Hey Traders,
I strated a Thread called ¨Are ur funds safe...with ur Brokers¨ where i got few replies but not enough to make a rite desicion to Fund a live account with any particular broker the replies were quite helpful but limited, as there were not enought participants.
Actualy, There were sevral questions arising in my mind while writing this.
Apart from forex trading being so risky, that abt more then 90-95% of traders lose.
If one is not sure of his money with the Broker he is trading with, then wat is left in the market to ask for...? (Really it conserns me....)
I don't knw abt other traders but it realy conserns me I m an Enterprenur, hav invested in Real Estate, Businesses and other projects.
Its this Enterprenal Spirit which got me attracted towards Forex Market, and i can say even other traders might have the same enterprenal Spirit
which got them here.
But i lament to say that i haven't seen anywhr such a big ignorance...!
I would like to give u an eg, just do one thing put urself in tat position and try to answer.
A person wants to quit his job and looks for better life in Forex Markets for better living.
He dedicates 3-5 hours daily studying the basics of Forex and get hold on Trading strategy, MoneyMangt. ..etc... and after a year he opens a live account with a Well Know Firm ¨XYZ¨ with say $ 5,000.
He trades Part Time whenever he gets time here and there and apart from this, he Works at his job fulltime.
After a year he made a Good Trading style, Decipline, Strategy say all the necessary things one need to quit JOB and Trade Forex as a Full Time Trader.
Also he increase his Live trading account from $5,000 to $20,000 during the first year. (i think its possible...rite.)
Now, he is ready to quit his JOB and Start Forex-Trading as fulltime.
He devotes his next 3-Years to forex trading live as a fullTime trader and increase his account to $250,000-300,000 from his $20,000. (May be a big amount for few, but i think is Feasible in Forex-Market.)
All he used to do is take out the amount of money wat he wanted for living and his Resonable luxuries... Rest he used to keep in the Trading Account to Increase his account Faster.
Now, comes the Real Part to think. Pay Attention Pls. Pay Attention.
Wat if something happens and the Broker goes Broke/Bankcrupt/Backs out.
Do u have Some solution for this Trader now...........!!! ???
(i know few ppl over here will say why one has to keep all his money with the same broker and y not to keep it in diff. palce with diff broker, say u divide it in 2 Good brokers 150K each, but if one goes Bankcrupt then u have lost ur 150k is that alrite for u to lose bcoz u didnt care abt Fund-Safety...? Now pls dont come with the comments like, open account with 4 or 5 or 6 borkers....!)
For the Time around 5 yrs he gave to the forex Market, learn a subject, quit his Job and after 5 yrs whn he managed to make a success in it... Wat happend...Just gone with the wind, Why.....bcoz Broker didn't had any Fund-Safe thing even thou the Broker was WellKnown.... so wat..??? (Think on this... Put urself here in his shoes for a moment.)
If u realy put urself in his shoes u might be feeling a sense of ur Fund-Safety from ur brokers as a important part of ur Forex Trading Business... rite ? It is. I m not trying to make it big Mountain out of small rice, but this is wat happend to the ppl who were in RefcoFx (I Guess.)
I have completed my first year of Basic knowledge, with a good strategy, MoneyMangnt...etc and i am into the 2nd year to open my Live Account.
I wouldn't like that after 2 or 3 or 4 years the broker i am trading with goes bankrupt and i can't get my Hard Earned Money back, bcoz i didn't get the info before hand on his Fund-Safety policy... ? (It wud be a Nightmare)
So, Guys Just don´t let this discussion end here... Put ur thoughts, give ur views, ask ur brokers wat Fund-Safety they provide if u have not asked yet. And if u have asked just put a view of few sentences telling us wat they say with ur Brokers Name. It should take only 1-min to put down ur view but it will be a Gr8 help for all the traders.
Get all ur Question and their Replies over here share that with other traders so others Traders get some light from ur Q/A.
I wont let this Post down here... i know atleast abt myself, bcoz if i do want to have a ForexTrading as a Business and want to success. It is not a normal question, it is one of my Prime Priority to know if my Funds are Safe, with the Broker they are?
Another thing i would like to see Thoughts In Particular BY MERLIN, ISOTONIC, DIALLIST and all those who would like to drop their views.
(IN HOPE THIS POST HELPS)
I strated a Thread called ¨Are ur funds safe...with ur Brokers¨ where i got few replies but not enough to make a rite desicion to Fund a live account with any particular broker the replies were quite helpful but limited, as there were not enought participants.
Actualy, There were sevral questions arising in my mind while writing this.
Apart from forex trading being so risky, that abt more then 90-95% of traders lose.
If one is not sure of his money with the Broker he is trading with, then wat is left in the market to ask for...? (Really it conserns me....)
I don't knw abt other traders but it realy conserns me I m an Enterprenur, hav invested in Real Estate, Businesses and other projects.
Its this Enterprenal Spirit which got me attracted towards Forex Market, and i can say even other traders might have the same enterprenal Spirit
which got them here.
But i lament to say that i haven't seen anywhr such a big ignorance...!
I would like to give u an eg, just do one thing put urself in tat position and try to answer.
A person wants to quit his job and looks for better life in Forex Markets for better living.
He dedicates 3-5 hours daily studying the basics of Forex and get hold on Trading strategy, MoneyMangt. ..etc... and after a year he opens a live account with a Well Know Firm ¨XYZ¨ with say $ 5,000.
He trades Part Time whenever he gets time here and there and apart from this, he Works at his job fulltime.
After a year he made a Good Trading style, Decipline, Strategy say all the necessary things one need to quit JOB and Trade Forex as a Full Time Trader.
Also he increase his Live trading account from $5,000 to $20,000 during the first year. (i think its possible...rite.)
Now, he is ready to quit his JOB and Start Forex-Trading as fulltime.
He devotes his next 3-Years to forex trading live as a fullTime trader and increase his account to $250,000-300,000 from his $20,000. (May be a big amount for few, but i think is Feasible in Forex-Market.)
All he used to do is take out the amount of money wat he wanted for living and his Resonable luxuries... Rest he used to keep in the Trading Account to Increase his account Faster.
Now, comes the Real Part to think. Pay Attention Pls. Pay Attention.
Wat if something happens and the Broker goes Broke/Bankcrupt/Backs out.
Do u have Some solution for this Trader now...........!!! ???
(i know few ppl over here will say why one has to keep all his money with the same broker and y not to keep it in diff. palce with diff broker, say u divide it in 2 Good brokers 150K each, but if one goes Bankcrupt then u have lost ur 150k is that alrite for u to lose bcoz u didnt care abt Fund-Safety...? Now pls dont come with the comments like, open account with 4 or 5 or 6 borkers....!)
For the Time around 5 yrs he gave to the forex Market, learn a subject, quit his Job and after 5 yrs whn he managed to make a success in it... Wat happend...Just gone with the wind, Why.....bcoz Broker didn't had any Fund-Safe thing even thou the Broker was WellKnown.... so wat..??? (Think on this... Put urself here in his shoes for a moment.)
If u realy put urself in his shoes u might be feeling a sense of ur Fund-Safety from ur brokers as a important part of ur Forex Trading Business... rite ? It is. I m not trying to make it big Mountain out of small rice, but this is wat happend to the ppl who were in RefcoFx (I Guess.)
I have completed my first year of Basic knowledge, with a good strategy, MoneyMangnt...etc and i am into the 2nd year to open my Live Account.
I wouldn't like that after 2 or 3 or 4 years the broker i am trading with goes bankrupt and i can't get my Hard Earned Money back, bcoz i didn't get the info before hand on his Fund-Safety policy... ? (It wud be a Nightmare)
So, Guys Just don´t let this discussion end here... Put ur thoughts, give ur views, ask ur brokers wat Fund-Safety they provide if u have not asked yet. And if u have asked just put a view of few sentences telling us wat they say with ur Brokers Name. It should take only 1-min to put down ur view but it will be a Gr8 help for all the traders.
Get all ur Question and their Replies over here share that with other traders so others Traders get some light from ur Q/A.
I wont let this Post down here... i know atleast abt myself, bcoz if i do want to have a ForexTrading as a Business and want to success. It is not a normal question, it is one of my Prime Priority to know if my Funds are Safe, with the Broker they are?
Another thing i would like to see Thoughts In Particular BY MERLIN, ISOTONIC, DIALLIST and all those who would like to drop their views.
(IN HOPE THIS POST HELPS)