Forex: The real thing or a scam?

Hello Everybody! So Im new to forex and like every newcomer I´been reading a lot lately about this market. Its amazing how you can find articles, posts, interviews etc, saying that this is the easiest, most profitable, amazing market to trade and on the other side you can find that this is all a scam and brokers take all your money…
It happens also with brokers… you cant find a broker that isnt tainted… or that is the best in the world!

Im sure that forex is not neither the best or a scam but something in the middle… There probably are bad brokers that manipulate your orders in order to make a profit and Im hoping that there also is some real people making real money.

So what Im trying to do with this post is to filter all the bull**** that people say in favor or against forex (according to their interests) and try to demystify what you hear about this potentially lucrative market.

In order to this I will need the help of your help, experienced forex traders, to take a moment and write your thought about this.

Just as a guide I will leave some topics that would be interesting to talk about:

[li]Can you really make a living trading in forex?
[/li][li]Is the market manipulated by institutional traders in order to take advantage of small traders?
[/li][li]Do True ECN brokers really exist?
[/li][li]What to avoid doing
[/li][li]What kind of scam have you fallen into?
[/li][li]You get the point right? :slight_smile:

Hoping that everyone is feeling open and interested I salute you!

Have a nice day!

Forex is not easy.

95% of forex traders are losers

Brokers are set out to take your money (before you even make money from a trade, they have already charged you a spread/commission)

There is a lot of rubbish content out there (people who can’t trade for a living so they charge people by pretending they are professional traders and charge money to teach the newbies who are money hungry)

Can you really make a living trading in forex? Yes, but don’t expect to until you’ve put at least 1-2 years into learning and mastering the market
Is the market manipulated by institutional traders in order to take advantage of small traders? Yes and no. Yes because they can put massive orders which can change the direction of a trend of make the market move massively. No because they aren’t out to take your money - they are out to make hundreds and billions of dollars for themselves, not take your small $1000 or $2000
Do True ECN brokers really exist? Yes, do long hard research before you commit to a broker
What to avoid doing Being stubborn and not being open to learning new ideas/trading strategies
What kind of scam have you fallen into? None - I’ve done my due diligence

Is forex a scam? No

Is forex easy? No

Will most people succeed at trading? No

Do brokers manipulate price? No

Can brokers see your orders on their books? Yes

Why do many complain forex is a scam? Because they do not know how to properly trade.

Why do people not know how to trade? Greed and people who lie about being experts.

-The Black Knight

After what you have read and heard about Forex, now ask yourself, what do you think forex is?

Would it make any difference to you or change your impression, conclusion,or belief if we all responded to your questions? What is your real intend as to why you are asking these questions? Is it just out of curiosity but not really interested of what these is about like to learn how to trade?

To answer your questions, Forex is not a scam. It is not easy to learn. Everyone are welcome to try to trade but not everyone can be a profitable trader. There are plenty of reliable brokers who do not manipulate. You just have to find which brokers are those.

Forex market is not a scam, and it is not manipulated. But there are scam forex brokers. And yes you can make for a living trading forex.

Currency trading is not a scam, and yes, people can make a living out of it. But like any money-making business, there are scammers who take advantage of those who are not well-informed.

I could list down things to avoid doing, such as not paying attention to details and being overconfident, but there are so many of them that you’ll probably learn (the hard way) the ones applicable to you as you trade. Don’t worry, even the best of traders started somewhere.

Good luck with your forex trading career!

The debate about ‘manipulation’ is a very old one, the word was used back in 1910 by Richard Wyckoff and he was scoffed at then.

The good news is that regulators are at least talking about the possibility that it may exist, this from this morning:

BBC News - Osborne to target foreign exchange manipulation in City clean-up

Hello to the OP…

I agree with everything that my esteemed colleagues (if I may call them so without causing hilarity):

Forex is not easy and it is not a get-rich-quick scheme… You may get a string of high-leverage winners

and think you can touch the sky… until that one bad winner that undoes so much of your hard work in a

single transaction…

Be realistic and treat this as a hobby first, absolutely, but then, with time and investment, turn that hobby

into something closer to a real business … Just like running a shop… They do not call us ‘retail’ traders for

no reason!

PS - Do not shoot me for using the word ‘hobby’… Read it as ‘interest’, if you wish… Not everyone starts

trading Forex with a clear business-like approach… It may be fine not to have one to start with, as long

as this comes in at some point, once we know whether it CAN be viable as a business… Getting your feet

wet with small money can be good as a test, even before you treat is as business… Only once you are confident

that this really is for you AS A BUSINESS will you then want to invest the kind of money and time that it deserves

(by investing money I mean for things like education (books, seminars, etc.) and, maybe, software/hardware

(a comfortable desk and chair, files/records, a decent computer and broadband, a virtual server, etc.)).

Treat anything you read and see, including my every word, with a pinch of salt, because at the end of the day

nobody other than YOU can be in charge of your trading - it is, indeed, a lonely endeavour!

Good luck!

Happy trading.

Add impatience, under-capitalization and unrealistic goals to that . Still funny how newbies expect to make any money just after two weeks.

Or even 2 years :smiley:

… Or 2 1/2 :slight_smile:

4? :slight_smile: I think that’s where I’m at, I’m scared of trying to think back how long it’s actually been, but it is paying off now at last.

People talk about patience, I’m not sure if it is that in some ways, the reason I say that is if you are staring at the screen and waiting, then yes patience, but I don’t do that any more. I just have a look at the charts when I feel like it and if there is a setup I trade it, I have made 2 trades in 2 weeks and I’m up 20%, ok, ok, before anyone jumps on top of that, the trades are too high risk for trading with real capital, I do understand and appreciate good money management, I’m just establishing that my trading is profitable before I jump in with ‘REAL’ money.

The point I’m making is that, waiting for something takes patience and often too much patience, my approach of just looking at the charts and picking opportunities doesn’t require patience, it’s more of a case of just doing the right thing at the right time. I know there will be enough opportunities for me by doing this and I can get on with so many other things rather than stare at that those charts for endless hours like I did in the past.

forex is real. we can get a real advantage with forex. for that, we need to learn and practice trading well if we want to get real profit with forex. we can invest our time to learn and practice a lot of trading.