Why do so many people say forex is a scam?

Hello all. Noob here. I’m always hearing on the net and random articles etc. that forex is a scam. Why do so many people say this? Is it just a bunch of sore losers or is there some other underlying reason? Thanks for any responses.

Most often, it’s the illusion that forex is an easy way to untold riches that draw people into trading it in the first place.

When they aren’t overnight millionaires, and find out it takes a lot of time and effort to succeed, they whine and moan, and blame everything but what they should.

Themselves.

Not to say there isn’t fraud involved, but no more in forex than any other venture in the world.

Don’t get caught by the adds that want to sell you the easy way to wealth, roll up your sleeves, study, do the time, and it can pay off.

All the info you need is freely available on the internet, including this site.

Forex itself is not a scam - but because it involves money there are fraudsters out there willing to part you with your money so you do need to think before you leap.

There is a vast amount of information you should make use of for free to gain a good understanding all online and free.

N

Ya whenever there is money involved there is always fraudulent activity going on somewhere. It just boggles my mind that some say the entire forex market is one big scam. Obviously that’s difficult to believe. And if anything, all the information advertised that you have to pay for is very entertaining to me. Those forex robot ads claiming 100% success rate make me chuckle.

yep, if it sounds too good to be true it is, the only thing that will help make money in this market is ard work and a through understanding.

N

FX is a zero sum game.

The only reasons why a stranger would want to pull you into it are if they’re trying to make money off affiliating, or trying to sell you some sort of forex product that’ll get you rich quick (but aren’t being used by the maker), or just wanting more newbies to extort money out of.

I understand what you are saying, but we’re not all that like I promise :slight_smile:

The thing is, is that a lot of people assume that all successful traders are mega rich, well no we are not, we don’t ‘work’ and probably earn a very decent living, but the road to mega riches is still a long one, compared to what is often perceived, but in reality 4 to 5 years of trading to a very healthy capital sum is very short compared to many other ways.

Forex isnt zero sum…there are: you and me…and the broker.
the broker makes it no zero sum!
if i lose 100$, you dont make 100$ taking the exact opposite…as the broker gets my spread and your spread.

forex isn’t a scam, it’s the people that sell forex system that are scammers.

Tingtong is correct, it is technically a negative sum game, because the broker takes something out of each transaction going both ways (spread, or fee depending on broker), from the buyer and the seller.

But i wouldn’t label everybody out there selling a course, book etc a scammer, but i would say use your common sense, if they are offering systems that are 100% month in month out guaranteed to double your account walk away. These things are playing on your emotions.

There are genuine educational books and courses, that are charged for, as somebody has put their time and effort into them.

N

forex isn’t a scam, it’s the people that sell forex system that are scammers.

I agree 100%, you should never buy a ‘system’, a forex system just like a hammer is only as good as the trader that is holding it, and one hammer is much the same as another, personally I take a sledghammer to crack a nut, it’s all about how much you practice and learn with your hammer that makes you a good panel beater!

makes sense? I know what I mean :smiley:

I like your analogy. I personally like to use my 8mm Mauser rifle to crack a nut. But don’t worry, I wear a helmet when I do it. I’m going to start trading that way. :smiley:

I think you’ve really got your risk/reward in perspective :smiley:

Let’s put the positive swap rates into perspective shall we?

I think it is the only that makes forex not just a negative sum game, there is something added to it I guess

What is your opinion on this?

It is what it is, learn to buy low and sell high and vice versa, that’s all there is to it, find a method so you can do that and learn and understand.

Why should you care what others say? Learn to investigate and decide for yourself.

I don’t care. I was just curious as to why…

You should care because you can get highly valuable advice from some sources, but I see what you are staying - you need to make an independent decision.

People think FX is a scam because there is so much potential here. But, as has been mentioned already, where there’s money, there will be scammers. And there will always be those people, acting out of greed, who are looking for that quick buck.

IMO, there’s no such thing. Successfully trading is just like successfully doing anything worthwhile. It takes hard work.