Is Forex Trading Really Worth It?

by jitterbug978 105 replies
I've been really interested in getting into Forex Trading.. I've seen products for currency trading all over clickbank although I probably wouldnt purchase a clickbank product. So I guess I'm wondering is, are any of you Warriors having luck with currency trading?

The learning curve seems pretty steep.. Is it really or am I just a bit intimidated?

Would you say Forex Trading is Risky?

Would it be worth it for me to start learning Forex Trading.. It can obviously be profitable but can a normal guy profit?
#internet marketing product reviews & ratings #forex #trading #worth
  • Profile picture of the author sloanjim
    what do you mean by worth it? Easy money? It's all about risk/reward. You can make about 40% to 50% per annum with bumps along the way. Decide if sitting in front of the machine 8 hours+ day is worth it.

    Forget those B*S* trading robots for $99, $199 etc that prmosie to turn $1,000 into $2 million. LOL I really do not know who is the worse one? The scam creators (illegal sales pages) or the mugs who believe and buy into it.
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    • Profile picture of the author searchnology
      I've been a trader for over 20 years and have traded everything from stocks, to futures, to currencies(forex) so I feel qualified to say...

      Stay far, far away from the Forex markets. Theres' really to much leverage which can work for you but it disasterous when it works against you. These are the largest markets in the world and are traded by resources from entire nations. (not individuals with dinky desktop software)
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    • Profile picture of the author Alexa Smith
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    • Profile picture of the author JEL0221
      Originally Posted by sloanjim View Post

      what do you mean by worth it? Easy money? It's all about risk/reward. You can make about 40% to 50% per annum with bumps along the way. Decide if sitting in front of the machine 8 hours+ day is worth it.

      Forget those B*S* trading robots for $99, $199 etc that prmosie to turn $1,000 into $2 million. LOL I really do not know who is the worse one? The scam creators (illegal sales pages) or the mugs who believe and buy into it.
      The days of forex being unregulated will be coming to a close in the near future.

      I would love to see how these scam artists are able to keep their sales the same when they are not allowed to guarantee anything, mention risk in the same capacity as the mention reward, and have to send in their promotional materials to the NFA to get approved.

      I do not have too much experience in Forex so I won't bash it besides how people guarantee all these millions with their "robots" or whatever.

      I find many of my clients/prospects I speak to come over from trading forex explaining how they were burned by a "system" and how they were guaranteed to be millionaires by brokers and people selling forex-related products.

      I will assume, as with any trading, in order to be successful you must have have the mental aptitude for trading, money management, and LOVE doing your due diligence in research.

      I am in futures and futures options, and I would say 9 out of 10 people that come over from equities or are new to trading as a whole will fail. Many will rush in and try to day trade their entire account the minute it is opened and receive a margin call shortly after.

      Bottom line is, know what you are doing before you start trading!
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    • Profile picture of the author surveyprogroup
      Don't do it - its a booby trap. I lost my pants in it and continue to pay the debt off.
  • Profile picture of the author lowjo
    Yeah the learning curve is steep and yes it carries risk - just like PPC.....buying a home...

    I was sorely tempted for a long time and took some trading courses, what ended my trading days was how I consistently lost money in my practice account.

    Cheers,

    Jonathan
    • Profile picture of the author jitterbug978
      Originally Posted by lowjo View Post

      Yeah the learning curve is steep and yes it carries risk - just like PPC.....buying a home...

      I was sorely tempted for a long time and took some trading courses, what ended my trading days was how I consistently lost money in my practice account.

      Cheers,

      Jonathan
      Well I don't see PPC as a risk at all. I see it as purely mathematical.

      And a house to me is an investment.. I would never put myself in a situation to where buying a house was a risk.
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  • Profile picture of the author NetInvestor
    Originally Posted by jitterbug978 View Post

    I've been really interested in getting into Forex Trading.. I've seen products for currency trading all over clickbank although I probably wouldnt purchase a clickbank product. So I guess I'm wondering is, are any of you Warriors having luck with currency trading?

    The learning curve seems pretty steep.. Is it really or am I just a bit intimidated?

    Would you say Forex Trading is Risky?

    Would it be worth it for me to start learning Forex Trading.. It can obviously be profitable but can a normal guy profit?

    Just let me say, i back up some of my funds with this. Just setted up an account and put some EA into it.. I have no time to trade by myself.

    But it brings some extra $$ every month :-)

    Patrick
  • Profile picture of the author AndyBlackSEO
    If you are wanting to get into Forex trading and make some good money then there is only one person I know of who does 'extremely' well with it and has been in the business for a lot of years.

    He offers training courses among other cool products. He's a Warrior members called Loz.

    Check out his site here... Forex Mentor Program. Forex Signal Videos, Learn Forex With Forex Signal Mentor

    I'd always be a bit wary when i comes to Forex as there is a lot of cr%p out there but I would have no hesitation at all for recommending this guy.

    Andy
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    • Profile picture of the author askloz
      Cheers for the plug Andy.

      @Jonathan

      Maybe those courses was not teaching you the real way to trade.

      About 10% of my members were trading for about 1-3 years and were going up and down and up and down all the time, some blew their account out many times over. As soon as they jumped on my course, they're doing much better.

      The rest are all newbies, and most of those are doing great, and what makes it better is we have over 90 people in a skype group chat every day chatting about the strategies I teach them, amongst themselves, they all call out signals and the rest of the peeps in the group jump on their charts to see the buy or sell signal that was called out, and why it was called, and discussions go on from there.

      Some of them are that good (which they don't really realize yet) they could start their own forex signal service
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  • Profile picture of the author Ash R
    Just had to throw in 2c

    The learning curve is extremely steep and requires an insane amount of hard work before you make "easy money", as another warrior pointed out.

    Software out there is Cr@p. My partner is a programmer and we have programmed a zillion EAs. None of the commercially available "robots" work. There are some EAs which work (or at least you can code if you know coding) but they require human skills as well.

    A mentor is invaluable.

    Is it worth it? I don't know about you. But it is not "Easy money". Nor is IM. Nor is anything in life.
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    Don't sweat the small stuff :)
    • Profile picture of the author askloz
      yeh, Steven Lee Jones, Mark Trenton, Tom Strignano and many others all come out with crap EA's and none of them work.

      Tom's manual strategies do, cos I've been using them as long as he has. Not that he taught me, I'm self taught.

      I had an EA called "FX Price Action", unlike may others like Mark Trenton who claims to make $10-20k in a few days on a robot which didn't do that when I tried it, it blew a $1k account out of the water in the first two days. Same too with Steven Lee Jones EA's...

      My FX Price Action worked great for 6 months, then it went into beta testing, then faced some problems during the xmas period, and within two months (nov and dec last year), it blew the account out due to too many losses... so unlike these other guys, I want to make sure they do work before releasing them out to the public.

      I do have one that is not for sale, which cost me over $50k for it to be developed, which is being used now to help a bunch of people, currently we're up by $46,000 or so in 8 months on a $126k starting balance. We're hoping in the next 2-3 years it will hit the $1 million mark.



      Originally Posted by ash107 View Post

      Just had to throw in 2c

      The learning curve is extremely steep and requires an insane amount of hard work before you make "easy money", as another warrior pointed out.

      Software out there is Cr@p. My partner is a programmer and we have programmed a zillion EAs. None of the commercially available "robots" work. There are some EAs which work (or at least you can code if you know coding) but they require human skills as well.

      A mentor is invaluable.
      Originally Posted by ash107 View Post

      Is it worth it? I don't know about you. But it is not "Easy money". Nor is IM. Nor is anything in life.
      Forex is easy, most people approach it the wrong way. Just like IM, or SEO, Keyword research, all of it is dead easy.

      Unless you're taught by the right person, no matter the niche, it will be easy to do, otherwise you're up the creek without a paddle.
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  • Profile picture of the author Innocent Akuma
    Forex market is volatile.You can make a lot of money if you know what you are doing.
  • Profile picture of the author Kul
    There's a perception that the Forex market is extremely risky - more so than other markets like equity.

    This is a flawed perception for many reasons. One reason for the existence of this perception is the high leverage levels that forex brokers offer.

    Now if you know nothing about forex and start trading, you will start sharing this perception because of the lure of using high stakes (relative to your account size) to rake in big money in one go. Couple high stakes with high leverage and you have a perfect recipe for disaster.

    This kind of behaviour is similar to try your had with PPC without knowing anything about it. If you start putting money in PPC without knowing how it works, chances are very high that you will lose your money. And just as fast as you would lose by trading forex with high stakes and high leverage.

    The other side is true as well. Just like PPC, if you know what you are doing, chances are very high that you WILL make money from Forex.

    The key thing is to take a disciplined approach and use good money management while trading.

    This might sound simple but I guarantee that when you get down to it, you will realize just how difficult it is to stay disciplined.

    A thing about robots. Don't use robots. Period.

    Currency markets, due to their very nature and dependence on day to day events, are extremely volatile and unpredictable. Any robot which will work for Month X or Year X, WILL result in losses sometime in the future.

    So I guess what I'm trying to say is that there is a very real possibility of making money in forex trading but nothing more than any other business opportunity.
  • Profile picture of the author LetsGoViral
    Originally Posted by jitterbug978 View Post

    I've been really interested in getting into Forex Trading.. I've seen products for currency trading all over clickbank although I probably wouldnt purchase a clickbank product. So I guess I'm wondering is, are any of you Warriors having luck with currency trading?

    The learning curve seems pretty steep.. Is it really or am I just a bit intimidated?

    Would you say Forex Trading is Risky?

    Would it be worth it for me to start learning Forex Trading.. It can obviously be profitable but can a normal guy profit?
    It's extremely risky. It requires tough nerves, lot of money and ability to stay emotionless.

    It really is a dog eat dog world.

    I've invested in Forex through a broker I know and fortunately didn't gain or lose anything. Crisis started and he couldn't apply the techniques any more.

    Be careful and aware. If you want to master Forex yourself, you will have to invest a lot and probably will not be able to do IM as a side job. The thing in Forex is - whenever someone wins money, someone else loses it.

    Furthermore, all the big banks are doing and sharks like George Soros as well. You will be competing against these people.
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    • Profile picture of the author askloz
      Originally Posted by LetsGoViral View Post

      It's extremely risky.

      Sorry, that it nonsense.

      It's ONLY risky if you DONT KNOW WHAT YOURE DOING! Period!


      Originally Posted by LetsGoViral View Post

      It requires tough nerves
      No it don't, it only takes nerves if you don't know what you're doing. trading on emotions is NOT a good idea!

      trading mechanical strategies removes the emotional ties.

      That's what I teach my students.

      Originally Posted by LetsGoViral View Post

      lot of money .
      NOT TRUE!

      A person can get started for as little as a dollar.
      A dollar looks like $100 on a micro account, trade for as little as 1 cent a pip.

      $100 looks like $10,000 in your account on a mirco.

      Originally Posted by LetsGoViral View Post


      I've invested in Forex through a broker I know and fortunately didn't gain or lose anything. Crisis started and he couldn't apply the techniques any more.
      What has the crisis got to do with it? Nothing. the forex markets are no different than they were back 10 years ago, it moves up, it moves down.

      Who ever tells you that a crisis is hard to trade in, like when 9-11 happened, or when Oil went up, or what ever, just don't know what they are doing.

      the technical analysis if done properly, will tell you what will happen next.

      in a webinar last week I did for my students, I showed them a 700 pip move and told them where it would end up, and we've just reached that 700 or so pip level.

      Originally Posted by LetsGoViral View Post

      Be careful and aware. If you want to master Forex yourself, you will have to invest a lot and probably will not be able to do IM as a side job. The thing in Forex is - whenever someone wins money, someone else loses it.
      Dude, you do not need a lot of money... what ever circles you have been going in, jump out of it, cos you've been fed a lot of nonsense.

      Originally Posted by LetsGoViral View Post

      Furthermore, all the big banks are doing and sharks like George Soros as well. You will be competing against these people.
      No you're not, you're not really competing against anyone but yourself.

      it's not a competition, it's not a race to see if you can make a million in a year.

      It's about keeping your composure, keeping your cool, trading when you should trade and leave it alone when you shouldn't trade.

      Master that, you're on your way to the top 5% of those who win...

      Take out greed, and you'll be in the top 1%
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  • Profile picture of the author LMC
    I'm going to throw my two cents in....


    A lot already has been said but to confirm Loz on most of his points.

    I trade with GFTforex as well as Foex.com, I started an account with $250 to just "play" around in the marketplace and take a step on the learning curve.

    First... It's Risky...

    That is a bull comment made by most newbies in the marketplace cause they don't know what they are doing. I find it safer since I can't trade what I don't have in margin. You invest $250, you either will lose $250 or make more. Yea, sure each trade can be risky, but what you trade is what you can lose.

    It's also called Risk Management. You place your limits, your stops, you say what you want to lose, what you want to profit. With every trade I know my exact risk, nothing more, nothing less.

    You need a lot of money.

    That is also a lie, I started with $250. Traded with discipline on obvious movements and over a month worked the account to $500, then in three months worked it to $1,500.

    You can start with $250 with most brokers using a mini account and trading only 10,000 and below.

    It's stupid to just start out with $2,500 and start trading 100,000 lot sizes.

    In fact, if you really want to just play around, you can look into Forex Trading | Forex Trade | FX Trading | Currency Trading with their $25 micro account trading lots of 1,000. You invest around $5 or so per trade, but it is a great learning experience.

    +++++++++++++++++++++++++++++++++++++

    The markets are extremely predictable, especially in the past few days. Learn about trend lines, learn about the indicators, learn the fundamentals behind the markets and read the news.

    A simple trading method....

    You don't have to trade everyday, I have had movements of 100-200 PIPS in one day, but I knew it was going to make that movement and so I was able to profit large on it with a large leverage.

    Watch the support and resistance levels.

    Anyways, my maybe three cents.
  • Profile picture of the author sloanjim
    so why not just tone the leverage down to 3:1? Just becasue Fapturbo b*S everyone with fake scren shots showing what can be done with 100:1+ leverage doesn't mean you have to be a gambler
    Stay far, far away from the Forex markets. Theres' really to much leverage which can work for you
    Best to throw all this crap away in the bin. NO HEDGE AT ALL

    a
    ke a look at some of these terms:

    fibonnaci
    pivot points
    moving averages
    doji candle
    inside bar
    Loz. I am surprised the F.S.A. in the UK have not come knocking on your door with your outrageuos claims. Here's the man claiming to make what was it $1M+ Per month ($12M+ per annuum) trading forex.........Still claiming this? Yet here you are...........:-(
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    • Profile picture of the author askloz
      Originally Posted by sloanjim View Post

      so why not just tone the leverage down to 3:1? Just becasue Fapturbo b*S everyone with fake scren shots showing what can be done with 100:1+ leverage doesn't mean you have to be a gambler
      Dude.

      Toning down the leverage does absolutely nothing, except restricts the amount of trades you can do cos it will cost you more to open it up.

      reducing your leverage means you need to be extra patient, and also restricts the ability to hedge your trade should you go in the wrong way and counter act it with a 3rd trade to slice off the losses with the new gains.

      I also teach this to my students, how to turn a negative into a positive.

      Originally Posted by sloanjim View Post




      Loz. I am surprised the F.S.A. in the UK have not come knocking on your door with your outrageuos claims. Here's the man claiming to make what was it $1M+ Per month ($12M+ per annuum) trading forex.........Still claiming this? Yet here you are...........:-(
      The FSA and all the rest of the alphabet soup people can kiss my ugly rear end for all I care.

      They have no jurisdiction over me... Why?

      first off, I live in a different country and always moving around.

      Seconly, I trade offshore with offshore companies.

      And so what If I make more than a Millionaire a year, I didn't know this forum was for poor people only?

      Stop with your silly comments and snide remarks please.
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