HEATING OIL SCAM

Hello, a few years ago just before the invasion of Iraq I was contacted by Levi who claimed to be a Commodity Trader in USA. He tempted me to buy options on heating oil futures which sounded too good to be true, eg. for an outlay of $10,000 I could potentially make $40,000 or more per trade.
I had read about these people on the Motley Fool Board & was immediately suspicious.
I strung him along for a few weeks then when he began to press me for money I told him that I was not interested. He was very believable & persuasive & at all times was very pleasant, until I said no.
I took his advice & made a lot of money from oil on my normal broker account, which I knew & trusted.
Many thanks Levi !!!!!!!!!!!!!!!

Regards,

N.

For even the above average investor futures and derivatives are something to steer well clear of.

I was in banking all my working career and dealt on foreign exchange markets, forward dealing at times, and we wouldn't allow speculative trading, simply because it was going to lead to more losers than winners.

Good luck to you if you won, but that's unusual. Small traders get unfavourable rates and don't normally have immediate market access, so they get frozen out when the market moves and either miss profits or get locked into losing positions.

Peddling these miraculous money making propositions is quote common inside countries where there is less sophistication and understanding, where some technical terms and promises of easy massive profits may tempt the unwary, but if such large profits were easily made they wouldn't be on offer - the person offering them would be filling his bank account.

I may be retarded as regards computers but I know my short trading from currency swaps and my knowledge goes back to the days of 'the snake in the tunnel', and that's not a sexual reference.