Forex Trading and what you Should know.
Forex (Foreign currency trading) is another market that suffers from heavyhanded marketing from 'marketers' not 'traders', with ridiculous claims of instant profits for a few minutes work per day. Although this may be true if you know what you are doing and have undergone the necessary training, what 'marketers' fail to tell you, is that it can also mean instant loss. Forex Trading is HIGH RISK, don't be fooled by the sweet lies that is strewn all over the internet.
Forex trading on autopilot or using robots generates a lot of interest. From my own experience and reading the mixed opinions of others, I have come to the conclusion that Forex robots should not be used by traders who don't have much experience and knowledge of the Forex market and its ups and downs. One also needs to choose a reputable broker or dealer; some are not and will manipulate their clients, trading results by various means. SCAM brokers and dealers do exist, and unfortunately, as with all the other niches on the internet, there is more SCAMS out there than legitimate ones.
Not all Forex robots are SCAMS, there are active user forums for the better ones. There is traders making good money from automated trading, but they are not beginners or newbies to the Forex market. Training and knowledge is of utmost importance if you want to swim in these dangerous waters.
To spot the SCAMS is not always easy, as a first rule, don't join programs that are highly-exaggerated and claims about the ease of making money trading Forex. Also there are the ones claiming to be Forex Traders, and are willing to pay you without any investment from your side, if that sounds legit to you, you have lots too learn. If robots were so successful for Stock and Forex trading, then everyone using them should be millionaires!
Market trading is not for everybody (especially those who don't like risk) and not everyone will achieve success or profit with Forex and Stocks using the same training or trading methods. There are those who shouldn't trade at all. Many new traders will lose money simply because they won't follow the instructions or abide by the rules. Consistently losing traders will blame anything or anyone except themselves for their losses and happily condemn a product or training course as a SCAM because of it. This is often unjustified, sadly it's human nature.
If this market interest you, and you are willing to learn and willing to lose some money in the process, by all means try it. It is an exciting ride, and who knows maybe you will become the next big trader online.
Ps. A last note, many of the reputable Forex Traders offer a free demo account, double check the results in your demo account with real results online which is freely available, some SCAMMERS have been known to show you false positives in your demo account to get you to make your first deposit.
Comments (14)
Cheryl Baumgartner
12
Medical Billing/Coding/Insurance
@Dawie Believe it or not I use that movie as a training tool on closing a sale. They were scamming people but it was an excellent lesson on closing a sale.
Gautam Jain
6
Consultant
I am agree with Dawie that forex is driver by marketers not traders. It is always learn the market by yourself otherwise you do not know when your hard earned money will go. I like this post. Thanks Dawie.
Dawie Bezuidenhout
11
Systems Engineer I.T.
Cheryl that is VERY TRUE, in 90% of Forex trading it is the traders that pocket most of the profits, and in cases of SCAMS all the money.
Boiler Room was a excellent movie, that showed us what happens in many of these schemes.
Cheryl Baumgartner
12
Medical Billing/Coding/Insurance
Forex automatically makes me think Boiler room scam. Trading foreign stocks that aren't stocks at all. I saw the spiel on one of these scams and very slick, very professional looking, licensed brokers. Full color professionally done prospectus for client perusal. that was the front end of the scam, but on the back end they had the online investors they were also scamming with Forex trading for massive profit
Dawie Bezuidenhout
11
Systems Engineer I.T.
@starmax, i am sorry that you fell for that unethical tactics. But we all learn from our mistakes, and it will protect you from falling for this nonsense as well as your friends in the future.
Dawie Bezuidenhout
11
Systems Engineer I.T.
@cockman, i am sure your friend are not newbies at this. Forex is exciting, but like i said in my post, "High Risk".
And anybody that disputes that fact is talking crap, and does not know Forex from Cleanex.
Dawie Bezuidenhout
11
Systems Engineer I.T.
@Charles, i have tried two of these automated robots, not satisfied with the results, you must always keep your eye on them in any case so the automation part does not work for me. I agree with you that it is a much safer bet to do your trading manually, so that you can keep tabs on everything that is happening yourself.
Dawie Bezuidenhout
11
Systems Engineer I.T.
@Yunghan, your comment suggest you did not read the post.
Charles Aki
8
Marketing and Internet Consultant
I do some forex trading. I have not been successful using those so-called forex trading robots. I think it's better to be actively involved in all my trades, from entry to exit.
Gas Engine
6
Gas Engine
need real instant profit
Brian Hott
6
E-book author, Internet Marketer
I have noticed the same thing, as i have been drawn in by some of these tactics my self. I think everyone wants something more out of life and i believe that is what these people are doing .ie,, throwing things at us knowing full well that alot of people will just jump all over it and ultimately give their last dime to see what it is. Sure i want to get somewhere better in life but not at your expense.
Ewart Chase
6
Affiliate Advertiser
I my self have never been a member of forex but however i know some networking friends who are,
so all i can say from what they have told me that it's great.
Dawie Bezuidenhout
11
Systems Engineer I.T.
Hemant, thanks for commenting.
This is also frustrating me, i worked in a bank for 10 years, though it was in the fraud department, i have knowledge of the stock market and the money market(Forex).
People fall for this cheap advertising tactics daily.
It is time someone gives them a wake-up call.
I always tell my friends when asked about this, they must be willing to lose their money, or else steer clear.
Hemant Desai
4
Philosopher, Thinker, Speaker, Writer
Good article my friend. I am really glad that someone took the time to write about it. Now a days I see almost every other person talking Forex jargon to me. I gave up that a few years ago as I found forex trading too stressful. I know the business and as a matter of choice, opted out. That is why I get a bit annoyed but laugh it off when I see all those wannabe traders. :D Thank you for such a good post.