How-toPsychologyStrategyUncategorized

The emotion that fuels the forex market

An aspirational product is a product that people aspire to but which is so difficult to own, that only a select few are able to own it.

Aspirational products include big brand sneakers, expensive brand watches and jewellery, homes in exclusive suburbs, and cars that most people cannot afford. An important characteristic of an aspirational product is that a large section of the market that is unable to earn the product, think they have a fair chance of owning the product in the future. If most people are able to own a product it has no aspirational value. There is nothing to aspire to.

Forex trading as a tool to reaching my aspirations

Forex trading has become a tool with which people are led to believe they can reach an aspirational lifestyle.

Working only 15 minutes or an hour a day, driving the newest sports car, living in a large house on an estate, wearing the most expensive watch and clothes, are all aspirational products for the average person. That is exactly what the marketers of forex products and services offer. Couple that with a message that confirms what people often believe, namely that rich people know some secret to wealth which they don’t want to share, and you have fertile soil for selling products that promise, but rarely deliver.

Forex trading as a quick way of becoming rich, has become one of the best selling lies of our time. And it is quite difficult to dispel because the people who need to maintain the belief, has an advantage.

  • Firstly they play on people’s aspirational emotions.
  • Secondly they actively promote the belief that there is a secret to wealth that a select few possess.
  • Thirdly they offer themselves as the possessors of this secret, which they will reveal to anyone who aspires to making money easy in exchange for a fee.

There is little one can do to prove them wrong, because even people who bought the “secret” will blame some outside force (usually the market) for losing their money. It is never the fault of a decision they made, whether to believe that money is easy to make or that the program or strategy they bought are common knowledge.

In the era of fake news, one should not be surprised that people will believe anything they see, as long as it appears legitimate or is offered in a video.

Why would you doubt someone who talks in public, where anyone can unmask a liar, about his successes and the success of whatever he offers?

Fact is, some of the most prolific promoters of forex products often lie in the face of their victims. Mostly because they know people want to believe them and will not go to the trouble of researching to verify their claims. At the same time, why would you question something that fits in perfectly with your existing world view?

Questions to ask yourself before spending money on forex schemes that promise easy money.

  1. If it was that easy, why are they really sharing the information? If they share it because they are good people or are already making enough money, why don’t they give the secret away to friends and family, why do they ask money for it? Surely, before you give a secret away, you will rather share it with your family and friends?
  2. Have I googled every keyword that is unique to this person, company or product?
  3. Have I googled for testimonials about the person, company or product?
  4. Are the testimonials recent or do they stretch over time?
  5. Are their many testimonials around the same time, so it may be orchestrated?
  6. Have I googled the names of the people who gave the testimonials?
  7. How long have they traded? (Most glowing testimonials come from people who have just started using the product)
  8. Do I really, really believe that becoming rich is possible by buying a product that I just have to activate and spend an hour a day using?
  9. Have I checked in what situations this “extremely clever and successful person” appear on the Internet?
  10. Successful traders are balanced people who have no need to impress you with their bling. Someone who only appears in photos and videos surrounded by “aspirational” objects, should raise the red flag in your mind.
  11. Is this person who are going to make you rich, part of a community of traders, on- and off-line, or are they loners who don’t share knowledge unless they sell it?
  12. Why do I believe this person with the easy answers and not the person who tells me how difficult, dangerous and demanding, trading is?
  13. Am I relaxed about this person and what he sells or am I overriding my internal warning system because I am told what I want to believe?
  14. Is this person perhaps exploiting my aspirational need by making me believe that I have a fair chance to become rich without effort?
  15. Why do people who are wealthy, need to tell me how much money they have, if not to sell me something?
  16. If you buy anything such as a house, a car, expensive clothing or insurance, do you buy it without doing research?
  1. If it was that easy, why are they really sharing the information? If they share it because they are good people or are already making enough money, why don’t they give the secret away to friends and family, why do they ask money for it? Surely, before you give a secret away, you will rather share it with your family and friends?
  2. Have I googled every keyword that is unique to this person, company or product?
  3. Have I googled for testimonials about the person, company or product?
  4. Are the testimonials recent or do they stretch over time?
  5. Are their many testimonials around the same time, so it may be orchestrated?
  6. Have I googled the names of the people who gave the testimonials?
  7. How long have they traded? (Most glowing testimonials come from people who have just started using the product)
  8. Do I really, really believe that becoming rich is possible by buying a product that I just have to activate and spend an hour a day using?
  9. Have I checked in what situations this “extremely clever and successful person” appear on the Internet?
  10. Successful traders are balanced people who have no need to impress you with their bling. Someone who only appears in photos and videos surrounded by “aspirational” objects, should raise the red flag in your mind.
  11. Is this person who are going to make you rich, part of a community of traders, on- and off-line, or are they loners who don’t share knowledge unless they sell it?
  12. Why do I believe this person with the easy answers and not the person who tells me how difficult, dangerous and demanding, trading is?
  13. Am I relaxed about this person and what he sells or am I overriding my internal warning system because I am told what I want to believe?
  14. Is this person perhaps exploiting my aspirational need by making me believe that I have a fair chance to become rich without effort?
  15. Why do people who are wealthy, need to tell me how much money they have, if not to sell me something?
  16. If you buy anything such as a house, a car, expensive clothing or insurance, do you buy it without doing research?