gahaman. Pasukan ng konting sentido comon. 15% a month guaranteed tells me straight away that it’s a lie, but I know may bumubulong din sa akin na “sayang”. No it’s not. Kahit saan ka mag-invest, kahit si Warren Buffett pa iyan, he won’t give you a deal like that. Not even if you gave him a billion dollars.
Sa mga tinamaan, I really do empathize. I’ve seen firsthand the hurt and aggravation that being cheated one goes through. My uncle and aunt have split up because of this. Lahat ng pinsan ko na-rehab. I ended up abroad due to a sort of similar situation.
The bright side? Tama kayo. Babanda iyan. They live by the sword, that’s how they’re going to die. And yes, money is easily re-couped. Forget about what you’ve lost. Basta may pang re-invest, may paraan. I went through three failed businesses and I’m still doing ok. As long as you don’t break the cardinal rule (as far as I’m concerned) which is not to gamble more than you can afford.
Good luck and god bless…
Read the whole thread at www.pinoymoneytalk.com/forum/index.php?topic=15085.0
photo from hubpages.com