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forex and all eas are a scam, stay away from forex 53 replies

How legal is giving forex advice? 10 replies

Forex Scam 16 replies

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Forex = legal scam

Quoting pinkiaiii
Ive been trading for +2 years now,and i can only say that forex is most manipulated legal scam there is going.I have seen my share of events in forex that many would scratch their heads,but recent event where crude oil dropped more then 11$ in 5 days time beats everything in market manipulation,and no i didn't trade crude or brent when this happened.I keep coming to forex with different attitudes ,strategies,but at the end its the central banks and government who decide which direction euro goes,what devalues,and what gains,over to years i made...
Similar to betting websites. That's why they spend enormous amounts on advertising because competition is extremely high there. The higher is competition the bigger are returns .
No wonder we see so much bucketshops there trying to bite a chunk from this pie
I agree with OP. Trading is a losers game. It is pure gambling but it gives you a feeling of having some choice and control.

Of course the majority of people you meet claim to make money and all, but in the end if you dig deep enough you find out these people are either ...

1) (still) trading demo
2) trading without SL and have alot of negative positions open since more than a year, but still consider themselfs successful
3) are naive in a sense where they see themselfs as the problem and think they can improve if they just hang on long enough
4) simply don't make any profit at all and are just liars and bullsh*tting themselfs.

I've met someone who really made $100k from $1k in 3 months, but then lost everything on the next big news. Now he's (still) trying to get that back. Or others claiming they make 4% a week, but then after 2-3 weeks you don't see them anymore in the trading room.
Or others getting excited because they found another EA which works perfectly in backtesting, but fails big time on the real market and blow a $1000 account in just 26 hours.

Trading is a scammers paradise. The only people making money from trading are the Brokers, Banks, some statistical winners here and there and of course the army of "Snake oil" sellers.

Even hardcore wallstreet veterans, who traded everyday in the pit for more than 20 years, call the conditions nowaday rigged and manipulated. Maybe trading was different 20-30 years ago, when everything went a slower pace and you didn't have the HFT industry leading a war about micro- and nanoseconds.

But today it is just a big joke and let alone the infamous "90% losers" statistics speaks for itself.

Seriously, everyone reading this should put their time, energy and money elsewhere. But stay away from Forex and other markets.
Quoting mw108
I agree with OP. Trading is a losers game. It is pure gambling but it gives you a feeling of having some choice and control. Of course the majority of people you meet claim to make money and all, but in the end if you dig deep enough you find out these people are either ... 1) (still) trading demo 2) trading without SL and have alot of negative positions open since more than a year, but still consider themselfs successful 3) are naive in a sense where they see themselfs as the problem and think they can improve if they just hang on long enough 4)...
So you here to advise people voluntarily to staying away from markets. See no business is easy and trading is not easy business at all. This business NOT for all.
Never Gamble Forex
Legaly is not a scam as long as the brokers play within the regulations. From a moral point of view is a scam because the brokers knows that sooner ar later 90% (let's say 90% ) will lose their money on the long run.
Money can be made, no doubt, but not with small accounts, you need a big account and you need to trade small and if you don't trade everyday.
You can trade without SL if you employ a sifisticated money management strategy including hedging.
Quoting pipshaman
From a moral point of view is a scam because the brokers knows that sooner ar later 90% (let's say 90% ) will lose their money on the long run.
From a moral point of view casino is a scam because the casinos know that sooner ar later 99% (let's say 99% ) will lose their money on the long run.

So in other words, brokers or casinos really don't care about us losing money ... and - so far - all this legally
MT4/MT5 EAs/Indicators/Alerts coder
Quoting pipshaman
Legaly is not a scam as long as the brokers play within the regulations. From a moral point of view is a scam because the brokers knows that sooner ar later 90% (let's say 90% ) will lose their money on the long run.
In this case lotto also qualifies as scam as well.

In this case every super market that discounts for volume (like Cosco) is scam as well, because they know you don't need to buy as much, you will not consume all that and throw half of that food away.

Hell, central banks are scam as well, when they proactively, through child institutions encourage you to take as much debt as possible and "invest" at the top of the cycle, just to engineer down cycle couple years later, print out trillions out of thin air and transfer your profits in form of hard assets into their vaults for some worthless pieces of paper.
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  • Edited 10:20am Nov 28, 2016 10:01am | Edited 10:20am
Quoting yesyoucan
{quote} So you here to advise people voluntarily to staying away from markets. See no business is easy and trading is not easy business at all. This business NOT for all.
Ah yes right. I forgot to add those "claim that trading is not an easy business" people to my list. "Business" ... BWAAAAHAHAHAHA

Look, a "business" is a mostly predictable environment. You open a business because you have something to sell others for a profit, might it be goods or services. As a business owner you know from your own research and experiences that if you are doing this and that you either gain or lose customers. A business has many aspects which you can influence, either by customer surveys, better advertising, positioning, etc.

Trading is nothing like a business. Don't get fooled because you "Sell" or "Buy" something. You can't predict what happens in the next minute, no matter to speak of days, weeks or months. You can't advertise, you can't change your prices, you can't do customer surveys, you can't position yourself better, etc. There is no cause and effect: If I change this, then this will change aswell. In trading, all you can do is hope that your gambling predictions are getting fullfilled.

From your profile I see you claim to have made ~$7000 profit in 2 years, right? Thats laughable, sorry. No business could live from $3500 / year, unless you live in a 3rd world country. I make that and more per month with my real business as my "so called job" at basically 0% risk. You are simply lieing to yourself aswell. Period.

People like you are disgusting. You are trying to fool others to put trust into that gambling pit and throw them to the sharks. Good job, really.
Quoting mw108
{quote} Ah yes right. I forgot to add those "claim that trading is not an easy business" people to my list. "Business" ... BWAAAAHAHAHAHA Look, a "business" is a mostly predictable environment. You open a business because you have something to sell others for a profit, might it be goods or services. As a business owner you know from your own research and experiences that if you are doing this and that you either gain or lose customers. A business has many aspects which you can influence, either by customer surveys, better advertising,...
rofl what A moron assessment. That's why you morons can't trade. I never provoke anyone to do forex and who told you I have only 2 accounts or so? Try to be in topic . If forex is gamble to you stay away. Stop your **cking ADVICE .
* YOU are Blind Asshole too. Its less than one year performance.
Never Gamble Forex
Quoting yesyoucan
{quote} rofl what A moron assessment. That's why you morons can't trade. I never provoke anyone to do forex and who told you I have only 2 accounts or so? Try to be in topic . If forex is gamble to you stay away. Stop your **cking ADVICE . * YOU are Blind Asshole too. Its less than one year performance.
Of course it is less than one year performance and of course you have other accounts. In truth you are already a trading millionaire, right?

I could say the same but just the other way around: If you "morons" can't run a proper real business, you need to trade and call that a "business" and get down on others if they dare to criticize you.

You are the perfect example of the trash and self-promoters you meet in the trading scene: "Oh look at me, I'm so successful and you are a moron and blind asshole if you can't trade like me - But I can sell you my strategy for just $X.000 ..."

Seriously, stay the f*ck away from me. If you feel offended by what I'm saying this proofs I'm right. If you are really so successful you wouldn't even be around here and / or stand above such critics. But instead you jumped on the train as soon as it appeared. Idiot.
its a legal scam until the profits you made last week reflect on your bank a/c back home.
Forex moves in 2 ways, UP or DOWN, simple as that, you have 50% chance of success from the beginning, to increase the chance of winning you need to control your risk and dont be lazy to learn, good luck
It is utter nonsense to say Forex is a scam. There may be people trying to scam you in the world of Forex but Forex trading is not a scam in general. The price is not controlled by anyone, like the post above says the worst odds are 50:50. And if you learn what you are doing then you could put the odds in your favour and make some money
Basically the peoples who always say this market is scams they are particularly loser from here. And behind the reasons
emotions
lack of knowledge,
lack of money management and much more.
When I was a newcomer and was not able to make profit from here also blame this market place. Keep pace with present time I have understand all matters and never blame once at all in spite of falling a great loss again and again.
Such anger in this thread. We've all had our frustrations in the market. The truth is not everyone has the mentality to be a trader. OP, if you want to consider FX a legal scam that is fine, but you do know insurance is also a legal scam too right? Yet, many consider that to be a true business. FX is no different. Only you get to be the insurance company. You are the actuary.
Why is this thread still alive?
"Don't lose your cool, and you will fare well".
So you can't trade means Forex is a legal scam.
Sorry but NO.
Everything it's math,logical and psychology.
"The essence of Discipline is that there are no exceptions" - Jack Schwager
Quoting BenDunk
Basically the peoples who always say this market is scams they are particularly loser from here. And behind the reasons emotions lack of knowledge, lack of money management and much more. When I was a newcomer and was not able to make profit from here also blame this market place. Keep pace with present time I have understand all matters and never blame once at all in spite of falling a great loss again and again.
I totally agree with you about the view of the scam by the newbies. The ones who don't know much about the system can see any loss would be just the fact of the scam. For example, someone does not know the "SL" for stopping the loss to sell the currency automatically at the certain rate, it could be seen as the scam. It happened to me yesterday with GBPUSD and I saw it was the automatically sold money. Then I found why people adjust the SL ratio. For my mentallity, I would rather use the statistics. There is only 3 options I thought to have as probabibilities of the results; increase, decrease, and even. Now I would add two more as the results; SL (Stop Loss) and TP (Take the Profit). And my first recognition of the currency trading was like just keep the currency till the value increase. The newbie understanding of the currency trading could be just like this - the currency value should be safe as long as the country using the currency does not corrupse. It happened with Lila and Mark before, you see? And I encountered the first SL automated trading in my life. The dumb newbies may not understand why the money was withdrawn and they would claim the loss as the scam. That's the difference of the people educated for evaluating the situation and capable of reading the trading business books and such. In my case, I never had a chance to read the trading business exparts' books and I just use the methods from the statistics. Buy the same amounts of the sometimes slightly up moving currencies from the negatively valued time and see which one increases the value. No gambling but the simple observation. If I have 1000€ to use and put 5 of 200€ for purchasing the different currency tradings. If I can make 3 or 4 out of 5 to be the gain and the money would be making over 6% or more value increase, it should be enough to see the total balance increasing as the safe way to start increasing the total value to use for the trading. This is much profitable than just pushing the button on the slot machine in casino. I have the reasoning and the leaning time.

Diana91, I think this thread is open because there are always newcomers to be reading and asking question when they start Forex trading.
I must say, Forex trading is not easy way of money making! In addition, which traders believe in shortcut way of earning money, Forex trading business is not for them! Forex is not scam, it’s all about knowledge based profession! Only knowledgeable traders are winner here!
LOL When you come to the realisation that the Forex market IS an arena of manipulation. You might just stand a chance. Do not allow the fact that the market makers manipulate price to their favour. Come on man, their footprints are obvious. They need to make money too. What better way to do it. MARK UP AND MARK DOWN PHASES.

I think you need to explore your psychology. If you can master that. Then you have a better chance at succeeding.


Check this guys blog out. He talks about the pitfalls all traders experience. He talks alot about what he has learned in the game of speculation. Its a good Read

https://www.tradersreality.com/

Happy Trading
If there is no enemy within, the enemy outside can do us no harm...
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