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Do you believe in forex?

  • #21
  • Dec 20, 2012 12:29am Dec 20, 2012 12:29am
Quoting scfx
Fx is a scam don't bother it will take all your money.
If FX will take all of your money, then why is price the best indicator (your signature)?

Just askin'.
  • #22
  • Dec 20, 2012 1:16am Dec 20, 2012 1:16am
Quoting jeuro
A real perspective of what Money exchange is (forex) .


I believe that , since money exchange for speculative purpose (retail) has been gaining popularity, easy to do from your own home, Wall street has been doing a systematic campaign to discredit the possibility to invest in a foreign currency. The potential loss in Investment money for them is huge... and they would be completely out of the loop from commission and manipulations.

Actually, "exchange" is way older then any other financial market.. products for products, later...
let me be very straight with you, as fx trading is your forefather business, are u making money out of it?
PA trader...
  • #23
  • Edited 3:38am Dec 20, 2012 3:23am | Edited 3:38am
In every money making opportunity there are scams and there are also people who 'believe' in easy get rich quick. They feed each other - well one feeds the other, the muppets feed the scammers...

Like anything else that makes people rich there is hard work, persistance and resilience involved which 90% of people aren't prepared to do. If you want a sucessful business and are prepared to do what it takes then go for it. This goes for FX, stocks, real estate, information marketing, MLM, writing a book, selling stuff on ebay- whatever.

If you think a "secret shortcut" exists then don't get into FX (or anything else tha takes work, learning and patience) spend the money on lottery tickets.

People who call the whole thing a scam are probably those who bought (or know someone who bought) a get rich quick product that obviously didn't work. FX isn't a scam - but get rich quick is and it's rife in this business. The other category of people who call the whole thing a scam are those who go into it with no system or money management and gamble their account away in a few trades
Anything can happen.
  • #24
  • Dec 20, 2012 5:54am Dec 20, 2012 5:54am
Quoting Zevs
I have the other question, do you guys believe in armageddon on 21/12/12? how do you think, that believe will affect the markets?
I personally bought some extra tinned baked beans last week, a six pack, just in case. But they were on special offer.
Gone to a better place
  • #25
  • Dec 20, 2012 7:39am Dec 20, 2012 7:39am
Quoting ddinnov
In every money making opportunity there are scams and there are also people who 'believe' in easy get rich quick. They feed each other - well one feeds the other, the muppets feed the scammers...

Like anything else that makes people rich there is hard work, persistance and resilience involved which 90% of people aren't prepared to do. If you want a sucessful business and are prepared to do what it takes then go for it. This goes for FX, stocks, real estate, information marketing, MLM, writing a book, selling stuff on ebay- whatever.

If...
Totally agree with you. Should avoid get rick quick mind in order to be success in this business.
  • #26
  • Dec 20, 2012 10:52am Dec 20, 2012 10:52am
Forex is the analyst's work and the desire to work, then there will be a profit.
  • #27
  • Dec 20, 2012 10:57am Dec 20, 2012 10:57am
i believe in the forex market. But I don't believe in brokers or traders in general. I think this game tends to make people a little crazy, get a little to risky.

That is why you see the 'scams'. Nothing to do with the market, but more to do with who you deal with.
NocturnalFX is no longer offering commercial services
  • #28
  • Dec 20, 2012 3:19pm Dec 20, 2012 3:19pm
Quoting Miraculous
let me be very straight with you, as fx trading is your forefather business, are u making money out of it?
..I guess you didn't get it... I never said my father business was fx trading. Those words were not even known back then. My father business was a regular fruit wholesale business... but He did buy a currency different then our own country currency as a safety net and/or buy/sell it for a profit. Which by modern would be "speculation".

But, yes... I do make money from it. 3-4% per month very stable.. and that is "excellent" under any financial
measurement. The point is that that new generations look at currency exchange in a whole different "wrong"
way.

Obviously, it is easy to claim "scam" from the Bank or anything else instead of admitting to have the wrong concept, trying to exchange under-capitalized/over-leveraged and doing dumb things.

Business is business.. and currency exchange is like any other business... why anybody would buy something for a price to sell it at a cheaper later??? Makes no sense, doesn't?

J.
  • #29
  • Dec 21, 2012 5:38am Dec 21, 2012 5:38am
In this business,
90% of participants hand money to top 10% players.
I guess you can call it a scam, 10% scam the rest.

On the other hand, if you can make it to the top,
you make money regularly like any successful business person with very little risk. An earthquake, or any one disaster won't put your assets in danger. Only World War lll breaks out suddenly might cause you some limited loss.
  • #30
  • Dec 21, 2012 5:56am Dec 21, 2012 5:56am
I understand how you felt. Time and time again, I lost money during trading, and many times my assessment of the direction was irregular and I lost money big time because I didn't cut loss fast enough. Other times I lost money because I take profits too early. I had been trading for 7 years and I still not profitable. So it sucks to believe that forex trading can be turn into a full time income.

But as Rocky, Silvester Stallone said. It is not how hard you hit, it is how hard you get hit and keep moving forward. How much you take and keep moving forward.
Forex Price Action Hacked - Price Action Rockstar
  • #31
  • Dec 21, 2012 5:31pm Dec 21, 2012 5:31pm
Quoting pipfarming
In this business,
90% of participants hand money to top 10% players.
I guess you can call it a scam, 10% scam the rest.

On the other hand, if you can make it to the top,
you make money regularly like any successful business person with very little risk. An earthquake, or any one disaster won't put your assets in danger. Only World War lll breaks out suddenly might cause you some limited loss.
Why is so hard for some to understand that about 65% to 70% of the total money exchanged in the world
IS NOT for speculation.... No winner nor losers.

Why newbies and not so newbies think that the whole Foreign exchange market revolve around them.. That every body
that change money is looking at a chart...

Where is 90% / 10% come from??? Just from some Brokers stats of small speculators?? Sure... Does it mean that 90% money went to a 10% winners??? What a nonsense.

Neither your winnings means somebody lost it, neither your loss mean someone won it.
If that was the case, Forex would be an unsustainable market.

The fact is that 100% of speculator could be winners ... zero loser... and also 100% could be losers with zero winners.

Why nobody think that you buy euros from some European Bank, who sold them as a Client needed a few million dollars to buy
some American or Chinese crap... and later on when the price is right you sell them to some American bank that had a client that wanted to order some BMW from Germany.....

So, you win money ... and do you think those that exchanged to buy crap, and resell it for a profit, lost money???
Where are the losers???

Come on traders.... stop believing in myths.
If tomorrow. 100% of speculators Stop trading... guess what... market will still continue, price will still change
due to supply and demand same as they do today. Still will be spikes on NFP news. and so on.
Banks will miss our volume.. but that's it.


J.
.
  • #32
  • Dec 21, 2012 5:44pm Dec 21, 2012 5:44pm
Quoting jeuro
Why is so hard for some to understand that about 65% to 70% of the total money exchanged in the world
IS NOT for speculation.... No winner nor losers.

Why newbies and not so newbies think that the whole Foreign exchange market revolve around them.. That every body
that change money is looking at a chart...

Where is 90% / 10% come from??? Just from some Brokers stats of small speculators?? Sure... Does it mean that 90% money went to a 10% winners??? What a nonsense.

Neither your winnings means somebody lost it, neither your loss...
Well, I am a newbie, I never heard of Forex 18 years ago when my family moved to another country, yet, we lost half of our assets in 2 years time due to exchange rate moves. People buy cars and houses don't lose money on Forex market moves?! I am not convinced. But, I am a newbie, you go ahead and being right.

Happy Christmas to everybody!
  • #33
  • Dec 21, 2012 7:41pm Dec 21, 2012 7:41pm
Quoting pipfarming
In this business,
90% of participants hand money to top 10% players.
I guess you can call it a scam, 10% scam the rest.

On the other hand, if you can make it to the top,
you make money regularly like any successful business person with very little risk. An earthquake, or any one disaster won't put your assets in danger. Only World War lll breaks out suddenly might cause you some limited loss.
This is not a gambling arena...nobody want to take your pennies except if you are dealing with a shady broker. Our money value nowadays is determined in a marketplace based on supply and demand. Please read about the floating exchange rate. The market is not a casino though some newbies think that it is. This is a legitimate market where you can buy and sell currencies(we retail traders buy with leverage/margin). In 1970s if you want to participate in the currency markets you would need 50million or more.

Please buy economics 101/ economics for dummies.
  • #34
  • Dec 22, 2012 2:38am Dec 22, 2012 2:38am
Quoting pipfarming
Well, I am a newbie, I never heard of Forex 18 years ago when my family moved to another country, yet, we lost half of our assets in 2 years time due to exchange rate moves. People buy cars and houses don't lose money on Forex market moves?! I am not convinced. But, I am a newbie, you go ahead and being right.

Happy Christmas to everybody!
I am not sure if I understand what happened to your family. But yes, some countries inflation can send their currency in a unstoppable
down-spin and no one wants that currency. That is why is very important to choose the type of "assets" we acquire or the currency we buy (to hold for short or long period) as protection for such events. Cultivable land, houses are always better then gold or currencies, but we are never exempt from making a temporary mistake. My whole point is.... any mistake "we" make, is not a sign of a scam.

SuperTrader9 is right..
Foreign exchange (forex) is not a scam nor gambling. It is a "market" . And as such, needs to be understood to pull money from it as income. Once you do, convert your profits into "assets". And please do not buy stocks... That market border more closely the "scam" title. Totally centralized = Totally manipulable

J.
  • #35
  • Dec 22, 2012 8:45am Dec 22, 2012 8:45am
i Totally agree with you Juero,. and would add on to say the problem with "us" newbies lies in the solemn fact that we run before we have even masrtered how to crawl. the knowledge that one can make money off their un-engaged time misleads many to think that Forex trading is easy. myself am a good example. its after i lost a good chunk of money that i started to pay attention. forget the flukes and the lucky trades.

this is a business and should be treated as such. dedication+timer+attention
One Foot in Front of the Other..
  • #36
  • Dec 24, 2012 2:21am Dec 24, 2012 2:21am
I believe that Forex can provide me with money.
  • #37
  • Dec 24, 2012 11:26pm Dec 24, 2012 11:26pm
Of course! It`s like with weightloss ebooks. I used to sell them and still do :-). Many people, especially those who haven`t bought them, think they are a scam. But weightloss actually DOES work with some discipline. So does Forex.
  • #38
  • Jan 12, 2013 12:35am Jan 12, 2013 12:35am
Many I speak to tell me that forex is a scam and unregulated due to being decentralized. This brings me to a question. If it is decentrailzed and some brokers are market makers or ECN's, how is it that all data and charts are similar. I would expect it to vary a lot due to different data feeds order books, order flow between different partcipants. However, it seems (data) charts for the most part are very similar. which is strange for a market that is not central and could technically have a lot of sub markets all over the place (different brokers, ECN, market makers etc)

Granted im not the sharpest tool in the shed however, balffled by it, thus I question whether or not I should look further into understanding forex before saying I dont believe...

any thoughts about this?

cheers,

C
Bye Bye FF
  • #39
  • Jan 12, 2013 9:41am Jan 12, 2013 9:41am
Quoting Chica
Many I speak to tell me that forex is a scam and unregulated due to being decentralized. This brings me to a question. If it is decentrailzed and some brokers are market makers or ECN's, how is it that all data and charts are similar. I would expect it to vary a lot due to different data feeds order books, order flow between different partcipants. However, it seems (data) charts for the most part are very similar. which is strange for a market that is not central and could technically have a lot of sub markets all over the place (different brokers,...

Hello Chica.
The wonder of money exchange... But is not that hard.
Here a few principles that may help you to understand:
- No Broker or Bank has "inventory" of Euros, Dollars, Yen, etc. for sale. I mean an American Bank
has dollars and European Banks have euros but they do not "hold" big amount currencies different then their own
books currency. But Banks and Brokers are in the business of "exchanging" money and they "Quote" 2 prices to whoever
want to exchange ... saying we buy euros at this price and we sell it to this other. These are the prices we see in the charts
"quoted" prices. It is a business, so if they want to do a lot of it they "must" keeps the quotes competitive and be there with
everybody else. It is like any other business... If your prices are too high no one buy from you and you don't make any money.

So, it is decentralize, but competition keeps it almost in complete sink around the world. So, the key point to remember
is that the prices that go in the history data on any broker or Bank are "Quotes" not the actual price they bought or sold
at that specific second which could be a couple pips off depending of that second market condition.
Those history "quotes" are about the same all over the world and every chart.

Also that NO one has "inventory" and all the money that is exchanged are the orders of that millisecond.
Pending order do not matter. If a bank or Broker does not have any orders to fill in a specific millisecond,
does not means they would stop changing their quotes... remember, they have no inventory and if they
want to sell (fill) any later on, they must be able to buy a couple pips cheaper.

J.
  • #40
  • Jan 12, 2013 10:27am Jan 12, 2013 10:27am
Quoting jeuro
Hello Chica.
The wonder of money exchange... But is not that hard.
Here a few principles that may help you to understand:
- No Broker or Bank has "inventory" of Euros, Dollars, Yen, etc. for sale. I mean an American Bank
has dollars and European Banks have euros but they do not "hold" big amount currencies different then their own
books currency. But Banks and Brokers are in the business of "exchanging" money and they "Quote" 2 prices to whoever
want to exchange ... saying we buy euros at this price and we sell it to this other. These...
I always thought banks are in the business of lending money to qualified individuals and corporations. Maybe you should check one time the balance sheet of a typical bank. Normally the biggest position is loans and receivables.
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