I had an old neighbor who approached me with the opportunity to basically invest in him with his trading in the forex market. I am a complete novice with the market, so I was wondering would this be a legit investment opportunity? As forex traders, do any of you’ll have people investing in you and your are giving a monthly ROI?
His monthly ROI promise seemed just a little good to be true which is why I am here to ask people who are actually in this market. All my research has gotten me no more closer to the answers I am looking for. Thanks
What is his monthly ROI promise then? It would be quite quick to tell you if he is the real deal from that fact alone? And in all honesty, unless your investing several hundred thousands in him then it makes no benefit to a successful trader taking anything less - especially when they can exponentially grow there own account without any outside investment.
Not quite as many decades as the prison sentence he got, though.
Anyone approaching you asking for investment and offering a monthly ROI needs to be licensed (and regulated) to do so, otherwise he’s breaking plenty of laws.
Averaging 200% in 28-32 days. Also his minimum investment ask was way less than hundreds of thousands. This raised even questions and speculation but I was intrigued so I figured I would do my due diligence.
RISK,
My exact thoughts!! Which is why I decided to get on here and ask some people who deal in the market.
Are there actually reputable brokers/traders who do offer legit services like this for someone who is looking for strictly investment opportunities? The research I have been doing recently has sparked an interest for me but I know that I just do not have the time to dig in and learn the market well enough.
Do you have any comments on automated trading software? Something else I cam across while researching.
I’ll get straight to the point - which I hope you appreciate.
You sound like you have good intentions, but this career as a retail trader is exceptionally challenging. No doubt you’ve seen [or will see many times as your research grows] the comment that about 95% of retail traders fail (personally I hate this phrase as it’s really over used, regardless of its accuracy)
I know you’re interested in investing in a retail trader, not becoming a retail trader, however that puts the odds even further against yourself? Perhaps a handful of retail traders will make it long term, and they are extraordinary people; it’s ‘easier’ to become this person than it is to actually find a legitimate successful retail trader in an industry that is smoked with scams, false misleading advertising & fraudulent vendors.
If you really are interested in investing, then find an audited qualified professional - but I can promise you that returns of 200% a month will not even be entertained.
Personally, i’d continue your research if you find it enjoyable, but i’d certainly leave it there. There’s too much risk in the retail industry.
If you have $10K you can invest. I know at least 2 guys and one of them is on this forum (returned recently )
If you want to adventure yourself, get ready to blow $3K to $10K trying to figure out how it works.
If you want to try the automated stuff then put another $3K aside to loose.
In terms of how long it will take you to get the profit from the market, it’s at least 3 years.
Good luck.
You wouldn’t be investing in his business, you would be lending him money. If you really want to lend people money, start up a bank and do it as a business.
Fastest way to make enemies … do business with friends / neighbours.
Im not sure if I missed you saying how many months he’s been going, but doing 200% in 30 days? or 30 trading days? so maybe a month and a half. Tripling your money in a month and a half is of course possible, but mostly at maximum risk which means it is likely he has been trading for only 1 or 2 months, because in another 2 he will have lost most of it, or - more likely - he has already lost big time and wants your investment to help recover losses.
It is of course also possible to be claiming a ROI of much less, say 30%, even 20% and still be doing so at extremely high risk, so dont let that be a guide. the only guide is an evidenced track record over many years that shows consistent profitability over the majority of time.
I completely agree with RISKonFX. Honestly the promise of your neighbour not only sounds too good to be true but impossible for sure. I am glad you didn’t believe him and sought advice here. Otherwise you would have lost your investment for sure. I don’t think that the offer of your neigbour is even legal, if something happens there is now way for you to get back your money. So stay away from such “offers”. Better to try to learn and trade by yourself if this matter interests you. Trust me when I say and this has been discussed many times in the forum, there are a lot of misleading “professional traders” and scammers out there. As for the automated trading software, you will find a lot of options but the most of them will probably not work or it the effect will only be temporary just until they win you as a subscriber.
Investing money on forex trading is very risky, if any trader thinking they can become rich at short time through forex trading, its big wrong because forex trading is risky and many trader fail on trading because forex market is very fierce and no mercy, without good experience hence will possible getting bankrupt on this arena
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