Monday, January 14, 2008

THE FOREX INVASION OF THE CHURCH

The Scriptures record in more than one account how the Lord Jesus Christ, consumed by the zeal for the House of God, brought in physical whips as he overturned the tables of the money changers who were turning God's house into a place for merchandise. Well, 2000 years after, the money changers are back - literally and physically too!

It is certainly no news (and of little interest to us) that virtually all radio and TV houses have been taken over by FOREX trainers, promising a steady mouth-watering income for all who would just log in to an e-mail account for about 5 minutes every day, and the wonder robot and ingenious software would do the rest. Hundreds of dollars would begin to flow in every blessed day just by trading foreign currency on the Internet. Since this steady flow of money represents gains from trading, it follows that some presumably less-trained or more gullible traders must exist elsewhere in cyberspace, steadily losing all this money. It is no wonder that considerable 'investment' must be made for such wonder, less-than-1-week training, that turns barely computer literate fortune-seekers into more than match for the professional FOREX-traders out there in cyberspace!

Where the story has become infuriating to us, is the steady massive infiltration of the Church in the search for more candidates to recruit into a probably saturating market. It's amazing that godly and sincere men of God could prove so gullible in their fear not to miss a God-sent rescue from poverty for their Church members. So it becomes that what is done in places like the US involving recruitment of the ethnic minorities through trusted leaders is being replicated in (South West) Nigeria, using trusted pastors.

The questions pastors should have asked themselves, or these so-called trainers, include:
* If this is really a training motivated by brotherly concern and not mammon, why couldn't there have been some Trainers willing to give it FREE? Afterall, much more better-packaged trainings litter the Internet, FREE, for those who know how to do a little search!
* Or at worst, why don't these super trainers with super softwares just recruit the hapless fellows, paying them the standard stipend, and having them do the trading on behalf of the trainers. Afterall, what is a N10,000 MONTHLY salary compared to the (typically promised) guaranteed gain of $300 or more DAILY?

The truth of the matter, as has been pointed out on several fora (some cited below), most of these so-called trainers have never even done any actual trading themselves. The business of training being far more lucrative than attempting any trading in the highly volatile FOREX market where as many as 90% of small-scale retail traders, are guaranteed to abandon the business in frustration, sooner or later! Reportedly, it takes only a minute of bad judgement to wipe out a month's gain in the market!

While recognizing that FOREX trading could be a legitimate and worth-while activity for well-trained professionals who are well acquainted with the risks, and discipline required; it is spiritually inappropriate for people who would use the activity as a get-rich quick scheme. It works purely on lusts just like its near-relatives: gambling, pools betting, etc. These are activities where people who have no professional skill to back the speculations they make; people who are not ready to discipline themselves by hard study and work; and in any case, who have no concern about making any useful contribution to society, nevertheless dream of making it big - overnight! The negative consequences of FOREX trading include getting hooked, time wasting (including relegation of spiritual activities to the background!), veering off into actual illegalities/sinful activities out of desperation (such as pornography, 419, etc). As a matter of fact, it has been suggested that just as is often the case in 419 stories, many of these would-be Trainers, were people who have lost out heavily in actual trading and hope to at least recoup somehow!

This is to passionately appeal to our Church leaders not only to stop immediately their facilitation of such FOREX training sessions [let those seriously interested go to business schools], but they should actually start to warn against it!

Joshua.

PS. This article is a quick draft, to be revised with real data to be collected via questionnaires to current dealers in FOREX in Ile-Ife. By writing this draft and posting it, hopefully, I will have to find the time to complete the other aspect and revise it asap. This blogspot is not yet advertised, but in case someone stumbles on it, happy reading!



References: http://www.davidajao.com/blog/2007/09/18/forex-trading-in-nigeria-your-link-to-fabulous-wealth/
http://naijagist.blogspot.com/2007/10/nigeria-myths-about-online-forex-html
http://ezinearticles.com/?Forex-Scams:-How-to-Spot-Them-A-Mile-Away.....

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