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Is Forex Trading A Scam?

  • #121
  • Jan 27, 2019 8:10am Jan 27, 2019 8:10am
Quoting bloodpoodle
The higher leverage you use.. the more of a Scam forex is.. Forex is one of the most safest markets at 0 leverage. But lets face it.. Most of us need leverage.
I do like your motto bloodpoodle, "The only system that will work is the one designed by and for yourself"
  • #122
  • Jan 27, 2019 8:24am Jan 27, 2019 8:24am
Trading is sure the hardest way to earn an easy living

thx rover .. another good one..

I do believe we are each so Unique.. that another persons system won't work. And you have to have your own system.
Based on your personality, your leverage, the hours you trade, your ability to take drawdowns, ect. ect..
Its just so personal that it would be almost impossible to duplicate another persons results.
The only system that will work is one designed by and for yourself.
  • #123
  • Jan 27, 2019 8:44am Jan 27, 2019 8:44am
Quoting rover99x
{quote} And, let's face it, selling, so called, training and systems is far more profitable more quickly than trading itself! It's a proper industry now selling the dream of working an hour a day and retiring after five years. I have asked many "trainers" why don't they just trade their method and retire themselves and they all answer, 'they want to give something back!' Rubbish ............ This is the biggest scam in the whole of FX!
Much easier to talk the walk, then to actually walk it. All in all, everyone says that it is best that one follows their own system, but if a person has no starting reference or doesn´t even understand that the market is fractal will miss the fact that there is only 1 correct form to trade.
6ix9ine - Bebe
  • #124
  • Jan 27, 2019 12:05pm Jan 27, 2019 12:05pm
Quoting rover99x
{quote} And, let's face it, selling, so called, training and systems is far more profitable more quickly than trading itself! It's a proper industry now selling the dream of working an hour a day and retiring after five years. I have asked many "trainers" why don't they just trade their method and retire themselves and they all answer, 'they want to give something back!' Rubbish ............ This is the biggest scam in the whole of FX!


I'm tired of reading things like "IBs make money!", "programmers make money!". to sell you need to invest first, usually.

WRONG

I tried both and abandoned the latter. there are plenty of skilled MQL programmers, I mean really skilled, and gues what ? they work for free. this is something that only MQL programmers do. so programmers are hopeless unless they are on top of google search (very, very hard).

I'm still an IB and I can give some numbers: out of 2500 unique monthly visitors on average only about 10 people click. half of them are from USA / canada and EU brokers (which have the best IB program and are the most ethical IMO) don't accept clients from USA and canada. so i have 5 potential clients each month.. not so easy lol the referral id generates a cookie, if the person clears the cookies or uses another browser to sign up and/or the cookie expires... the system doesn't recognize me.

hahaha go figure out how many clients I can introduce over a year period... with that amount of traffic! which is not peanuts for the avg webmaster/blogger..... not many.
Add that leverage is low, so is volume. forget easy money guys, unless you become a criminal , but then you risk jail
  • #125
  • Jan 27, 2019 1:51pm Jan 27, 2019 1:51pm
Quoting bloodpoodle
Trading is sure the hardest way to earn an easy living thx rover .. another good one.. I do believe we are each so Unique.. that another persons system won't work. And you have to have your own system. Based on your personality, your leverage, the hours you trade, your ability to take drawdowns, ect. ect.. Its just so personal that it would be almost impossible to duplicate another persons results.
I do agree up to a point, I'm not an ideas man so I look at other people's and adapt them to suit my own personality, it works for me.
Yes it certainly is a hard way to earn a living but it does have unlimited potential if you get it right, but of course that's very difficult!
  • #126
  • Jan 27, 2019 11:33pm Jan 27, 2019 11:33pm
Quoting rover99x
{quote} I do agree up to a point, I'm not an ideas man so I look at other people's and adapt them to suit my own personality, it works for me. Yes it certainly is a hard way to earn a living but it does have unlimited potential if you get it right, but of course that's very difficult!
Same observation from me; no doubt it’s a tough job; but not unplayable! 1st of all; traders need to make sure their own trading skill.
  • #127
  • Jan 30, 2019 7:03pm Jan 30, 2019 7:03pm
Quoting 6ix9ine
{quote} Much easier to talk the walk, then to actually walk it. All in all, everyone says that it is best that one follows their own system, but if a person has no starting reference or doesn´t even understand that the market is fractal will miss the fact that there is only 1 correct form to trade.
I agree with you in totality! It is much easier said than done to tell people to design and follow their own trading system.....This will take years because trading is a school of thought all by itself. Just as you said, a frame of reference is at least essential.
  • #128
  • Jan 30, 2019 11:40pm Jan 30, 2019 11:40pm
What is a scam? is it dangerous for forex? Please explanation. Thank you
  • #129
  • Jan 31, 2019 12:31am Jan 31, 2019 12:31am
The regulators are going to impose additional restriction. Both FCA and ESMA, the most important youropean regulators will take special measures to protect retail clients and reduce their risks. So, Forex could face difficult times within EU.

At the same time, if we`ll analyse Google Trends stats on requests like "Forex" and related ones, we would see that most of such requests are from African countries.
If this trend would be the same, in the future we will see the Forex trading provided mostly by offshore brokers to the African clients, while North American and European markets would be almost closed for Forex.
  • #130
  • Jan 31, 2019 5:00am Jan 31, 2019 5:00am
Quoting mathtrader
This thread is created to enlighten as many new traders that have been misguided about what Forex really is. And therefore, honest and responsible contributions will be appreciated from experienced traders. I believe this will definitely help many traders to know and to understand forex trading from a vast perspective. Please tell us why you think forex trading is a scam or why you think it is not.
It depends on how do you understand such feature as 'scam' which is sometimes is usual thing happening in crypto market. Almost 100% of all traders lose their money, and sometimes it's better to consider how lucky you are with the conditions during which you trade in market
  • #131
  • Aug 18, 2019 4:02am Aug 18, 2019 4:02am
Quoting callmechief
{quote} Message me and let’s talk about market manipulation! I’ll hook you up!!
Hi CMC,

Could not PM you, mind guiding me on the market manipulation you mentioned?

Thanks.

Regards,
Sia
  • #132
  • Aug 22, 2019 2:02am Aug 22, 2019 2:02am
Quoting mathtrader
This thread is created to enlighten as many new traders that have been misguided about what Forex really is. And therefore, honest and responsible contributions will be appreciated from experienced traders. I believe this will definitely help many traders to know and to understand forex trading from a vast perspective. Please tell us why you think forex trading is a scam or why you think it is not.
As long as forex market exists, forex scams will be around. As schemes are advancing, scammers stay around somewhere trying to extort your money. So be safe and don’t get trapped.
  • #133
  • Oct 30, 2019 6:47am Oct 30, 2019 6:47am
No it is not. So many traders are trading in Forex and making good amount of money buy everyone doesn’t get successful with it. Forex trading is a game of probabilities, so just because you are failing or not getting success that doesn't mean you are being scammed, it just means that you need to improve your trading skills.
  • #134
  • Nov 2, 2019 4:03am Nov 2, 2019 4:03am
Quoting rogerpro
{quote} As long as forex market exists, forex scams will be around. As schemes are advancing, scammers stay around somewhere trying to extort your money. So be safe and don’t get trapped.
Yeah. We should be careful.
  • #135
  • Nov 2, 2019 4:49am Nov 2, 2019 4:49am
I don’t think forex itself is a scam.

The scam is just people trying to sell stupid strategies and charge money for it. Selling false promises etc etc

but then the flip side to that is ... how can people fall for this? People should ask for track records etc from someone selling a course. If they are making money they should have no problem showing a track record . If they say no or say they don’t have have one STAY AWAY
  • #136
  • Nov 12, 2019 4:28am Nov 12, 2019 4:28am
Quoting rogerpro
{quote} As long as forex market exists, forex scams will be around. As schemes are advancing, scammers stay around somewhere trying to extort your money. So be safe and don’t get trapped.
That’s a good point taken out here. Would love to know from you, some ways in which we can be careful from this scammers..
  • #137
  • Nov 15, 2019 2:08am Nov 15, 2019 2:08am
Exactly! Forex isn’t a scam. Scammers are people only . Traders themselves need to be very alert to be not fooled by any scams around. So before you get into a scam, think multiple times.
  • #138
  • Nov 15, 2019 5:29am Nov 15, 2019 5:29am
This is an erroneous opinion of ordinary people, because in the world there are enough successful traders who not only have a stable income, but have built a fortune on exchange trading. But earning here is not so easy, however, as elsewhere.
  • #139
  • Nov 22, 2019 9:52pm Nov 22, 2019 9:52pm
When I read that some inexperienced new trader wipe their account completely, I can't understand.
Who can be so dump as continuing to trade up to zero when you see you have no succes with your method?
You start on a demo account. Then you start slowly on a real account with small trades.

After just 25% drawdown of my account I would have stoppped and withdrawn the remaining of my account or took some courses.

Forex is difficult like any other high paying skill but not a scam.
Only once I tought I had been stolen by my broker until I finally understood I made a simple inexperienced mistake.

There is no free lunch.
Easy and intersting high paying jobs do not exist. Period.
  • #140
  • Nov 23, 2019 2:43pm Nov 23, 2019 2:43pm
It's not a scam if you know how to make money consistently....
Pips Collector EA, No Martingale, No Grid
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