Call to buy the Euro

[blash]

Calling all Forex traders.

I dont trade forex myself, I've just been trading futures and US shares this year.

I received a phone call a short while ago from someone at a co. called Harrington based in Spain I think.

He tried to talk me into buying the Euro using a call option and predicted that the Euro will rise to 1.33 against the dollar.

He didnt half go on a bit, so I said I would think about it.

Anybody got any experience with these sorts of phone calls and would you take his advise and buy the Euro.

He was going to charge 250 Euro's per contract.

As I say, I have no experience of forex so will probably leave it well alone.

Cheers
Paul

 

[Newtron Bomb]

Yes ive been getting a few recently... they are persistent

There is a facility to get yourself removed from all these mailing and calling lists, call the citizens advice they will tell you the company to call as i cant remember

I am bullish on euro/$, but these reports are all over the place on ive read recently states 1.15 another 1.19 and obviously this guy is ramping it upto 1.33

Do your own research and make your own decisions would be the best advice in this case and then if you agree or disagree take action appropriately

 

[jpwone]

Translation

Some guy I never heard of called from Spain and wants me to send him money. He sounds so convincing that he wants my money I'm even tempted to let him have some.

End Translation

A common phrase which includes the words 'bargepole do not with touch a' springs to mind.

 

[Trader333]

I would say quite simply this:

Dont have anything to do with anyone calling out of the blue and particularly from abroad. jpwone is right and there is a good chance you wouldnt see your money again


Paul

 

[turtle trader]

I've heard of a few Co.s like this based in Spain, the worst case being when a client at my old firm received a similar sounding call & was persuaded to buy some stock that was due to come to the mkt. After hearing nothing for a while he eventually tried to contact them but could not find them at any address/tel no. they had quoted & last I heard he had lost all his money. I obviously can't say that this is true for all such companies, but I would think about why they are based in Spain & doing business in the UK - are they FSA regd? if not you may find you have no protection if things go wrong. Also why are they charging such high commission - if you scan thru this BB you will find that you can normally deal Forex commission free.
As for their recomendation, I agree that the Euro$ should rise, although my own target is about 11900

hope this helps
turtle

 

[Bigbusiness]

I was getting about 5 calls every day and most of them put the phone down when I answered. It's a complete pain so I have registered with this:-

http://www.tpsonline.org.uk/tpsr/html/default.asp

 

[ColinRiche]

One of these sharks was revealed on a Scam Buster programme recently operating out of Barcelona for the simple reason that under Spanish law it is illegal to scam spanish citizens but not against there law to scam people in other countries.

The scam they publised was about companies that dont trade and can be quoted at any price

So they were buying worthless untradable shares for a fraction of a penny and selling them on for 1000's or 10,000's percent profit

The shares were listed on the NYSE at the stated price but hadn't traded for months or years and never at the quoted price

.

 

[al-motor]

I think they were a couple of stories from Switzerland some years ago- same thing- the poor guy lost about 150k !!

Someone was trying to sell me gemstones from Swiss as well- apparently went bust !! so...........