Is there a change that brokers discussed here are HYIPs? | Forex Factory

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Is there a change that brokers discussed here are HYIPs?

  • #1
  • First Post: Apr 11, 2006 4:53am Apr 11, 2006 4:53am
A while ago I participated in several forums about HYIPs (for example - http://www.talkgold.com/ )! I found out fast that 99.9% of programs offered on those forums are not more then SCAMS. All those programs, companies or whatever you want to call it presenting themselves as Forex businesses! Because of that I am quite sceptical about what I can expect here on this forum for example. Just wondering what the change will be to find on this forum as well brokers who presenting themselves as Forex traders, but in reality are not more then a HYIP! What is your opinion or experience here? Thanks so much...
  • #2
  • Apr 11, 2006 5:19am Apr 11, 2006 5:19am
It's acctually more like Roulette.
  • #3
  • Apr 11, 2006 5:59am Apr 11, 2006 5:59am
Quoting tojoko
It's acctually more like Roulette.
Thanks for replying, but unfortunately you are not exactly answering my question...
  • #4
  • Apr 11, 2006 6:58am Apr 11, 2006 6:58am
Quoting Michel Z.
Thanks for replying, but unfortunately you are not exactly answering my question...
Ok, go with a well known broker, like neuimex or gci - than you shouldn't have
a problem.

But, since moste people loose in the forex market, they have no need to cheat
you up.

Only thing they trick their customers is, that they tell them - it's so easy to participate in the forex market -
what sounds like, every body who's able to read a market report, is able to make
money in the forex.

So, to make sure you've understood that i'm tryin' to answer your question
- they lure u in, but they mostly don't cheat u open openly like those hyips.

ciao,
  • #5
  • Apr 11, 2006 8:04am Apr 11, 2006 8:04am
Quoting tojoko
Ok, go with a well known broker, like neuimex or gci - than you shouldn't have
a problem.

But, since moste people loose in the forex market, they have no need to cheat
you up.

Only thing they trick their customers is, that they tell them - it's so easy to participate in the forex market -
what sounds like, every body who's able to read a market report, is able to make
money in the forex.

So, to make sure you've understood that i'm tryin' to answer your question
- they lure u in, but they mostly don't cheat u open openly like those hyips.

ciao,
What is regarding your opinion the reason why most people loose in the forex market?
  • #6
  • Apr 11, 2006 8:24am Apr 11, 2006 8:24am
Quoting Michel Z.
What is regarding your opinion the reason why most people loose in the forex market?
Incompetence!!! Over Confidence!!! my friend...

The factor of "fear and greed".

Yes... forex have promising profits. but people tend to be greedy and hold on too long. Here in forex, time frame goes by seconds unlike stock markets. in a split second you can lose everything u pump in. This will be due to the leverage system.

High profits comes with great risks...
  • #7
  • Apr 11, 2006 8:31am Apr 11, 2006 8:31am
As I've learned from several forums and experienced traders... Discipline is the word. No matter how good your system is or you might be as clever as Einstein. Without proper discipline... I suggest don't trade forex. Coz I'm sure you wouldn't wanna sleep by the streets do you?

no offense though...
  • #8
  • Apr 11, 2006 8:52am Apr 11, 2006 8:52am
Quoting mrgreen

Oh - yeah - no one takes e-gold. (cept Marketiva- but only of you aren't in the states.)
northfinance and neuimex (previously neurex) do take e-gold
  • #9
  • Apr 11, 2006 8:54am Apr 11, 2006 8:54am
Quoting JSC77
northfinance and neuimex (previously neurex) do take e-gold
Thanks JSC77 - I didn't now that. It was a long time ago that I was looking for a broker that would take egold so i haven't kept up with it. Do u know if the above prohibit US citizens?
In trading, there is no bullshit. You either make money or you don't.
  • #10
  • Apr 11, 2006 9:03am Apr 11, 2006 9:03am
Quoting mrgreen
Thanks JSC77 - I didn't now that. It was a long time ago that I was looking for a broker that would take egold so i haven't kept up with it. Do u know if the above prohibit US citizens?
As far as I know, they allow US citizens. Both use MT4. Testing neuimex now (demo), and it's going well so far. Offers microlot accounts, decent spreads that decrease according to your account size, a huge choice of pairs when you trade regular lots, and server connection is good.
  • #11
  • Apr 11, 2006 9:55am Apr 11, 2006 9:55am
Quoting mrgreen
The biggest surprise is that you really cannot make 200% per day trading Forex.

You don't have the refferal whores in forex so no one is trying to talk u into investing into anything, though you need to watch out for the 'systems' and training offered, as some can be very expensive and not teach you what you need to know.

Got questions? just ask, most traders in this forum and others are genuinely trying to help. I guess it has to do with giving back for some andfor others maybe its cause you learn more by teaching others.

The reason 90% fail, IMHO is that trading is a business and best conducted that way. If you start to gamble or are looking for excitement then you will lose. Forex is not blind gambling like HYIP's.

Oh - yeah - no one takes e-gold. (cept Marketiva- but only of you aren't in the states.)

And as stated earlier, find yourself a reputable broker - you shouldn't have to worry about your funds disappearing (at least not by the reason of the broker taking off for the Bahamas)

Good Luck Michel Z.
Great explanation Mr. Green between HYIPs & real Forex trading!
  • #12
  • Apr 11, 2006 10:00am Apr 11, 2006 10:00am
Quoting thdbird83
Incompetence!!! Over Confidence!!! my friend...

The factor of "fear and greed".

Yes... forex have promising profits. but people tend to be greedy and hold on too long. Here in forex, time frame goes by seconds unlike stock markets. in a split second you can lose everything u pump in. This will be due to the leverage system.

High profits comes with great risks...
One of the 1st things I learned with Forex is that you shouldn't risk more then 2-5% of your total amount each time! If I will keep this rule & try to learn from errors made, I should be able to do well? Thanks!
  • #13
  • Apr 11, 2006 10:19am Apr 11, 2006 10:19am
Quoting Michel Z.
One of the 1st things I learned with Forex is that you shouldn't risk more then 2-5% of your total amount each time! If I will keep this rule & try to learn from errors made, I should be able to do well? Thanks!

2% is a lot and is probably the biggest mistake new traders make. The absolute first rule of trading is: 'preserve my money' never ever forget this one rule. It is better to use .5% or even less while learning.

2% is for when you know what you are doing and are confident doing it. And only on a trade that your experience has led you to believe is a very high probability bet.

Good Trading

In trading, there is no bullshit. You either make money or you don't.
  • #14
  • Last Post: Apr 13, 2006 2:02pm Apr 13, 2006 2:02pm
Quoting Michel Z.
What is regarding your opinion the reason why most people loose in the forex market?
I thought about that question for quite a while but didn't find an answer.

My tries have been so far

a) It's because of the spread. 3 pips is a lot, if you only go for 30 pips.
Most brokers live by the spread - so there gotta be some money paid.

b) Maybe, most people close winnin' trades to early and leave loosin' trades
open for too long. So they cut wins, because they are afraid it could turn
around and let looses run - in the hope, they'll come back.

Don't know, if there are any other reasons.

Of course, you can put things like to much faith, no money managment etc.
into account - but at the end it's the trades that count, and not the reason
why you joined them. So, there gotta be a logical reason why people in general have to fail.

ciao,

t.
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