Is Forex Scam? Or Am I wasting my time?

[SovoS]

@tommor

I never look at anything below the daily time-frame. D1 highs and lows are real and I’m not convinced anyone trading multi-day ever needed H4 charts or less to make their trading profitable.

I would certainly go along with that. At least the daily closes are more significant because, by definition, they exclude day-trading influence.

The main reason for considering 4H charts, at least in this recent discussion, was to find a way to avoid the wider SLs usually associated with long term trades for smaller accounts. i.e. a crossover breed.

[SovoS]

@tommor

I prefer to think of private retail traders as hobbyists who find they have a hobby in which some people make money - there are plenty of hobbies that technically carry an ability to generate income.

But let’s face it, does the average self-taught artist make money? How many people with a camera become freelance professional photographers? How many golfers win prize money they can live off? How many stamp collectors and coin collectors can say their hobby finances their life-style?

Right on the nail!

But it is really depressing to read, almost daily, so many Newbie intros here on BP who are actually starting small but are not aiming for a paying hobby. Instead, they have their heart’s set on being full-time professionals, financially independent, giving up their jobs and/or aiming to support families etc all from forex trading,

And yet the statistics confirm that at least 2/3rds of these (probably considerably more) will not only fail in their ambitions but probably lose their capital as well.

[Christhom]

There are surely some scam brokers but at the same time there are legit ones also. If you trade through scammers then you are wasting your time. If you use regulated brokers and work on your trading skills, you will make good profits.