I am truly sorry you lost your life savings trading forex… I really am sorry you had to experience that, and I hope you can recover that over time and find financial security.
Here is the thing though… About leverage and marketing which you might think “draws people into a scam”…
I liken it to the internet marketing niche.
There are ALOT of scams in that niche. Does that mean you cannot make money with internet marketing? Of course not, people have become millionaires with internet marketing.
If you are getting into internet marketing, it is up to you to do as much research as possible and choose where you put your money.
If someone convinces you to spend thousands of dollars on an “amazing new idea” and it turns out to be a scam, your problem should be with the person who scammed you, not the system in general.
And I don’t see how wealthy traders are responsible- all they are doing is trading just like anyone else.
1:100 leverage is like going to the casino and putting all your money on red. Unless you are highly skilled, 2 or 3 trades can cause you to lose everything you put into the account (however much that was).
On the other hand, if you trade at a small leverage, such as 1:5, it’s much harder to lose all your money. You need the currency to move 20 cents in the wrong direction for you to lose your whole account.
So it’s up to each person to choose to learn about leverage before they put their money into the account. If someone has given you misleading marketing, you should take it up with them or report them… but the problem isn’t the forex itself, from what I can see. It’s just like a casino… you can choose to stay out, or you can choose to go in. If you go in, you can choose to have a conservative betting strategy or a wild, dangerous one.
Again, I’m sorry you lost money on the forex and I wish you the best.