Rubbiish:
I am yet to see anyone making a decent income from forex consistently. Forex is no way different from sport betting, gain 10 today & lose 20 tomorrow. They are time wasters

thariodamaniac:

Well what works for someone may not work for all

enolife2:
Na Lie. there are silent Nigerians who are living big and their bank account reading in millions through forex. what you don't know is bigger than you, just try and seek for it knowledge

Rubbiish:

What is working for only 1% of the majority is good as not working abeg!

thariodamaniac:

How many people could create companies to the level of the big tech firms that control over 50% of the market.... Only 1% my brother... I am a trader and I still get pains when I lose

Rubbiish:

Check your loss properly, it is more than your gain. Forex is just like sport betting, not a sustainable venture

thariodamaniac:

That's ur take... Well I have been profiting as a side hustle so I am not even dependent on the income.....

I always advise traders to avoid emotions do not enter it full time.... If you are struggling to put food on ur table or struggling to buy data or any other expenses then forex will never solve ur problem.... The highest percentage you can make as a newbie is 25% but who knows.....

Just because you don't believe doesn't mean it's not happening

Rubbiish:

@bold only forex & sport betting comes with the bold advice, which clearly buttress the fact that it is not reliable!

thariodamaniac:

So hedge funds... Private equity firms... Financial institution.... Investment banks are all gamblers to u

John5326:
Lol. I just saw this thread. I saw someone saying if he knows anyone that feeds his children with forex. I laugh

Forex traders don't have to brag or talk about the amount they make cause na Nigeria we dey criminals everywhere including here on nairaland But if you want to see forex traders flaunt money then go to IG and look at the whites.
Not just money but cars Lamborghini is nothing naw.


People don't trust forex cause its all about risk

I also saw someone who said banks trade forex and yes I can attest to that I am a forex trader my friend trades for a bank big bank can't mention the name him and other traders, guess what your money which you save in the bank is what they are trading and risking

Lol. Let me ask you a question for those of you doubting forex if you were rich enough I know that at a point your bank must have begged you to leave your money in the bank for sometime promising you some rewards

Why do you think they do that. It's because they want to trade with your money and they need to be sure you won't request for it anytime soon.

You better wise up

You will keep being broke you know why cause you see every opportunity as scam

This thread was created 2019. 2019 has passed and your still broke. Guess what 2020 will pass and you will still be broke better change your mindset today.


Peace.

John5326:
Lol. I just saw this thread. I saw someone saying if he knows anyone that feeds his children with forex. I laugh

Forex traders don't have to brag or talk about the amount they make cause na Nigeria we dey criminals everywhere including here on nairaland But if you want to see forex traders flaunt money then go to IG and look at the whites.
Not just money but cars Lamborghini is nothing naw.


People don't trust forex cause its all about risk

I also saw someone who said banks trade forex and yes I can attest to that I am a forex trader my friend trades for a bank big bank can't mention the name him and other traders, guess what your money which you save in the bank is what they are trading and risking

Lol. Let me ask you a question for those of you doubting forex if you were rich enough I know that at a point your bank must have begged you to leave your money in the bank for sometime promising you some rewards

Why do you think they do that. It's because they want to trade with your money and they need to be sure you won't request for it anytime soon.

You better wise up

You will keep being broke you know why cause you see every opportunity as scam

This thread was created 2019. 2019 has passed and your still broke. Guess what 2020 will pass and you will still be broke better change your mindset today.


Peace.

sircrabo:
People hate what they don't understand. I used to be like someone in this thread some time ago. I went back to study forex carefully and spotted the mistake myself and upcoming traders make. Forex is volatile (no doubt) and very technical. it's not for the commmon man.

The reason majority don't embrace fx is because the business model is too technical for the average Nigerian. What Nigerians like is : invest 50K and collect 60K in one month, bring Joseph and attain level 1. Joseph brings titilayo and oluchi and you attain level 2. lol. that's the kind of model that thrives in Nigeria. Very few can read the charts, analyse the economy well enough to trade FX.

Also,forex requires a very high level of discipline which which majority lack. As a trader, one of the first things to understand is Money managemen, how to manage risk. There will surely be news spike that will come unexpectedly and rubbish all technical analysis. The makers of trading platforms know this and that is why they put a Stop loss button. But most new traders don't use them.

it is only when people loose that they raise alarm and start to accuse the system of being a scam. it still boils down to lack of discipline and money management skill.

earlier in life, I attempted forex and blew my account severally. I have funded with $100, $200 and $430 but lost all. I realised my mistakes and noticed that was same reason why majority loose.

With better knowledge of forex and very strict money management strategy, I have stayed longer in the forex market with the $65 I used to fund my account. I have up to $370 balance in that account presently. I also withdraw weekly (cause I won't like to sow and not reap like I did earlier)

Forex hasn't made me a millionaire yet though. Am I profitable trader now? Yes.

It doesn't matter how much you used to fund your live account, if you do not have the right knowledge and risk/money management, you will blow your account and then join the majority of people calling forex Scam.

One of my friend was complaining about how much he lost in forex and how forex is a scam. I insisted on seeing his platform. in less than 10 seconds, I spotted some bad moves he had already made. I laughed.
He had 120 left in his account and was trading with 0.03 lot in mt4
He opened two trades with that little equity.
He was trading Crosses with no knowledge of their spreads.

I am still learning though and look up to some people here on NL

SavageResponse:


Stop displaying your ignorance here!

Nigerian banks that trade forex do more of round-tripping - buy forex from the CBN at official rate then dump it in the Black market at parallel rate.

I challenge you to mention the Nigerian bank that does online forex trading!

sircrabo:
People hate what they don't understand. I used to be like someone in this thread some time ago. I went back to study forex carefully and spotted the mistake myself and upcoming traders make. Forex is volatile (no doubt) and very technical. it's not for the commmon man.

The reason majority don't embrace fx is because the business model is too technical for the average Nigerian. What Nigerians like is : invest 50K and collect 60K in one month, bring Joseph and attain level 1. Joseph brings titilayo and oluchi and you attain level 2. lol. that's the kind of model that thrives in Nigeria. Very few can read the charts, analyse the economy well enough to trade FX.

Also,forex requires a very high level of discipline which which majority lack. As a trader, one of the first things to understand is Money managemen, how to manage risk. There will surely be news spike that will come unexpectedly and rubbish all technical analysis. The makers of trading platforms know this and that is why they put a Stop loss button. But most new traders don't use them.

it is only when people loose that they raise alarm and start to accuse the system of being a scam. it still boils down to lack of discipline and money management skill.

earlier in life, I attempted forex and blew my account severally. I have funded with $100, $200 and $430 but lost all. I realised my mistakes and noticed that was same reason why majority loose.

With better knowledge of forex and very strict money management strategy, I have stayed longer in the forex market with the $65 I used to fund my account. I have up to $370 balance in that account presently. I also withdraw weekly (cause I won't like to sow and not reap like I did earlier)

Forex hasn't made me a millionaire yet though. Am I profitable trader now? Yes.

It doesn't matter how much you used to fund your live account, if you do not have the right knowledge and risk/money management, you will blow your account and then join the majority of people calling forex Scam.

One of my friend was complaining about how much he lost in forex and how forex is a scam. I insisted on seeing his platform. in less than 10 seconds, I spotted some bad moves he had already made. I laughed.
He had 120 left in his account and was trading with 0.03 lot in mt4
He opened two trades with that little equity.
He was trading Crosses with no knowledge of their spreads.

I am still learning though and look up to some people here on NL

John5326:



Am so happy that at least out of the majority who call forex a scam

Someone understands what we do here.

Forex hasnt made you a millionaire but at least I know that you also know that if you keep doing it for more than a year and keep following your rules. Then being a millionaire from forex isn't far from you.

Nairaland is such a very bad place to be. The best is just read news and leave, this people in here can kill dreams like mad.

I can vividly remember some years back before I started forex trading I came to nairaland to find out what people thought about it and everybody said it was a scam that no one can make a living out of it. To me as a beginner I was surprised cause my mentor was making $30k and above per month at that time I didn't know what to do again.

But today am so grateful I gave it a try

Am begging you if you have a dream never bring it to nairaland. They will kill it in your very before. I myself is deactivating my account now.

They have so many pained and unfruitful human beings here. And I cant continue battling with people who will never be successful in this life.

If you trade forex and you want to give up I beg you give up.

John5326:
Let me correct something. This is what I see many beginners and even professionals make in forex. Am a forex trader too with years of experience

Is forex trading gambling? Yes it is

Is forex trading like sport betting? No it's not

What is gambling? Gambling is anything that involves risk, money and the outcome is to make more isn't it. Then why do you say forex trading isn't gambling

Doesn't trading involve risk, money and outcome of more. It does.

Now is forex trading like sport betting? No it's not, do you spend months and even years practicing how to play sport betting? Never you just go to a punter, place a bet with no risk management whatsoever and expect to win.

But in Forex trading you spend even years practicing and also apply strong risk management or else you will be kicked out, before you start trading real account

Can you survive on betting? No
Can you survive on forex? Yes of course more than a millon Nigerians do.

Betting is all about chance
Forex trading is all about risk management

So you can't compare the both of them


Now you see strong Christians trading forex but you never see them playing sports betting why?

The Bible is never against gambling, the Bible is against getting rich quick and love for money. If your a good bible scholar am sure you can attest to this.

Can you get rich quick from betting? Of course, people put in 100naira to make 40millon and with chance some have succeeded

Can you get rich with forex trading? Never, try it and see if it's possible. Anyone you know that got rich by putting 100naira into forex trading and made even 10000naira let me know. It's not even possible to put 100naira

Professional traders will always tell you if you want to make a million naira from forex then put 100millon. What does that tell you it's not a get rich quick scheme.

Back to gambling. Let's talk about investing, if someone comes to you with a business plan and asks you to give him some capital and you do, what have you done, believe it or not you have gambled. How? You have risked your money into someone's business and your expecting more from this business isn't it. Exactly now you get the point.

Many people gamble without even knowing they are actually gambling.
Whatever you put your money into that that has risk and your expectation is to make more, it is gambling. The next thing is to ask yourself is it a get rich quick scheme, if yes it doesn't glorify God, if No then go ahead

In life you must take risks and God is aware about it. Risk that involves money too. No billionaire today became that without risk unless it was an inheritance. No successful person today became that without risk.

People who are into real estate risk there money to build houses. Houses they don't know if one day it will burn down, if one day it will collapse. They just take that risk which involves their money and the outcome of course is to make more. Are they gambling yes of course. Are they getting rich quick. No. And God is happy with them

So change your mentality today

Forex is gambling. Its just an educative gambling.

Cause without the education you cannot do it.

If someone should ask you if forex trading is gambling tell them yes because it contains risk so do every business. It's simple

sircrabo:
People hate what they don't understand. I used to be like someone in this thread some time ago. I went back to study forex carefully and spotted the mistake myself and upcoming traders make. Forex is volatile (no doubt) and very technical. it's not for the commmon man.

The reason majority don't embrace fx is because the business model is too technical for the average Nigerian. What Nigerians like is : invest 50K and collect 60K in one month, bring Joseph and attain level 1. Joseph brings titilayo and oluchi and you attain level 2. lol. that's the kind of model that thrives in Nigeria. Very few can read the charts, analyse the economy well enough to trade FX.

Also,forex requires a very high level of discipline which which majority lack. As a trader, one of the first things to understand is Money managemen, how to manage risk. There will surely be news spike that will come unexpectedly and rubbish all technical analysis. The makers of trading platforms know this and that is why they put a Stop loss button. But most new traders don't use them.

it is only when people loose that they raise alarm and start to accuse the system of being a scam. it still boils down to lack of discipline and money management skill.

earlier in life, I attempted forex and blew my account severally. I have funded with $100, $200 and $430 but lost all. I realised my mistakes and noticed that was same reason why majority loose.

With better knowledge of forex and very strict money management strategy, I have stayed longer in the forex market with the $65 I used to fund my account. I have up to $370 balance in that account presently. I also withdraw weekly (cause I won't like to sow and not reap like I did earlier)

Forex hasn't made me a millionaire yet though. Am I profitable trader now? Yes.

It doesn't matter how much you used to fund your live account, if you do not have the right knowledge and risk/money management, you will blow your account and then join the majority of people calling forex Scam.

One of my friend was complaining about how much he lost in forex and how forex is a scam. I insisted on seeing his platform. in less than 10 seconds, I spotted some bad moves he had already made. I laughed.
He had 120 left in his account and was trading with 0.03 lot in mt4
He opened two trades with that little equity.
He was trading Crosses with no knowledge of their spreads.

I am still learning though and look up to some people here on NL

sircrabo:
People hate what they don't understand. I used to be like someone in this thread some time ago. I went back to study forex carefully and spotted the mistake myself and upcoming traders make. Forex is volatile (no doubt) and very technical. it's not for the commmon man.

The reason majority don't embrace fx is because the business model is too technical for the average Nigerian. What Nigerians like is : invest 50K and collect 60K in one month, bring Joseph and attain level 1. Joseph brings titilayo and oluchi and you attain level 2. lol. that's the kind of model that thrives in Nigeria. Very few can read the charts, analyse the economy well enough to trade FX.

Also,forex requires a very high level of discipline which which majority lack. As a trader, one of the first things to understand is Money managemen, how to manage risk. There will surely be news spike that will come unexpectedly and rubbish all technical analysis. The makers of trading platforms know this and that is why they put a Stop loss button. But most new traders don't use them.

it is only when people loose that they raise alarm and start to accuse the system of being a scam. it still boils down to lack of discipline and money management skill.

earlier in life, I attempted forex and blew my account severally. I have funded with $100, $200 and $430 but lost all. I realised my mistakes and noticed that was same reason why majority loose.

With better knowledge of forex and very strict money management strategy, I have stayed longer in the forex market with the $65 I used to fund my account. I have up to $370 balance in that account presently. I also withdraw weekly (cause I won't like to sow and not reap like I did earlier)

Forex hasn't made me a millionaire yet though. Am I profitable trader now? Yes.

It doesn't matter how much you used to fund your live account, if you do not have the right knowledge and risk/money management, you will blow your account and then join the majority of people calling forex Scam.

One of my friend was complaining about how much he lost in forex and how forex is a scam. I insisted on seeing his platform. in less than 10 seconds, I spotted some bad moves he had already made. I laughed.
He had 120 left in his account and was trading with 0.03 lot in mt4
He opened two trades with that little equity.
He was trading Crosses with no knowledge of their spreads.

I am still learning though and look up to some people here on NL

Theophinio:


Hi boss

I was doing quite well but emotional trading made me blow an account I have grown yesterday

Discipline and logic is key to conquer the market

I will return better next month

Are you a swing trader

sircrabo:


I'm somewhere between a day trader and swing. I use the 4hr for analysis, then take my trade on 1hr.

I also lost an account recently. Its not the end of the world. We'll bounce back

enolife2:
Na Lie. there are silent Nigerians who are living big and their bank account reading in millions through forex. what you don't know is bigger than you, just try and seek for it knowledge

That's ur take... Well I have been profiting as a side hustle so I am not even dependent on the income.....

I always advise traders to avoid emotions do not enter it full time.... If you are struggling to put food on ur table or struggling to buy data or any other expenses then forex will never solve ur problem.... The highest percentage you can make as a newbie is 25% but who knows.....

Anyway different strokes for different folks... I was told by my lecturer in University that I was just a glorified gambler but now I make more than him monthly....
I didn't say u should trade forex or anything like that..... But it's the same reply I see Everytime when someone doesn't understand ur work....

Warren buffet(richest investor alive) 3rd richest man in the world condemned Bitcoin and crypto currency..... A crypto currency millionaire paid $1.6million for charity lunch just to discuss and educate him.... Donald trump was also present at the meeting...with other crypto bosses.. CEO of binance, litecoin and the rest...

What am I saying in essence... Ur beliefs work for you.....

Just because you don't believe doesn't mean it's not happening