Why Online Forex Trading Is A Fraud. My Findings - Business (3) - Nairaland
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| Re: Why Online Forex Trading Is A Fraud. My Findings by Alphanancy: 6:54pm On May 10, 2016 |
Ignorance is really a disease. How can somebody come into a public forum and declare that forex trading is fraud. Forex is the live wire of the global economy. @Op. That you do not know how to trade in forex is nobodys fault. What is not known or understood is often termed a mystrey. A person who has never driven a car before will tell you that driving is a difficult process if you just suddenly give him your car keys to you range rover, but give the same keys to an expert driver and watch his face light up. Forex is as real as your right and left hand. What Nigerian traders suffer from is greed. Once the hear of Forex they think of over night success asking you how much they will make if they invest $100. That is a corrupt mindset. How much can that amout fetch you in an offline business? If you do not treat forex like you would your normal everyday business you will fail. The key to success in every endeavour is knowlegde FIRST. If you do not KNOW it, it will fail you. Lastly people are making money from it steadily. That you got it wrong can not change that. Ask you bank MD for a start. Cheers. akeensbussy: 6 Likes 1 Share |
| Re: Why Online Forex Trading Is A Fraud. My Findings by victorjoe(m): 6:55pm On May 10, 2016 |
akeensbussy: You are very wrong bro. I know a few people who still make good money from forex. If you really want to make money from forex, get a good mentor. You must have good training. Not just to buy one ebook and start trading strategies. You must also be very patient cos only one day trade can pay u for the whole month (non farm payrole). If u don't do the right thing u will always lose trades. 3 Likes |
| Re: Why Online Forex Trading Is A Fraud. My Findings by davidigomanel: 6:56pm On May 10, 2016 |
Onezie: My broda nothing to shared about it. It's a scammed! 1 Like |
| Re: Why Online Forex Trading Is A Fraud. My Findings by soarhey(m): 6:58pm On May 10, 2016 |
I have always told people who care to listen that trying to becoming a millionaire overnight is equivalent to fraud or blood money. While on earth do you want to deposit $50 and be anticipating in your heart and praying fire and thunder prayers for the trade to move in your direction so you can make $1,000. Nigerians don't understand patience and discipline. There is a saying that "whatsoever comes to you without any effort has a coma". Those of you complaining have never put in so much effort nor patient enough to learn the true act and art of being a successful forex trader. Forex is not a quick get rich avenue. You only become successful by following strictly certain rules and being properly knowledgeable about forex. Below i have outlined some important tips and tricks you can follow when you start trading on the Forex market: 1. “If you fail to plan you plan to fail” A famous expression that every forex trader finds is very correct. Having a plan is your number one priority. Before you start trading it is important to define your goals and lay out a plan with the strategies you can use to reach those goals. Once you choose a strategy that fits your goals and trading plan you need to stick to it and let it play out. Changing you trading strategy abruptly can be very bad for your trades, especially if you are just beginning to explore the vast world of Forex trading. 2. “A calculated risk is a risk taken with full knowledge of the dangers involved.” Forex trading is a risky business and all new investors need to learn how to make calculated risks – it’s what it is all about. Never put emotion before discipline and strategy. Emotional traders are the ones who risk the most on the Forex market. Before you place a trade you need to define your risk – never invest more than you are willing to risk. Begin with small sums and increase your portfolio by trading. 3. “Is a currency worth anything if no one wants it?” Currencies are the most traded product on the Forex market. With the wide variety of pairs it is hard to choose which currency pairs to trade with. It is important you do your research and choose the currency pairs that most suit your trading strategy. Some currency pairs are steady but most are volatile and you need to follow their movements closely before making a trade. 4. “We shape our tools and then our tools shape us.” Use the tools you are given in the trading platform to make better decisions and place better trades. The PROfit platform provides its users with real-time news of the Forex movements, various technical charts, analytical tools and much more. You can use the technical charts to try to forecast an asset’s future movements based on its previous ones. The real-time news provide you with current events worldwide that have an impact on the movement of the Forex market. 5. “The successful man will profit from his mistakes and try again in a different way.” Record keeping is an essential habit every successful Forex trader develops. Keeping a diary of all your trades and used techniques will help you improve your trades based on the success and mistakes you’ve made in the past. Make sure your diary is thorough and with a simple layout to make it easier for you to read and analyse the information. IF Thomas Edison was inpatient he would never have developed the electric light bulb after trying so many times. Only those who understand that most times you have to fail many times to succeed actually succeed. I DROP MY PEN. 7 Likes |
| Re: Why Online Forex Trading Is A Fraud. My Findings by Alphanancy: 7:00pm On May 10, 2016 |
You see. Its better to make proper research. If you desire to trade forex, do learn it properly and be very patient. You have to be disciplined as well. Cheers. akeensbussy: 1 Like |
| Re: Why Online Forex Trading Is A Fraud. My Findings by Nobody: 7:01pm On May 10, 2016 |
Those who can, make money. Those who can't, call it scam. 2 Likes |
| Re: Why Online Forex Trading Is A Fraud. My Findings by Edd1e(m): 7:04pm On May 10, 2016 |
Nothing is foolproof to a sufficiently talented fool.  1 Like |
| Re: Why Online Forex Trading Is A Fraud. My Findings by Alphanancy: 7:04pm On May 10, 2016 |
Its folks like you that make them term forex as fraud. He warned against advertising your service here. Moreover is it not better to advice him to learn to trade for himself so that he will be responsible for whatever happens to his funds. rashyfx: 1 Like |
| Re: Why Online Forex Trading Is A Fraud. My Findings by Alphanancy: 7:06pm On May 10, 2016 |
I will advice you do your own proper research. Any advice given to you that backfires will be another avenue to label forex a fraud. Use google and you will find the right results. happney65: |
| Re: Why Online Forex Trading Is A Fraud. My Findings by theguvnor: 7:07pm On May 10, 2016 |
dowjones: |
| Re: Why Online Forex Trading Is A Fraud. My Findings by mcbuchino: 7:09pm On May 10, 2016 |
You all that thinks Forex is a scam should do your research well before you jump into conclusions.. before you invest with any broker make sure they are registered under the FCA thats if u want to trade with any broker from the uk.. i live in the uk and before i started to trade forex i made sure all the brokers i checked has a licence to trade..if at all u know the company is registered with the FCA then be rest assured that your money is secure and if anything goes wrong u going to get your money back.. also don't use demo account for 1-2 weeks thinking you are already a professional..learn for about 6 months minimum to know different strategies thats best for you, don't let people trick u into handing money over with the hope they will teach u cos they wont...also go online to learn personally yourself ...to me indicators aren't good cos most are lagging indicators .... get a better internet and not all those stupid multilinks or whatever they are called in naija.. having a slow internet can't help u at all... here is the link to check any broker in the UK thats registered under the FCA.. if u cant find your broker registered under them then bros you are on a long thing.. sharply carry ur money comot fast.. Lastly "It is common sense to take a method and try it, if it fails admit it frankly and try another. but above all, try something" - Franklin D Roosevelt 2 Likes |
| Re: Why Online Forex Trading Is A Fraud. My Findings by Fibo27(m): 7:09pm On May 10, 2016 |
I'm a full time trader. I've been in this business for almost 10 years. There's nothing fraudulent about the business. Yes some so called 'Gurus' are very fraudulent. But every endeavour needs a lot of research, patience, discipline and focus before you can be successful. Forex is no different. You need to learn more and not try to make money the easy way. For those who think you can never withdraw from your broker, check pictures below. One love to you all 5 Likes
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| Re: Why Online Forex Trading Is A Fraud. My Findings by Alphanancy: 7:10pm On May 10, 2016 |
You my friend are a gambler and not a trader yet. First rule of forex: Never enter a trade without a stop loss in place. Like the other guy said, 10% is quite high. Treat it as business. happney65: 2 Likes |
| Re: Why Online Forex Trading Is A Fraud. My Findings by coretechng1(m): 7:10pm On May 10, 2016 |
dowjones:If I may ask why do you need to wait for so long to make money if the game is really profitable? |
| Re: Why Online Forex Trading Is A Fraud. My Findings by lumeneng22: 7:11pm On May 10, 2016 |
The law of trading says make small profit and go to sleep. But Nigeria traders are greedy and want to make all the money in expectations to buy jeep iovernight and be cruising everywhere. 5 Likes |
| Re: Why Online Forex Trading Is A Fraud. My Findings by blef2014: 7:14pm On May 10, 2016 |
All I can see here is an OP who has lost money in FOREX, and want to thrown the baby away with the bath water. I do understand, is painful loosing money. But be sincere to yourself, do you really UNDERSTANDS WHAT IS FOREX all about?. Please... before you jump into forex trading go to COMPLETECURRENCYTRADER.COM listen to what forex is all about. I have all the free members Course video 1-10 I can give it out free. i am not asking for anything but like they say knowledge is power. FOREX IS NO SCAM! we are just not informed. 2 Likes |
| Re: Why Online Forex Trading Is A Fraud. My Findings by kellybently(m): 7:16pm On May 10, 2016 |
neocortex:is not fixed. am sure of 50% of my deposit monthly. I was once a victim of bad market. but overtime I define my personal strategy which am using 1 Like
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| Re: Why Online Forex Trading Is A Fraud. My Findings by mcbuchino: 7:17pm On May 10, 2016 |
i agree with you .. people should do research about forex first before judging that its a scam.. how can someone invest £100 and expect it to be £3000 over night ... lol .. its called greed and i agree with u big time lumeneng22: 1 Like |
| Re: Why Online Forex Trading Is A Fraud. My Findings by mark3009(m): 7:18pm On May 10, 2016 |
toyetade:What are u babbling about? Are xtians allowedcto work in banks or bureau de change companies? Are u aware that those are 2 major institutions that are major players in forex 3 Likes |
| Re: Why Online Forex Trading Is A Fraud. My Findings by mark3009(m): 7:18pm On May 10, 2016 |
toyetade:What are u babbling about? Are Christians allowed to work in banks or bureau de change companies? Are u aware that those are 2 major institutions that are major players in forex 1 Like |
| Re: Why Online Forex Trading Is A Fraud. My Findings by Feshizzy(m): 7:19pm On May 10, 2016 |
People fear what they don't know, You can call forex all you want, your choice doesn't affect the global market. 5 Likes |
| Re: Why Online Forex Trading Is A Fraud. My Findings by mcbuchino: 7:21pm On May 10, 2016 |
fact Feshizzy: 1 Like |
| Re: Why Online Forex Trading Is A Fraud. My Findings by dagr8(m): 7:41pm On May 10, 2016 |
Seun you still dey on this matter? Na wa o. Whoever help you blow your account no try at all 5 Likes |
| Re: Why Online Forex Trading Is A Fraud. My Findings by InvertedHammer: 7:58pm On May 10, 2016 |
/ Folks start trading with $5000 or less and call themselves traders. When greed got the better part of them, they blame the system. It is not about making money in forex. It is about staying in the business long enough to be consistently profitable. One hit wonder doesn't count because they usually grow so confident that they give it all back. If you don't have atleast $20,000 to trade with, go find a real job. Most importantly, people do forget the amount ot time and energy needed to be a successful trader. Trading is more difficult than a lot of people will like to acknowledge. It is not a Get-Rich-Quick scheme. You have to treat it like a business and not like a walk into a casino. Oh! You don't have to trade forex. You can trade equities, commodities, etc. \ 1 Like |
| Re: Why Online Forex Trading Is A Fraud. My Findings by InvertedHammer: 8:02pm On May 10, 2016 |
Alphanancy:/ He is a scalper. He will get burned out by trading fatique. It is a matter of time.\ |
| Re: Why Online Forex Trading Is A Fraud. My Findings by Nobody: 8:12pm On May 10, 2016 |
Let it be fraud o. We are in it weathering the storm. It is not for boys but for men. 2 Likes |
| Re: Why Online Forex Trading Is A Fraud. My Findings by Infomaz(m): 8:15pm On May 10, 2016 |
Forex trade is certainly a legitimate trade n not a scam as posted by d ops who seem to have got his fingers burnt. D problem is a lot of persons think it's a get-rich-quick scheme or shot-cut to wealth. it is not. Like every other worthwhile venture, it requires a period of at least one week comprehensive training n a minimum of 6 months of consistent demo-trading. In addition, risk management is critical part of it. issues like take profit, stop loss, % of capital exposure on each trade, leverage, etc are treated. Furthermore, in the psychology of traders, the twin human emotions of greed and fear vs patience and discipline are given adequate attention. I got trained in 2009 and have friends, some of which are doctors who trade profitably. Of course FX is a high risk venture, but so also is crude Oil exploration n production. Like all high risk business, d reward can be highly profitable if its inherent risks are properly understood n managed. 2 Likes 1 Share |
| Re: Why Online Forex Trading Is A Fraud. My Findings by sainty2k3(m): 8:23pm On May 10, 2016 |
all I can see is Seun jumping up and down to justify his position on forex. how can this kind of headline make front page. the content is more educative. but Seun definitely push it out to discredit Fx trading and call it gambling as hr choose to believe |
| Re: Why Online Forex Trading Is A Fraud. My Findings by Toks2008(m): 8:36pm On May 10, 2016 |
akeensbussy: You are chronically ignorant so sop showcasing your ignorance. You dont judge the legitimacy of a system by tthe approach of tthe participants. The greed of Nigerian traders as a result of economic demands have urned Nigerians tto easy preys. Many nairalanders have called me wanting to invest and the moment i tell them they should expect average of 10% monthly they back off because they expect more...then they go on to lose all their money and people like thatt start ranting about how dangerous fx trading is. even in sport beting,those who make money stake reasonably by choosing one or two matches and stake wiselyy but a typical naija person will pack 10 games and foolishly believes he can forcast the outcome of 10 games...how dumb. The ban on fx and sport betting by seun have made me conclude on his level of IQ and i advice him to leave that hole he is and get exposed. Bill gate gave millions of dollars to develop the online fx biz and some banks in Nigeria are also doing the biz and these organizations are not dumb. Nairaland is fast bcoming a joke and i will advice you to stop showcasing your shallow mindedness to a biZ you know nothing about. 6 Likes |
| Re: Why Online Forex Trading Is A Fraud. My Findings by DaBullIT(m): 8:42pm On May 10, 2016 |
akeensbussy: Guy cause you lost money doesn't mean it's fraudulent First, people think it's a get rich quick scheme which is not, it often ends in disappointment and frustration Secondly your platform automatically grants you virtual money to boost your capital, so the profit you make is not really what you earned and the money you have is really not yours Thirdly, if you wanna trade you need a super fast computer, 5g Internet and preferably a large screen * linking your laptop to your 40“ lcd TV helps Most importantly, you can't be trading and be on NL and be streaming videos at the same time, instead ******* No more info Seun exclusively banned this discussion |
| Re: Why Online Forex Trading Is A Fraud. My Findings by EDUECO(m): 8:42pm On May 10, 2016 |
Onezie: |
| Re: Why Online Forex Trading Is A Fraud. My Findings by hitz: 8:49pm On May 10, 2016 |
FXCRAFT: Its either you can't read well or cannot assimilate what you've read. I clarified the scams in forex in my post, I never said it was fake. |
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