As we are all aware, Forex is unregulated… It’s a minefield and there is nothing WE can do about it.
However, what concerns me just as much are the false prophets on sites like this, something which is not beyond the control of the management.
Forex can be difficult enough for the potential trader without advice from those who themselves can’t turn a profit.
With the technology today of the verification sites on the internet would it not be a good idea to ‘badge’ those who should be listened to and drown out those ‘know it alls’ that seem to shout the loudest?
Surely that would be a start in improving the 95% losing rate.
On the contrary, some of it’s actually very WELL regulated, and that’s why there’s so much information on this site generally and in this forum particularly about how important that is, and how one can check that out, and how important it is to do so.
You really shouldn’t be spreading misinformation like this!
Are you talking about using technology to determine trust? I’d be glad for you to share any real-world examples where this is already happening and where it works.
Trust can change in an instant. A badge will only go so far and is only a snapshot of a point in time.
For traders who live in those major trading centers, it makes sense to focus on brokers regulated in their home country. Traders who don’t live in one of those countries should consider brokers regulated in major financial centers appropriate for their region.
Focusing on brokers that are regulated by reputable government authorities in your region can go a long way to addressing your concerns. Key advantages of trading with a well-regulated broker is that there are:
minimum financial and trading standards they must meet,
ongoing monitoring by the regulators to ensure compliance,
a framework for handling complaints from customers, and
the power to enforce actions against regulated brokers for violations.
That is not accurate. You are free to choose well-regulated forex brokers.
It is largely unregulated and a scammers dream, any new entrant has to do an enormous amount of research simply to select a good broker who won’t rip them off. And that’s before they even dip a toe into trading.
Just a few days ago a member of this forum posted that he opened an account with a regulated broker who proceeded to steal his money and then told him that he should have read the small print as his account wasn’t actually with the regulated parent company. Ask him if he thinks forex is largely unregulated.
Branigan,
As the name if this site suggests, Babypips main target audience is new and inexperienced traders. That’s great as it means the site owners can really focus on the needs of this group with the school here and various blogs discussing trading systems etc.
Unfortunately, this focus on new traders makes the site a target for scammers who possibly consider these newbies as easy money. I wouldn’t be surprised if we get a higher proportion of scammers here than some of the other forums with a greater proportion of experienced traders do.
It takes some time here before you get a feel for who is genuinely trying to help and who is grooming their next target, seeking validation, or feeding their ego.
There used to be a section here highlighting some respected members, I don’t know where it is since the site redesign, but it would be a good place to start looking if you want to verify someone’s reputation.
That is the thrust of my argument but I’m afraid it got bogged down because of my inaccurate description of Forex generally.
The point I really wanted to make was that some people who have no profitable strategy are attempting to teach others for their own glory. I looked at one person who posts often who was a newbie at the end of last year, asking newbie questions and is now shooting others down in flames and handing out advice. I do understand that a forum is a discussion of equals but without the knowledge of who is actually successful how can an education begin?
Why do people fail. Got nothing to do with the false prophets, educators, marketers or information overload. Why do the 95% fail, because they haven’t got capital to match their ego.
Babypips is a place of learning. Not soliciting. You wish to help others. Respect bro. Go forth into the forum, there are plenty there needing guidance.
Hide behind your snake-oil salesmanship and you will be called out.
Hi bob,
You obviously like to get stuck in the bullshit. If you can’t see the obvious problem of people who aren’t making money teaching others how to make money then it’s up to your eyeballs.
My other thread which you mentioned was a genuine offer, I would have been very happy to show any interested party my verified live stats. If you want snake oil there’s plenty about here.
If you can’t see the obvious problem of people who aren’t making money teaching others how to make money then it’s up to your eyeballs.
^^^^^^^^^^^
I thought this was funny. Think about it. Your statement reflects even your own lack of sight. There are also teachers who teach something they don’t/haven’t done professionally, coaches who never professionally played what they coach, ‘fathers who aren’t actually fathers,the list goes on in many levels.
Who’s to say who’s scamming or is what they are selling is of value. Simple fact is their selling… your buying. Take what you will from it.
One should never rely on another body to regulate what they believe is correct. Ones self is the only one to pass judgment. You vote with your dollar. If you don’t want these ‘frauds’ don’t support them.
Listen, you are probably big enough and old enough to do as you please with your money. If you can’t see how your argument is flawed that’s not my problem but the teacher you mention wasn’t a carpet salesman last week, the professional sports coach wasn’t serving up burgers … And I’ve no idea how you’ve roped fathers into it.
I don’t know whether you are trading successfully but if not and you’re here for advice then simply ask the person that’s advising you if they are. You can then qualify the information that is given and filter out the losers. Isn’t that fair enough?
By interested party I meant someone who is interested in learning my strategy.
I am glad you responded, I wonder if you’ll answer a question. You are an advice givers here yet you were a newbie just a short time ago and apparently failing with your demo account… Are you profitable on forex?
I’ll make a deal with you, I’ll let an admin on this forum see my verified stats and then they’ll look at yours, if it turns out that you aren’t turning a profit you’ll stop advising people in what you don’t know.
He is holding himself up as an experienced trader if he’s doling out advice. I’m not, I merely dared to offer someone my help, I must be the devil incarnate.
