It is possible to win in Forex trading. But I need to know how to plan and work. Many retail traders are making money if there were scams then why are they consistently profitable. We are following the same platform that professional traders see. That is why there is no scope for scams here.
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The issue I have with these theories of price manipulation is that the bias of traders stated is not reflected by live sentiment data. These theories always take as a starting point that in a consistent uptrend, the majority of private retail traders are long.
Usually, when price is in a consistent uptrend, we are seeing the reverse, they are mostly short.
We are usually seeing live broker client sentiment data indicating the majority of clients with open positions in uptrends are short. The converse also applies - when price is in a consistent downtrend, the majority of clients with open positions are long.
So I have to be sceptical from the very start.
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hi Emily T,
what did you expect him to say ? “its easy money” with minimum of effort and time
Not exactly brand new stiff - but a different slant 
Ok - interesting enough to follow your path for a while and take a look at some of his other stuff .
Aye it’s called ‘the Gamblers Fallacy or ‘the Monte Carlo Fallacy’ - same thing - toss a fair coin 3 times and it comes up heads and therefore the chances perceived are that tails must be due’.
Inwardly we all do it in many different ways - anyways the story in the Monte Carlo casino 1913 is interesting.
A C&P from reddit ;
in 1913, at the Monte Carlo Casino, a roulette ball fell on black 26 times in a row. Gamblers under the influence of what is called the Gambler’s Fallacy, or the Monte Carlo Fallacy, lost millions betting on red.
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No definitely not, I’m well aware that it’s hard and not many people make it. But there’s a big difference between that and being duped by a con artist (which is what he was essentially saying FX was)
I remember a works Xmas Party some years ago (nearly 20) when I worked with some Paddys - we were playing a game where you can bet on the next coin to fall from a stack held in someone’s fist - We had 6 or so Heads - And I remember saying to a Countryman of yours - “I’ve got £300 says that next coin will be a tail” 
Since we had long since moved on from “table stakes” - I had quite a bit of coaxing to do to gather in the Cheques from the previous participants ! But to their credit - every one paid up !
From my point of view, retail traders don’t use the same brokers than banks and these brokers seem to be more transparent with organisations/banks than with a single person (easier to target, etc.).
Retail traders usually start with a “small” account (less than $10 000) and also have less (more limited) flexible strategies than banks.
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It’s was nt a very profound comment from big shot hedge fund manager " That retail FX trading is a scam "was it ? Maybe he was just trying to be impressive who knows
This is interesting. But I would tend to think the opposite, that a banks strategy would be much more mechanical (less flexible) than that of a retailer’s.
Or maybe I’ve misunderstood what you’re saying?
Its quite logical that someone who is not a private retail trader should look at the 95 or 96 or 97% failure rate of new traders and conclude that this is not random, therefore it must be designed, therefore it must be designed by the industry. Logical, but wrong.
I made a strategy once that made me lose money just because I didn’t have enough margin to keep my trade opened…from Friday afternoon to the next Monday.
I was “live-demo trading” with about $100… 
I made a post about some issues I met with this strategy on babypips here .
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I dont agree to this, forex trading can never be a scam, it is a way of getting more and more. Moreover might be your banker friend do not want to accept that there can be a other way to turn things up for living 
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“I dont agree to this, forex trading can NEVER be a scam”…
==> Forex bucket shops are brokerage firms that have “questionable” trading practices such as unusually frequent price misquotes or requotes, slippage only favorable to the broker, and stop hunting.
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Agree, there is no harm going for other reliable sources of income if you have knowledge and experience.
It’s not a scam but it is heavily weighted in the favour of the big banks as they have the education and resources compared to the majority of retail traders.
The a good strategy for an independent (I prefer this word instead of “retail”…) trader is to find a strategy that make BOTH him and the associated broker earn money…
Thanks for your explanation.would you please tell me, who pays traders when they are profitable, is it the brokers or the market. I knew the money will go through the brokers to the trader , but who in particular give the money ?
I disagree; forex trading can never be a scam; it is a means of accumulating wealth. Furthermore, it’s possible that your banker pal refuses to believe that there is another way to make a living.
Your broker is your counterparty, the middle man, facilitating your buy/sell trade and pairing it up with somebody else’s buy/sell trade. If you’re “winning”, somebody else is “losing”. The losers are paying the winners. I’ve oversimplified for sure.
Have a read.