Hi,
There is quite few worry…Lots people willsay its a scam which will burn you to death if you not careful or monitor every single minute.
Is this true?
Smiley Richy
Hi,
Like any new startup it is hard work, to most that come into it it is new and the expectation is riches from the word go, without spending the apropriate time to learn the ropes.
So no its not a scam if you treat is with the apropriate attention it needs with a plan. Big banks, Corporates hedge funds etc would not be involved if it was a scam.
N
There is no scam in forex if your broker is trusted. You should work with regulated broker you will feel confident secure and good. All loss of trading is from your side. It is up to a trader how he uses his amount in trading do not blame market for scam if you had not good skill of trading.
Indeed it bro, forex is not a scam. However, there is no broker scam. Then traders should be careful, do not be fooled. See the broker’s reputation and experience.
[QUOTE=“Richy rich;218632”]Hi, There is quite few worry…Lots people willsay its a scam which will burn you to death if you not careful or monitor every single minute. Is this true? Smiley Richy[/QUOTE]
It’s as much of a scam as a casino. Your brokers are like the loan sharks in the casino. It is possible to be a card counter and make money however. I trade profitably now, but it took years and some real self analysis, but mostly perseverance. Also… CNBC is the waitress who brings you drinks. Her job is to get you to make bad decisions.
It’s true that “Forex will burn you to death if you not careful or monitor every single minute.” But you can change that by choosing a good broker, learning how Forex works, and most important - learn money management. Only then you won’t get burned to death.
It is also true that you can profitably trade fx with positions that are left open for months and checked on just once a week.
-Adrian
Well the industry itself isn’t a scam but there are a lot of fraudsters out there who can trick you into forking over your hard-earned cash for ridiculous products or promises of profits if you don’t do your research or learn about the basics. While it’s true that only a small percentage of newbie traders are able to succeed in the long run, discipline and proper risk management can help improve your odds of success.
If Forex was a scam, thousands of CEOs and employees of different brokers would be behind bars:48:
my experience;
the first week of my opening a live account ; I don’t know anything about fundamentals I was taught to place trades at the beginning of the hour. I found an opportunity and entered a trade. few seconds after, the market started going the very opposite direction. my account was wiped out that day. this kind thing happened a number of times to me.
as a rooky trader my reasoning was that it is a manipulation of some sort otherwise why would it wait only to make a complete U-turn immediately I place an order. I asked around and almost everybody I talked to thinks the same way.
my opinion;
yes lots of people will say its a scam because lots of people (95% )do not last long enough to tell their story, but the truth is that [B]it is not a scam[/B]. there are lots of government regulated forex brokers around. I don’t think forex trading and those brokers will get government approval if those brokers are using it as a scamming platform.[B]However you will surely get burnt if you don’t know exactly what you are doing[/B] and you don’t need to monitor your trades every single moment
No it is not true. Forex market is almost the same like any other market an it works perfectly fine. Are there a scam brokers? Yes there are.
People who are saying that forex is scam and it will burn you to death are those who never ever had a chance to trade and they have no clue what the forex trading is.
And no, you don’t have to sit in front of your computer to monitor it every single minute (also a statement from people who never trade).