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Thread: Forex trading

  1. #1
    Grandmaster
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    Jun 2012
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    Dark Africa
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    Default Forex trading

    Is there anyone here that does forex trading?

    If you know your stuff, could you make money? I am sure it is risky, but how does the reward compare to the risk?

    I had a look at this website for references http://www.babypips.com/

  2. #2

    Default

    Anyone that says they're making money from forex trading is most likely looking to sell you a guide on how to forex trade, nothing more nothing less.

    The margins are so low and the investment so high, no normal person can invest and/or make money like that. If you're looking to invest, go aggressive in Allan Gray, some folks see returns of up to 40% with an average of 30% over 5 years from the financial advisor I spoke with a few years back.

  3. #3

    Default

    You can make money in Forex - Its just that by far the minority do.

    I think the major problem is that if you are one of those who can 200% return a year is not at all out of the question. So why would you try to make money in education? envo is 100% correct on that. Those who sell courses or books can't trade.

  4. #4

    Default

    Very important to note is that due to the high leverage risk are very amplified so it is very easy to lose a lot with a small movement against your position, and if you lose 50% you need to gain 100% to be back where you started. So my advice for any asking me about this is stay away from forex, the rewards are not worth the risk for most.

    And while there are a few that may make money there is also a few people that wins the lottery, does that make buying lottery tickets a valid investment strategy?

  5. #5

    Default

    Leave FX alone. You will not win even if you seem like you are.
    1. Try withdrawing your gains. Impossible.
    2. Most are not registered where they say they are and domiciled in dubious countries.
    3. Your gain is their loss as it is in house trading. They are market makers.
    4. Most FX brokerage Co's close down after they duck with your money.
    5. You have no recourse to legal systems as they are not registered in the country the website states.
    I can also become an affiliate of an FX Co and download their platform and pretend I am a FX broker from my basement and be the sole employee.
    So leave this alone.

    I lost R110 000.00 on this in a month.
    Last edited by Oopsie; 11-09-2015 at 09:51 PM.

  6. #6
    Super Grandmaster
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    Default

    Quote Originally Posted by Oopsie View Post
    I lost R110 000.00 on this in a month.
    Yikes!

    Quote Originally Posted by Oopsie View Post
    Leave FX alone. You will not win even if you seem like you are
    Sage advice.

  7. #7

    Default

    I can write a book on this scam or perhaps I can point you to the forexpeacearmy site where you can see for yourself how many brokers are scams and have closed down.

  8. #8

    Default

    Quote Originally Posted by Arthur View Post
    Yikes!

    Sage advice.
    That was my lesson to leave FX alone and made me turn to investing. Made it back 4 fold in 3 years so put it down to school fees.

  9. #9

    Default

    Add me to chorus of staying away from forex trading. Read this article from Fortune after the Swiss Franc was "let loose" in January.

    http://fortune.com/2015/01/16/swiss-...illion-losses/

  10. #10
    Super Grandmaster
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    Default

    Always thought it was the same as gambling!
    " This pass grip demands a password, give it to me..."

  11. #11

    Default

    Quote Originally Posted by Oopsie View Post

    I lost R110 000.00 on this in a month.
    Oops.

  12. #12

    Default

    Actually it was $10k that I traded up to $14K with EFX in Panama. The Co was then sold to IFX in Ireland and I felt more secure.
    How wrong I was. The platform started freezing. My long trades showed sharp down candles to hit my stop losses. The "close trade" button would stop working. In reality, there was no sharp down moves so must have been manipulated by my "agent" assigned to me.

    The ombudsmen in Ireland told me that IFX was in fact registered in Ireland but they could not act as the Co was operating in Cyprus. The address on the website was a Dublin address but turned out to be a residential apartment.
    I concluded that this must have been a affiliate of IFX operating and manipulating the platform from his apartment.
    Last edited by Oopsie; 12-09-2015 at 02:14 PM.

  13. #13

    Default

    If you are a price taker in the FX market you will lose.

    If you are a hedge fund with lots of rich people giving you money (like George Soros) and you have a deep understanding of statistics, finance and economics then you have a chance of making money.
    Quote Originally Posted by Beerisgood View Post
    Godammit if I meet you I'll eat your eyes out for dinner.

  14. #14

    Default Forex trading

    Quote Originally Posted by Oopsie View Post
    Actually it was $10k that I traded up to $14K with EFX in Panama. The Co was then sold to IFX in Ireland and I felt more secure.
    How wrong I was. The platform started freezing. My long trades showed sharp down candles to hit my stop losses. The "close trade" button would stop working. In reality, there was no sharp down moves so must have been manipulated by my "agent" assigned to me.

    The ombudsmen in Ireland told me that IFX was in fact registered in Ireland but they could not act as the Co was operating in Cyprus. The address on the website was a Dublin address but turned out to be a residential apartment.
    I concluded that this must have been a affiliate of IFX operating and manipulating the platform from his apartment.
    Sounds more like you chose a dodgy broker.

    Little bit unfair to knock the entire FX trade for a one off bad decision on your part.

    The fact that I've never heard of them says it all.

    Why did you choose them and how did you hear about them? I guess they were stupidly cheap compared to the big players.

  15. #15

    Default

    I started off with a Managed Account in the US as they have severe restrictions on gearing but the manager moved it to Panama for the higher gearing and then the Co got sold. My manager then left and I was on my own.
    I tried to get my money returned but my agent kept phoning me with tips that scored me 40%. Then the calls stopped and the ****e began.

    If you go to the forexpeacearmy website and look up the "brokers" section, you will be astounded by the numerous amount of "scam" under the names.
    Even FXCM has numerous complaints from people trying in vain to withdraw money.
    STAY AWAY.

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