look at public equity of big hedge funds...they succeed. I don't think they all manipulate their books
it's just really freaking hard almost impossible
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Joined Mar 2016
|641 Posts
stay away from Forex its a common topic in every forum community , ans also simple i think Forex is completely okay , the main problem comes from brokerage where we trade , most of the broker right now are found to be scams.
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Joined Jan 2020
|265 Posts
What confuses me is why do people put so many indicators on charts? What is the actual indicator telling them? Do they even know? Or do they think they know & it's giving them an edge? I see some charts with about 10 indicators on, I need to take 2 tablets after just looking at them, gosh.
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Joined Mar 2020
|170 Posts
I think you have waste your 5 years only in getting profit without knowing what is Forex and how to do it. Forex is needed hard work and also knowledge. So always learn it before the start.
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Joined Apr 2020
|370 Posts
Forex may be full of scams but Forex itself, by no means, is a scam. Just because a business is not suitable for your personality type does not automatically make it a scam
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Joined Mar 2016
|578 Posts
Not all forex broker are a scam, some of them get fooled around in greed of money. If used properly logically and knowing what is trading then i believe one can earn good money in forex.
Not all forex broker are a scam, some of them get fooled around in greed of money. If used properly logically and knowing what is trading then i believe one can earn good money in forex.
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Agreed cent percent, we have to do thorough research finding the right reputed broker to be a part of our trading.
I was on forex market for 5 years. and I understand that forex is totally scam. I lost totally USD15.000 within 5 years. I tried thousands of indicators and eas . I tried signal services. I made my own eas. I followed experts from different forums. but all of them was sh*t. so, I gave up from this market. You pls notice this market is scam and only based to take smal traders money by big players(scammers). {image}
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After about 7 years, I would tend to see this as good advice.
It’s not that it’s impossible to make profits but that the necessary effort and time investment when a similar level of effort in nearly any other endeavour would pay better with less risk. The entire system is designed to prey on the small and weak which describes most newcomers to fx trading. It’s dishonest at its core and I now understand why so many governments seek to protect their citizens from it.
In this way it’s not much different from gambling in a casino. A few people can make money doing it but they endure constant hassles from the House. Long term expectancy is also low. How many famous poker players retire rich? You can find temporarily successful fx traders, but few if any old timers. Lots of scoundrels and pretenders though.
The issue here is forex isn't easy and over trading can kill you instantly.
seriously everyone should check out mark douglas first. And then decide if trading is for them. If i didnt encounter him, i would have said, it's all a scam too.
No.1 risk as little as you can.
No.2 when is as important as the model you use. Example.
1h after the ny opening is a good time to start looking for setups.
Then once you make money, it's ok to close your trade. Little bit of positive will stack up eventually.
And then once you make money, exist the market, withdraw.
Dont leave it in or you'll be tempted.
Stuff i have tried that works.
They all work intraday and in specific times when there is volume. Else, i fail.
{quote} After about 7 years, I would tend to see this as good advice. It’s not that it’s impossible to make profits but that the necessary effort and time investment when a similar level of effort in nearly any other endeavour would pay better with less risk. The entire system is designed to prey on the small and weak which describes most newcomers to fx trading. It’s dishonest at its core and I now understand why so many governments seek to protect their citizens from it. In this way it’s not much different from gambling in a casino. A few people...
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Trading is a game of chance and is gambling. This alone made me wake up.
If you have tried hard to achieve your goals in this market and you have spent tons of time honing your skills and still got no success, then perhaps you can't learn on your mistakes.
I don't accuse of ignorance or something, such things happen. Forex trading either suits you or not. Maybe you can find peace trading other assets, can't you?
Forex trading is a very sensitive thing which demands patience, discipline and ability to forgive yourself for made mistakes.
If you can't bear through this burden, then your decision to leave is the best possible way out, pal.
While it's true that there are scams and risks in the forex market, it's not accurate to label the entire forex market and all EAs (Expert Advisors) as scams. Forex trading, when done with a reputable broker and with proper knowledge and risk management, can be a legitimate and profitable venture.
I recommend you to learn about forex broker scams and how to avoid them:
I don't agree. Forex trading, when approached with proper education, risk management, and a disciplined strategy, can be a legitimate and profitable endeavor.
I found this insightful article on identifying forex broker scams. Kindly check it out, hope it helps!
I mean trading cant be everyone's cup of tea, else everyone would stop working.
The prize at the end for trading is for the lucky, and those who are hell bent on being a success in trading.
