Opinion: Let's not compare Forex Trading to Telex Free. It's not a scam
Recently, I shared about forex trading and someone said that's like Aim Global. Another said thats like Telex Free. Implying that forex trading is another scam.
Yes, I know many people have been scammed but that's because few take time to understand what it is they're investing in. They approach investment from an emotional stand point. If you tickle their emotions a bit they will open their purse. Tell them it's quick and free money you don't have to work.I t's immediate money no hustle.
I recall when telex free came around I had a conversation with my cousin an told them not to invest in it and they insisted on doing hence losing their money. I had of course done some little research about them and what had come back wasn't inspiring.
Then for Aim Global I think Ugandans just didn't understand it. The people who also sold it to Ugandans, sold it in deceit because I am sure they know Ugandans so well, they hate sales.
Network marketing is about sales and when you sign up for it, you have signed up to be a sales person/agent of a particular company or product. Sales is a commissions-based job world over but Ugandans hate sales. They hate the idea of making money as a cut of your effort. They want to be paid not for delivery but appearance.
That's why we have few sales people. Put up an advert for sales people and you will barely get three applications. Put up an advert for a receptionist, office admin and you will get a thousand applications.
Why? Ugandans hate sales. It means they have to earn as a result of their direct input and performance which most don't fancy because most know they wont perform maybe.
There is however nothing bad about network marketing save for the way it was sold here to lure people into it. Its "marketing" and you are the marketer.
Forex trading is an old time business. It's the purchase and sale of currencies on the financial markets. All banks trade in forex just like all insurance companies and hedge funds.
When you give them your money that's partially where they put it and give you 1% of the proceeds for using your money to make money. It's a legitimate business that has been around since the inception of money.
I usually tell people, if you are investing into something find out what's being sold or what's being bought. The bedrock of investment is the buying and selling of stuff.
So what are we selling here? That's a question you should never forget to ask before you invest into anything.
There has to be a product or service being sold otherwise how do you generate money to pay back investors. What was Telex Free selling? Nothing. What was Aim Global selling? medical products.
What is Gokafoods selling? Dough nuts, daddies, bindazi and soon bread, buns,cookies e.t.c. What is Campus Doctor selling? Healthcare. What is Boroboro selling? Money.
There has to always be something to sell because that's what generates the money that goes around.
Selling is what grows money, so if there's nothing being sold or bought don't waste time investing. If you can't understand what's exactly being sold, don't waste time investing.
Jaluum Herberts Luwizza is a Speaker,Writer and Business Columnist with the Nile Post.He is also a Business Consultant at YOUNG TREP a Business Management and Consultancy firm that helps people start and grow profitable businesses and YTS Associates Certified Public Accountants.
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