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 Joe Benjamin
        Originally Posted by searchnology View Post

        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)
        I respect your years of experience, but with all due respect, I too feel somewhat qualified to speak on this briefly for I got into this business for a solid year.

        For months, I struggled.

        Not with the technical or fundamentals of trading, but the pure mental aspects of it. What I didn't know at the time, was that I was playing in a market more volatile than the NYSE, options, and futures combined.

        The real market is liquid, and full of opportunity to make money. More than enough for everyone to make a fortune. But the biggest challenge is controlling greed (getting out like a pro when your ahead, and quitting when you are down).

        Trading currencies is ALL about planning if you want to make money, and if anything, you'll get one hell of an education to help you grow ANY business. No kidding. Trading is what helped me in IM because of the intense and rigourous routine and training one must endure to get the big profit paydays you see in a lot of these phony clickbank forex products.

        When I say you can plan how much money you make in a given day, I'm dead serious. You can also plan how much your willing to lose. And if your good and disciplined, you will NEVER lose more than you planned. And your winners will always overshadow your losers.

        If trading currencies isn't one of the biggest mental challenges in the world, I don't know what it is. IM, copywriting...hell, even jumping out of a plane doesn't compare to the dangerous adranaline rush one could get from suddenly losing a $2000 account or gaining $500 in less than 2 hours (both of which happened to me)

        Personally, when I quit, I did it when I was ahead. Not because I was losing money. Why? I hate sitting in front of the computer for hours a day waiting for my signals to trigger to go in.

        The worst? waiting for the signal many, many days and turning out ot be a false alarm for the rest of the day. Meaning, you can easily wait hours...late nights depending on your timezone, to get in on a trade that looks promising and about 6 to 7 times out of ten - it would be a dud.

        It came at a point where I needed to make a choice:

        Become a professional or Quit.

        No if's and's or but's. I refused to make it a hobby or be anythning less than professional, and I personally, wasn't passionate enough to stick with it and knew I'd be miserable putting so much work into it - although I was making hundreds.

        I was at a crossroad, making money, and I decided to let it go. That's a decision you will inevitaby face now, or when you too figured it out.

        But everyone isn't me. You aren't me. And the best way for YOU to decide if currencies is right for you is to open a dummy account, and try a small real one to see if it's something you are pasisonate about doing, because anything less imho, will make you lose your mind.

        Not so for those who LOVE financial markets, they can do it all day long. I just personally can't. To tell you don't get into it is like saying don't do Affiliate Marketing. If it's you, it's you. Same for the markets. I just don't like them.

        So, yes, FOREX is a VERY real and viable way to make money, if your willing to work BIG TIME on your mindset, controlling your emotions of fear and extreme ecstasy (from big winners)...you can succeed. It's tough, and I honestly can't recommend it to someone of little education and a very touchy personality.

        If you tackle it right, you'll make hundreds and thousands, but forget about all those forex robots and software. The only thing I used was a proven system with HectorTrader, and he's the real deal (no plug). I got into that business BEFORE FOREX became a fad...

        little do people know before buying that software through clickbank products that their dangerously putting thier money on the line ina market so liquid, they'll lose their shirt in less than seconds without REAL proper training.

        If anything I suppose, it'll teach them a lesson and hopefully inspire them to keep moving forward and learn how to really do it, or like most, quit out of desperation.

        This post went a little long, but I felt you deserved a REAL answer to decision that could either be the best decision or the WORST decision for you for the rest of your life.
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      • Profile picture of the author jc23
        Trading forex requires alot of training and experience.

        Take a look at some of these terms:

        fibonnaci
        pivot points
        moving averages
        doji candle
        inside bar

        This is but a small part of discretionary forex training and requires serious study before committing meaningful money. If you are serious get studying and open a demo account.

        Do not commit money until you are consistently successful with the demo.

        Even then you have to accept the fact that demo money doesn't replace trading real money and how that will make you feel. Psychology is probably 75% of successful trading.



        wh
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    • Profile picture of the author Alexa Smith
      Banned
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      • Profile picture of the author NicheCowboy
        reading this thread, it's no wonder there are so many casualties in the Forex markets!

        I've been making over $20K a year now for the past several years in forex( more for fun rather than a serious business). I have a simple strategy and very basic set of rules I follow.

        I trade the eur/usd on a daily chart using exponential moving averages and a trendline. I always trade in the direction of the trend. Moving average crossovers and trend line breaks on the daily charts give me my cues to change trade directions. I usually trade from Jan. till May, take a break over the summer, then trade from September till years end. If you look at the charts, you'll see that most of the choppy/directionless trading occurs in the summer.

        I'll lose a few hundred pips from time to time on "whipsaw" trading action, but the 700-1000+ pip trending moves more than make up for it.

        My advice, avoid the "robots" like the plague. Been there, done that...have blown accounts. Find yourself a simple strategy that doesn't require you to sit behind the computer all the time. I usually only peek in on the markets once or twice a day.

        There are many strategies that will work. You have to go into forex trading realizing that losses will be a part of the game...think of them as "business expenses".

        Once you find a system that gives you the "edge", you must combine that with strong money management skills, or you'll be doomed. To be successful, you must stick to your "plan" and leave emotion out of it.

        pearson
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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 DanPE
        Originally Posted by JEL0221 View Post

        The days of forex being unregulated will be coming to a close in the near future.
        Hopefully.

        Originally Posted by JEL0221 View Post

        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.
        Some of them are incorporated in other countries (or are moving to other countries.)
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        • Profile picture of the author JEL0221
          Originally Posted by DanPE View Post

          Hopefully.



          Some of them are incorporated in other countries (or are moving to other countries.)

          I have actually heard from many in the industry that the NFA will be over-seeing forex along with the futures markets.
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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.
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  • 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
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    • 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
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  • 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 :)
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    • 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 DanPE
        Originally Posted by askloz View Post

        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.
        Which means you're still down by about $4000. Anyway if you can trade with the forex co's short-term then great. I find the rollover trades ridiculous for the trades I want, which are long-term multi-month trades.

        It always seems that they charge the most for the trades which are the most obvious.

        While you don't really need a lot of money to trade, the risk/reward ratio is the same whether you trade with lots of money or less money. If you don't have enough capital, the risk of "something" happening between the time you press the button, and the order reaches the server, is a lot greater.

        As it is, no online broker will guarantee fills.
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        • Profile picture of the author askloz
          .

          Originally Posted by DanPE View Post

          Which means you're still down by about $4000. Anyway if you can trade with the forex co's short-term then great. I find the rollover trades ridiculous for the trades I want, which are long-term multi-month trades.
          Nope...

          Dude, sorry if I didn't make myself clear enough.

          "which is being used now to help a bunch of people"


          I've been using it for myself for years, and already churned out 8 figures with it

          Originally Posted by DanPE View Post

          It always seems that they charge the most for the trades which are the most obvious.
          Nah mate, that has nothing to do with it.

          Originally Posted by DanPE View Post


          While you don't really need a lot of money to trade, the risk/reward ratio is the same whether you trade with lots of money or less money. If you don't have enough capital, the risk of "something" happening between the time you press the button, and the order reaches the server, is a lot greater.

          As it is, no online broker will guarantee fills.
          No it's not. The reward to risk ratio is different ALL the time, based on leverage size and the amount of risk of your balance in percentage you use to trade with.
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          • Profile picture of the author DanPE
            Originally Posted by askloz View Post

            The reward to risk ratio is different ALL the time, based on leverage size and the amount of risk of your balance in percentage you use to trade with.
            What I mean is, all other things being equal, someone with $125K will make more than someone with say $10K. You normally would have the same exposure for both (percentage-wise,) in fact everything else is the same, you only make more because 10% of $125K is a lot more than 10% of $10K. So the risk/reward ratio, if you followed the same strategy for both, would result in the 125K account gaining much more than the 10K account. This is what I meant, the Risk/Reward ratio is the same, you don't need more money, but you can make more money with more money.

            Also, if you followed the same strategy, the same leverage, and something "happens" between the time you press the button and the time it's accepted by the server, you could wipe in one trade if your order got accepted but your stop loss didn't trigger for whatever reason. For large accounts, this is not as much a concern as it is with small accounts.

            So again, while you don't need a large account, it certainly helps.

            The rollover costs might have nothing to do with how you trade, but it has everything to do with mine. The more obvious it gets, the more they charge.
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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.
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  • 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.
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    • Profile picture of the author askloz
      Originally Posted by Kul View Post


      Currency markets, due to their very nature and dependence on day to day events, are extremely volatile and unpredictable.

      Unpredictable? really?

      When I've uploaded a video to amazon, I'll show you HOW PREDICABLE THEY ARE!
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      • Profile picture of the author Kul
        Originally Posted by askloz View Post

        Unpredictable? really?

        When I've uploaded a video to amazon, I'll show you HOW PREDICABLE THEY ARE!
        This was posted in the context of robots and their utility.

        If trading manually, there definitely are ways to read the market and ride in the same direction. If that weren't the case, forex would be the same as gambling, which it is not.
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      • Profile picture of the author askloz
        What?

        Static Trading systems fail?

        Do you know anything about Fibonacci Studies, Fibonacci Extensions?
        Do you know how Powerful they are?

        If you have a currency pair that has hit a high for several months, take for instance the EUR/USD going back several months where it was hovering around 1.5000 for a very long time.

        What did it do?

        It dropped.

        Why did it drop?

        Cos it was way, way overbought.

        What does that mean?

        It has to come back down...

        But how far?

        Fibonacci studies will tell you how far it will come back down.

        Fibo studies have been used for over 20 years... Why?

        Cos it's a very accurate way to work out where the trade will go after a neckline has been broken.

        If you know the right way to trade, it's quite easy to predict where the currency pair will go.

        Originally Posted by Ken_Caudill View Post

        All static trading systems fail. That is an absolute certainty.

        It's not a question of if, but when.

        If the movements of the Forex market could be predicted with certainty, the market would cease to exist because there would be no need for it.
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        • Profile picture of the author askloz
          Originally Posted by Ken_Caudill View Post

          Utter nonsense.

          No, you're talking utter nonsense... I prove to people every day LIVE that my strategies work.

          People trade based on breakouts all the time.

          Originally Posted by Ken_Caudill View Post

          Anyone who has a glimmer of basic probability knows that static systems WILL fail. I earned my living as an IB with Stotler and Co. at the CBOT for a number of years. I've seen systems based on everything from Fibonacci sequences to phases of the moon. Failure is the ONE thing they ALL had in common.
          You are so wrong.
          So what that you've worked as a IB with Stotler and Co at the CBOT.

          I kick ass over most of those and anyone else who's worked on the wall street. Those who work on the wall street or any other company are selling themselves short any way, why work for those people when you can make far more on your own.

          You have to be completely nuts, and to work for those people is nothing but a ego boost for you...

          Women at the bar: "Who you work for?"


          Ken_Caudill "Oh, I work for Stotler and Co. at the CBOT as a IB Trader"

          Women at the bar: "very nice, will you get into my pants tonite

          Ken_Caudill: "Sure.. give me a moment while I count the money I made, I only make a few percent commission


          Originally Posted by Ken_Caudill View Post

          If you could accurately predict market movements, it would be an absolute certainty that you would control the currency markets given enough time.
          Another person who's naive... sheesh this world is full of them. whats going on.


          Originally Posted by Ken_Caudill View Post


          I post this because I've seen the pain and destruction people have suffered because of pie in the sky promises made by salesmen in the markets.

          It's not pretty at all.
          that's why I'm replying to silly posts like yours, feeding people with nothing but crap. leave it alone already.. crikey mate.

          Originally Posted by Ken_Caudill View Post

          You would do just as well to flip a coin on whether to go long or short, set your stop loss order, and hope for the best.
          I guess that's why you're not working for Stotler and Co now eh, hoping for the best, flipping the coin.

          You know, companies like that don't tolerate stupidity, which would explain why you dont work there any more, they're fed up with you losing their money all the time.

          Have fun living in that bubble of yours.
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      • Profile picture of the author Matthew Moyer
        I started trading in forex 3 or so years ago.

        Played around with a practice account and took 100k
        in fake money to over 18 million very quickly.

        So when unexpectedly I got a check for $24.98 I opened
        a very small account. Technically I don't think it was or
        is a real account as I think a standard trade is 100k units
        or something like that and even with leverage I was
        nowhere near that.

        Anyways I lost have of it really quickly then I turned it around
        and took it to well over $350 in a few months. The problem
        was it wasn't enough for me, I was only making a few dollars
        a day at most and you can't live off of that and I started
        getting impatient and starting treating it like a poker account
        and basically going all in.

        That wasn't the strategy I used to take $24.98 to over $350.
        The strategy which I used was to look at the price which I was
        trading euro vs the us dollar at the time. So lets use the price
        I saw earlier today as the example which was $1.3598. So I would
        take that number and divide it into my balance and get whatever
        number. That is the number of total units that I would let myself
        trade.

        So lets take $25 divide by $1.36 and you get 18 units. Now I wouldn't
        trade them all at once. I would trade one or two units at a time
        and scalp which was to take very small profits all the time.

        That strategy worked it wasn't until I started getting desperate at
        not having any money other then what was in my forex account
        and then basically going all in. Then I kept getting margin call after
        margin call and lost basically of of that money.

        I scalped usually hundreds of pips a day, although I don't think most
        people could do what I did as I would literally sit there for 16 or more
        hours. That didn't bother me as I used to do that long ago when I
        played a lot of online games where i would play for a day or more
        straight.

        So I think it's possible to make money in forex I just don't know how
        much as my experience got ruined by my own desperation outside
        of trading.

        If I would of had a much larger account and my trades would of been
        larger and making me enough to live off of I probably wouldn't of ruined
        my account by going all in basically.

        I can't comment on trading macros as I haven't ever used any. I don't
        know if indicators work either as I don't think they could possibly take
        into account massive trades by really rich people or countries. That's
        my take though and I didn't use any indicators or paid attention to the
        news.
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  • 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 LetsGoViral
        Forex is easy, most people approach it the wrong way. Just like IM, or SEO, Keyword research, all of it is dead easy.
        Yeah right...

        You say that because you promote Forex products, but we all know that one thing is theory and another thing is reality.

        I'm gonna let you on a spoiler here:
        Guess who makes the most money with Forex and how?

        The guys who do the statistics and acquire the information BEFORE it is released in public. Internal trading or whatever it is called. It can be observed when the indicators start moving short while before any info has been released.

        So get in the government and hopefully you will be able to get this info as well.
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      • Profile picture of the author warfore
        Originally Posted by askloz View Post

        Sorry, that it nonsense.

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




        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.



        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.



        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.



        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.



        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%

        I agree with you Loz. It's obvious that this person is not a trader and has no clue on how to approach the markets. If you invest the time and effort to learn how to do it properly you can manage the risk and make money.
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        • Profile picture of the author askloz
          Cheers...



          Originally Posted by warfore View Post

          I agree with you Loz. It's obvious that this person is not a trader and has no clue on how to approach the markets. If you invest the time and effort to learn how to do it properly you can manage the risk and make money.
          Yup, that goes with anything, if one applies themselves.
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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.
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  • 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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  • Profile picture of the author sloanjim
    well I see there are a lot of newbies in fx here who no idea about risk management. You beleive all the hype. You can't trade forex less than $10,000....oh screw it. Go on jump in and learn the hard way.
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    • Profile picture of the author askloz
      OMG, are you serious?



      Originally Posted by sloanjim View Post

      well I see there are a lot of newbies in fx here who no idea about risk management. You beleive all the hype. You can't trade forex less than $10,000....oh screw it. Go on jump in and learn the hard way.
      How are you learning when everything you have said is WRONG!



      Taken directly off of FXOPEN website.

      if you decided to look around you can trade with various other fx brokers for the same amount more or less.

      man, you have a good way of discrediting yourself when it comes to knowing ANYTHING about forex.

      I guess you're learning the hard way now?

      come on man, please... think before you type.
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  • Profile picture of the author LMC
    sloan....

    Are you serious, watch your words.... because you can.



    I'm pretty sure, that shows my lot sizes above....hmmm, it's called micro.
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  • Profile picture of the author sloanjim
    ^^^

    ....sure you can open an account with $50 I think...I know all about Micro accounts......GEEZ.

    What I was tryign to get across is you can't make any decent money until you get upto$10,000+... 4% per month of $10,000 is only $400. Ideally you need $100,000+ But newbies, like your-self, will try to make $500+ on a $500 account. Using massive leverage and going bust. It's a cert.

    SERIOUSLY........you aren't talking to a Greenhorn here. I see it all the time. People rush in believing what the liars are telling them. Basically gambling. Losing the lot...then promoting other peoples crap in order to make thier losses back. (see the FX affiliate link)


    And as for certain people pretending they make masive sums and have systems that have no losses.....CRIMINALS
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    • Profile picture of the author askloz
      Originally Posted by sloanjim View Post


      What I was tryign to get across is you can't make any decent money until you get upto$10,000+... 4% per month of $10,000 is only $400. Ideally you need $100,000+ But newbies, like your-self, will try to make $500+ on a $500 account. Using massive leverage and going bust. It's a cert.
      It's not certain.. it's certain you'll lose it if you dont know what you are doing.

      I have students who have never tried forex before in their life, opened up a live account with $100 and turned it into $300 within 2 weeks.

      Why?

      Because my approach to trading WORKS!

      Man, I've been doing this for 12 years.

      Originally Posted by sloanjim View Post

      SERIOUSLY........you aren't talking to a Greenhorn here. I see it all the time. People rush in believing what the liars are telling them. Basically gambling. Losing the lot...then promoting other peoples crap in order to make thier losses back. (see the FX affiliate link)


      And as for certain people pretending they make masive sums and have systems that have no losses.....CRIMINALS
      Hey, I've never pretended I've not made a loss.


      I even lost $40k just before Xmas. I should of taken the profits, but I left it open and went to Atlantic City for two weeks for xmas break.


      But the main thing is, i kept within my money management, and I started with 10K, it's now up to $206,000 right now in 3 months.
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  • Profile picture of the author sloanjim
    Well done Sherlock......that was a superb pisece of Detective work.

    sloan....

    Are you serious, watch your words.... because you can.
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  • Profile picture of the author sloanjim
    LMC: Anyhow I thought you just secured $1M+ in venture captial? so why are you messing around with a couple of thousand $$'s in retail forex?
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  • Profile picture of the author LMC
    sloan,

    One, I never said I was moving a thousand dollars, I just gave it as an example for newbies to dip in and see what they can do.

    Two, I misunderstood your post, thought you were calling me a liar.

    Three, I appreciate the comments on my detective work.

    Four, Please read that information on the VC again, if you read it one more time you will see that I only get 15% of that, and you don't just receive a check, that is a process....

    Five, It's called income streams.
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  • Profile picture of the author sloanjim
    Alexa I believe you do not trade fx any longer? What was the reason for giving up? for me it was the thought of spending the next 20 years glued to the quote machine all day. It's not the life I want.
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  • Profile picture of the author sloanjim
    OK LMC no problem.....my arguement is not with you.
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  • Profile picture of the author sloanjim
    Look it doesn't sound like you really want to trade forex. It sounds like you want to make some money. and beleive me there are much better ways to make it. If you haven't even started trading forex.........then it's best not to start. Unless your burning ambition is to trade? But it doewn't sound like it.

    One thing you are 100% right on......keep clear of all those fake CB products. Still, many on here seem happy to promote them as they pay out a decent commission. :-(

    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?
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  • Profile picture of the author sloanjim
    Nichecowboay so what kind of leverage are you using on your trades? Can't be high with these stops in place?

    Yeah I too like end of day. It's the only way I would do it now. I think 8 hours watchng prices go up and down is a waste of a life.

    Are you concerend about overnight gaps, news events etc?

    I'll lose a few hundred pips from time to time on "whipsaw" trading action, but the 700-1000+ pip trending moves more than make up for it.
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  • Profile picture of the author sloanjim
    no it's not..really. It's the leverage you employ that is risky. If I trade on no leverage it's really quite dull. If I take the same trade with 100:1 leverage I am gambling and it can be addictive. All these robots you see gamble. They show when it comes off. Ignoring all the losing ones that will wipe you out.
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  • Can't speak for anyone else, obviously, but my little forex experiment was the quickest 5 large I ever lost. A friend of mine -- a smart guy with an advanced degree in international economics -- kind of got addicted and lost 50 large, plus his house and his family.

    If you're going to do it, start small and quit if you lose all your money.
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    • Profile picture of the author DanPE
      Originally Posted by SurviveUnemployment View Post

      Can't speak for anyone else, obviously, but my little forex experiment was the quickest 5 large I ever lost. A friend of mine -- a smart guy with an advanced degree in international economics -- kind of got addicted and lost 50 large, plus his house and his family.

      If you're going to do it, start small and quit if you lose all your money.
      I guess that's why people say "never invest with money you can't afford to lose."

      Did you make money with the dummy accounts?
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  • Profile picture of the author sloanjim
    yeah it means nothing when it comes to trading look at LTC, Nierderhoff, and who was that last scammer in investing......geez why an't I remember his name... mister 1% per month....

    a smart guy with an advanced degree in international economics -- kind of got addicted and lost 50 large, plus his house and his family.
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  • Profile picture of the author sloanjim
    Dear Loz,

    you told everyone on this forum (and i'll dig it up if I havbe to) you make SEVEN FIGURES a month PROFIT trading forex.........now..think long and hard about this.

    Would you like to ammend your past statements a little then? Or shall I digg thast post up?

    But the main thing is, i kept within my money management, and I started with 10K, it's now up to $206,000 right now in 3 months.
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    • Profile picture of the author askloz
      What the heck you talking about mate?

      Did I say I didn't?

      Dude, please learn to read!

      I've already said to another guy here who said that I had $4k to make to break even on the $50k robot that I had developed for me.
      I told him that I was using it for other people to help them make money.
      And I already said that it has made me 8 figures over the past few years.

      I never amended any past statements, if you learn to read properly you'd understand what I said...

      Originally Posted by sloanjim View Post

      Dear Loz,

      you told everyone on this forum (and i'll dig it up if I havbe to) you make SEVEN FIGURES a month PROFIT trading forex.........now..think long and hard about this.

      Would you like to ammend your past statements a little then? Or shall I digg thast post up?
      And now you quote my other post about the $206,000 made in a few months from the video I posted above.

      Yes, and what is it you're getting CONFUSED with?

      That video is a LIVE $10k to $1 million challenge for my Forex Signal Mentor, where I illustrate that my strategies work. As I make the trades, they are recorded, and uploaded to the members area for people to watch.

      It's a little like the webinar I have 1-2 times a week.
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  • Profile picture of the author sloanjim
    i do not think this is possible. NFA = Futures. Forex is inta bank trading nothing to do with futures.

    One of the biggest dangers in this bizz is your broker. They can basically do anything...and often they do. So it does need some kind of regulation. The banks do not trade through retail FX brokers...

    I have actually heard from many in the industry that the NFA will be over-seeing forex along with the futures markets.
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    • Profile picture of the author JEL0221
      Originally Posted by sloanjim View Post

      i do not think this is possible. NFA = Futures. Forex is inta bank trading nothing to do with futures.

      One of the biggest dangers in this bizz is your broker. They can basically do anything...and often they do. So it does need some kind of regulation. The banks do not trade through retail FX brokers...
      I know NFA is primarily regulating futures right now, but I have heard through the grapevine(more than a few) that NFA employees have indicated the NFA has been trying to be the regulatory authority over forex.

      Whether this will happen or not, I have no clue. Ideally, I would like to see both the CFTC and NFA oversee forex but CFTC does not have that jurisdiction as a government regulatory agency. The NFA is a private regulatory agency.

      I really do hope they do get regulation over forex, especially as you mentioned the brokers tend to be crooks. As a futures broker, I feel it on my end when prospects coming from forex have been burned by their broker before and are very skeptical to trust a trading broker in general.
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  • Profile picture of the author sloanjim
    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.
    LOL L.T.C. were a bunch of academics who pretended they had mathemetically controlled the markets until they went BOOM in I think it was 1997. Remember it? "The smartest guys in the room" It's always the same cycle. Brains think they can outsmart meotion...but it's the other way around. Always will be. Tech bubble 1999....?

    If you bought a house with 0 down in 2007 I'll bet you'd be thinking a little differently.

    RISK....keep it small.

    There are bold traders.
    There are old traders
    But there are no old bold traders.
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  • Profile picture of the author sloanjim
    i am beginning to think this guy is a bit of dreamer....Maybe he can predict this fridays Euro lotto numbers then as it is a triple rollover £120M+ :-) no doubt he has a piece of software that can do that AND more for just $97...;-)

    Originally Posted by askloz
    Unpredictable? really?

    When I've uploaded a video to amazon, I'll show you HOW PREDICABLE THEY ARE!
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    • Profile picture of the author askloz
      A sense of jealously I hear there.

      Just because you're not successful at trading the forex, does that mean everyone else has to be at at the same level experienced as you?

      Stop being so naive mate.

      Originally Posted by sloanjim View Post

      i am beginning to think this guy is a bit of dreamer....Maybe he can predict this fridays Euro lotto numbers then as it is a triple rollover £120M+ :-) no doubt he has a piece of software that can do that AND more for just $97...;-)
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  • Profile picture of the author supermonster
    Hello,

    I am series 3, series 7 and series 24 certified. I have traded spot forex for 15 years. We call Forex an exotic investment vehicle. It is VERY volatile and very possible that and many people have lost big when the market swings the other direction, hedge strategies and stop loss exit strategies help but it is a market that you won't tame easily. Yes spot forex is worth it but the risks and possibilities of rapid money lost exist also.

    Thanks
    Super Monster
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  • Profile picture of the author lognor8
    Just a quick note. I am a member of Loz's forum and would like to add a comment. I appreciate and respect the opinions of the people who have posted here. I am totally new to forex and as such, I am not qualified to agree nor disagree with your conclusions.
    What I will say, is that so far after opening a demo account with $500, my balance has doubled.
    I could not have done this without the help of Loz and the other good people on the forum. Based on what he is teaching, the group are able (via Skype) to analyze and discuss with each other whatever currency pair we think is worth a look. We talk about which strategy to use and make a decision whether it is worth a trade or not. We are all helping each other.
    As well, Loz holds webinar meetings every few days and goes into great detail about money management, stop losses, profit levels, news events, fibs ets etc.
    Now, if this reads like I am blowing smoke up his backside you couldnt be more wrong. I am just someone who has joined his group and have found a wealth of information and help. And I am glad I did.

    Finally, yeah, I am using a demo account and will continue to do so until I feel that I am ready to go 'live'.
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    • Profile picture of the author mdiz2
      I am a member of Forex signal mentor. I am consistantly profitable and thanks to Loz's focus on money management and only trading when a solid trade sets, when I do lose I don't lose big. Everyone will have losers but learning how to lose and staying with proper money management are what makes this a very sustainable business. I started trading live almost right away against Loz's advice and I traded during Dec. against Loz's advice and stayed at break even. I should have listened to Loz. My results in Jan. where a 44% return on my account. So far this month I am up 24%. This is being done with very little time spent on the computer and trading maybe 3 days a week. I own a business so I usually take 10 minutes at night before bed and locate possible trades. I find the strongest one as I have learned from Loz, set it, put in my stop loss and take profit levels and go to bed. I only enter very high probability trades and only 1 at a time. Many times I do nothing.

      I have to laugh at all the negative comments about Forex because I know it is not that hard to do very well at trading, if you learn from someone that does know what he is doing.

      I build ponds for a living. If you tried to go down to Home Depot and buy some parts to build your own pond it will suck. If I took you to a job site with me and showed you the right way to do it and where to buy quality materials you would be able to build a decent pond. It is the same with Forex. There is so much crap info out there that it is hard to even know where to start.

      I have spent a lot of time with internet marketing and done all right with it but I would recomend learning Forex over it to anyone. You will make more money faster and with less headaches. I was new to that when I started also and the learning curve was much steeper than learning Forex with a live person that knows what to do.

      I have no problem recomending Loz because no one that I have ever done business with online or off has over delivered like he has.
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  • Profile picture of the author AwesomePossum
    Ya, definitely. Forex is what got me into trading and I KNOW I'M GOING TO GET CALLED OUT FOR THIS but it's a simple game really....All you need to do is pick up one mentor and study him....Make sure he has a live trading room and consistent profits....also, look for products on the mind game....find the best...besides Tharp(which is crazy expensive) this is the best I've ever seen..... Trader's Mind-Set Secrets It's only $150 and it includes some good trading systems too. This IS what seperates the best from the rest. Not fancy systems and not experience....mindset. Dropping 5k on a course will do no good if you're not prepared.

    It's silly to say that it would be risky....never risk more than 2% on any trade and you'll be golden.

    It's the same as anything else...IMing, Business, Cards, Trading, War...they are all the same thing....Game Theory

    Oh, and I demo traded for 3 months in plans to go live but my job fell through and I was left with no money...however, 14% is what I averaged my first 3 months with never risking more than 3%(If I felt like a trade was rock solid, I busted in for it.)...once again....people will say OH BUT REAL LIFE IS SOOO MUCH DIFFERENT. THEY AREN'T EVEN IN THE SAME LEAGUE...Ya, that's why I spent 2 months studying mindset...DUH! The transition is nothing if you do it correctly.
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  • Profile picture of the author Sparhawke
    Way too risky for me, I barely have a clue what is going on in the demos lol
    Signature
    “Thinking is easy, Acting is difficult
    And to put one's thoughts into action is the most difficult thing in the world ~ Goethe”
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  • Profile picture of the author kundera
    Banned
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    • Profile picture of the author Realwombat
      I gave up reading this thread half way through, but in regards to the ORIGINAL question, I thought I'd drop in my 2c worth...

      Please note that all of the below is my personal opinion, borne out of quite a few years of trying to make money from trading.

      Trading is NOT difficult, but it is HARD. You will learn the basics and even a lot of the more advanced stuff pretty quickly. The lingo makes it sound complicated and difficult to grasp, but it really is not.

      Why is it hard then?

      First of all, you have to have a trading plan that tells you what it is you are doing, and what are the parameters/signals that trigger a buy/sell/hold pattern. Forex is no different (technically speaking) from any other trading in that regard.

      The really hard part is sticking to the plan.

      I failed (well, I didn't fail, I just didn't get anywhere) because I did not have the correct mindset for trading. I have even trained traders, who have been doing fine with the methods I gave them, but I'll be damned if I have ever made a living using the same tactics.

      The reason is that I simply DO NOT HAVE the trader's mentality. I chicken out too fast, and enter too late...

      It takes practice, and I'm pretty convinced that it takes a certain type of personality.

      As far as money goes, you can start off with very, very little. Throw in a few hundred and play around with it. If you are successful with little money, you stand a chance of being successful with a lot of money.

      While Forex is highly leveraged, it is still possible to "practice" with small stakes. Unlike in futures, all you can lose is what you invest.

      If you are looking at ultra-short term trading, check out training here... It's cheap and its honest (despite the lousy sales page)

      Trading Guide shows beginning traders how to trade Forex!

      However, remember that the right trading plan/strategy has to be aligned with your mentality - you can't fight it, or you will lose.

      Good luck,
      Markus
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  • Profile picture of the author sloanjim
    mdiz2 + lognor8

    Complete neewbies to this forum now defending this guy.....Well it looks very suspicous

    Look I am not saying he doesn't have a good system but two facts I do not see him defending here:

    1) He told us last year he was maknig SEVEN FIGURES PROFIT A MONTH in FX......now he has a $200,000 account.....Doesn't add up.

    2) He also claimed a few months ago his new robot had NO LOSING TRADEs. A 100% winning system...

    now anyone who has even considered trading knows this is impossible.

    I'd like to see him come back and answer these queries. If I was inclined to do it I could even dig up the posts where he told this forum he making millions a month trading forex. I think it was about 15 months ago....But I'll leave it and see if he would like to comment on this.
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    • Profile picture of the author askloz
      Originally Posted by sloanjim View Post


      1) He told us last year he was maknig SEVEN FIGURES PROFIT A MONTH in FX......now he has a $200,000 account.....Doesn't add up.
      It's you that can't add up properly.

      Learn to understand the facts first. You're getting too confused here.

      [quote]

      Originally Posted by sloanjim View Post


      2) He also claimed a few months ago his new robot had NO LOSING TRADEs. A 100% winning system...
      Yeh, I had, and it was for FX Price Action robot that I have spent a long time working on. It's not the one that is being used here below to generate the hands free profits.

      The FX Price Action faced some problems during the Xmas period as I have already said twice already. Learn to read please.








      Originally Posted by sloanjim View Post


      now anyone who has even considered trading knows this is impossible.
      It's not impossible. Nothing is impossible until one tries it.

      It's just bloody difficult.
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    • Profile picture of the author Gee S
      I have to pop in and talk about some shots taken at Loz.

      It's pretty simple....he knows his stuff. He is making BIG money in forex, and I am part of the FX Price Action beta testing group. That bot was working as Loz had mentioned.

      Now people are getting a little confused about some of the statements he's made. He trades on many accounts, some accounts are used in conjunction with others to help them make money, it's almost like a pool of money a bunch have people have put together. Then he has his own accounts, and his own bot. Basically he hasn't told you everything he's making, I believe he mentioned only a couple of his projects. He's even given video proof of how well he's doing (which you really didn't have to do Loz).

      The bottom line is that I've actually not seen anyone help others to make money the way he does. Some of those skype sessions for FX Price Action would go on for hours and hours on end. I can only imagine how his other skype sessions go on for. I actually remember you had a webinar that went on for 7 hours or something crazy like that! I hope that's helped people to realise Loz's credentials.

      Btw I've been meaning to join FSM Loz, I've just not got the time for it atm. Definitely will do soon. Btw let's get rollin' with FX Price Action again!

      Gee
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      • Profile picture of the author askloz
        Originally Posted by Gee Sanghera View Post

        I have to pop in and talk about some shots taken at Loz.
        hehee, you didn't have to do that bud. The only person taking a shot at me is sloanjim, who has this tendency to think everyone is a liar or something is impossible if one claims it is if he can't produce the same results.

        People like that doesn't bother me, in fact I feel more sorry for them. But what can you do? oh hum... but life must go on.

        Originally Posted by Gee Sanghera View Post

        The bottom line is that I've actually not seen anyone help others to make money the way he does. Some of those skype sessions for FX Price Action would go on for hours and hours on end. I can only imagine how his other skype sessions go on for. I actually remember you had a webinar that went on for 7 hours or something crazy like that! I hope that's helped people to realise Loz's credentials.
        Thanks mate. appreciate the comments.

        yeah, it was for around 7 1/2 hours, but the recording didn't start until about 1 or so hours after as i was waiting for others to turn up.

        I think I'm the ONLY person online that I have seen so far that has webinars go on for longer than 2 hours.

        Most webinars go on for 5-6 hours in 3 part segments. Recorded and uploaded to Amazon S3.

        Monday of this week was for almost 5 hours. Week before last was for about 14 hours over a two day period, last week I was off, bed ridden with a pulled T12 disc.

        Originally Posted by Gee Sanghera View Post

        Btw I've been meaning to join FSM Loz, I've just not got the time for it atm. Definitely will do soon.

        No worries, jump on board when ever ya want, I'll still be around

        Originally Posted by Gee Sanghera View Post


        Btw let's get rollin' with FX Price Action again!

        Gee
        Yup, will do bud, just getting a few things out of the way first before we start up again.

        In fact when I put FX Price Action on hold for a bit, immediately after we tried about 10 other strategies, some had merit, but me being a perfectionist, I decided they was not good enough.

        I've got several more up my sleeve that we'll be trying next month or the month after, and test for a bit before we pull in the beta testers in again to try it out.

        Until then, have fun.
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  • Profile picture of the author jtormey
    My recommendation is "don't trade alone". I'm part of a mastermind group. We're on skype all day bouncing ideas off each other and basically double checking what we see.

    Most of our trading is technical. The strange thing is the fundamentals seem to follow the technicals. That's why I got out of the stock market when the DOW was over 14,000.

    The learning curve is huge. Even when you know Elliot Wave, breakouts, fibo's, etc, it is very challenging. But you can trade a demo acct. You'll probably trade a demo account for 6 months to a year.

    If you want to know about the mastermind group, send me a PM.
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    • Profile picture of the author JEL0221
      Originally Posted by jtormey View Post

      My recommendation is "don't trade alone". I'm part of a mastermind group. We're on skype all day bouncing ideas off each other and basically double checking what we see.

      Most of our trading is technical. The strange thing is the fundamentals seem to follow the technicals. That's why I got out of the stock market when the DOW was over 14,000.

      The learning curve is huge. Even when you know Elliot Wave, breakouts, fibo's, etc, it is very challenging. But you can trade a demo acct. You'll probably trade a demo account for 6 months to a year.

      If you want to know about the mastermind group, send me a PM.

      I think almost all trading should be purely technical. Most times when fundamental news is released, it has already been traded on based on speculation.

      When it is something unexpected(such as an over supply in corn from the usda report about a month or two back), that is when you will see trends shattered and locked markets.
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  • Profile picture of the author daviddunford
    When trading you need to think about the 3 most important aspects to your future success.
    1/ Learning Curve - How long is it going to take you to confidently start investing your dollars into a live trading account
    2/ Risk Factor - How much are you first willing to lose. Secondly having money management rules in place doesn't mean you won't lose money just decreases the losses.
    3/ and most importantly community. Even though there is the opportunity to become involved in some specifically related forums, these people have no incentive to be committed to your future success.

    All in all online trading can be very lucrative if you firstly have the time to invest into the training, and secondly have a decent amount of capital to invest upfront.

    The home business industry capitalizes on these 3 areas of concern listed above and therefore attract many people because of the benefits.
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  • Profile picture of the author sloanjim
    leave it. I'l let it be and others to decide
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  • Profile picture of the author ss442
    Thanks, for the question and thanks to the many like whoisbenjamin for the reply.

    This is a prime example of why this forum is so valuable. So those that have flown through this pass can inform others through their own experience the good and bad of certain income producing techniques.

    Thanks to everyone who participated here. Good information.
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  • Profile picture of the author TelegramSam
    Personally, I find people that play the money markets, forex people and the departments in banks that do the same, highly objectionable.

    What value do these give society?

    Making money whilst others go broke and vice versa etc.

    Usually the average guy suffers, or a country suffers, all due to someone causing a run on a currency somewhere or other.

    Round them all up, put them in a field and bomb the b'stards.

    At least people who sell burgers or clean the streets do something useful.

    If this offends anyone here who does this, then tough.

    Do something at least a little worthwhile instead...

    Complain if you want to, but this is true from my perspective.

    Sam
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    • Profile picture of the author askloz
      Say what?

      Do you play the lottery?

      Do you buy scratch cards?

      Have you been to the casino?

      Have you played Bingo?

      It's no different, there will always be a loser who pays the winner. That's what those type of industries are built on.

      Originally Posted by TelegramSam View Post

      Personally, I find people that play the money markets, forex people and the departments in banks that do the same, highly objectionable.

      What value do these give society?

      Making money whilst others go broke and vice versa etc.

      Usually the average guy suffers, or a country suffers, all due to someone causing a run on a currency somewhere or other.

      Round them all up, put them in a field and bomb the b'stards.

      At least people who sell burgers or clean the streets do something useful.

      If this offends anyone here who does this, then tough.

      Do something at least a little worthwhile instead...

      Complain if you want to, but this is true from my perspective.

      Sam
      Hang on a minute.

      Bomb the *******s?

      Who put those stupid people in power in the first place, who voted for Obama, George bush, etc, etc, etc.

      If you want to blame anyone about how the economy is in, start looking closer to home. Personally I don't vote, I don't believe in it.

      But yes, you're right, usually there is no common ground for the smaller guy to touch base and hope to climb where the bigger guys are.

      Such is life and life is what you make it.. .every individual has the mind to do as they wish... if they lost money in an investment, it was their decision, not yours.

      If they lost money at a casino, it's their fault.

      If they don't want to better themselves to get a better job, it's their fault.


      And trading is a worth while occupation. Just as Internet Marketing - helping people learn new skills, etc, granted some are crap out there and over do their sales pages with nothing but crap and lies.

      But there's some good stuff out there, one jsut has to wade through all the crap to find the gold.
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      • Profile picture of the author DanPE
        Originally Posted by askloz View Post

        Do you play the lottery?
        No.

        Originally Posted by askloz View Post

        Do you buy scratch cards?
        No.

        Originally Posted by askloz View Post

        Have you been to the casino?
        No.

        Originally Posted by askloz View Post

        Have you played Bingo?
        No.

        Originally Posted by askloz View Post

        It's no different, there will always be a loser who pays the winner. That's what those type of industries are built on.
        It is different. All the above are ways to gamble. You can gamble on the forex markets, but it's generally safer when you don't (and you get to sleep well )

        The difference between gambling and investment is strategy. If you gamble, you don't have a strategy. You just punt and hope. If you win anything, it's pure chance. In investment, you have to do a lot of research, run a lot of simulations, gather data, then decide. That's our style, we run a calculated risk. We know what we're in for, and we know that in the worst case situation, we'd lose all of it. We are comfortable with that, so long as we know what our maximum losses are.

        I have personally seen with my own eyes someone make $12,000 in 10 minutes, but he does a buttload of research. He keeps up with stuff like NFP and house/car sales and whatevers and whatnots. Also, he might lose $3,000 the next time out. I tried that for a while, but quickly figured out that wasn't for me. It's a bit hard to sleep that way.
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  • Profile picture of the author sloanjim
    so you are still telling us you make SEVEN figures+ profit in forex EVERY MONTH trading and your method is 100% correct. NEVER has losing trades? Yes or NO?
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    • Profile picture of the author askloz
      man, what is it you have problem understanding?

      I never said it never made a loss. go take a look at the images i posted the other day, that's the EA I use that has already generated 8 figures a year, and it's being used to help others out.

      I did NOT say that FX PRICE ACTION the one that did not make a loss for several months, which you're mixing things up with and don't come out with a load of nonsense saying it wasn't the one I was referring to. I know what I was talking about, it's you that don't understand, as much as you understand the forex markets - which is not a lot, hence your confusion..
      now go back under your rock, the sun has not come out yet.

      Originally Posted by sloanjim View Post

      so you are still telling us you make SEVEN figures+ profit in forex EVERY MONTH trading and your method is 100% correct. NEVER has losing trades? Yes or NO?
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  • Profile picture of the author sloanjim
    BULL

    you told me you made 7 figures+ per month and your robot was never wrong...

    I've already said to another guy here who said that I had $4k to make to break even on the $50k robot that I had developed for me.
    I told him that I was using it for other people to help them make money.
    And I already said that it has made me 8 figures over the past few years.

    I never amended any past statements, if you learn to read properly you'd understand what I said...
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  • Profile picture of the author ShirleyS
    Beware when someone told you forex market is predictable. It is only semi-predictable.
    If forex market is predictable then there is no forex market.
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    • Profile picture of the author askloz
      no, you're looking at it from the wrong angle.

      not everyone knows how to predict the forex market - hence why 95% traders lose. If they did, then yes, there would be no forex market.

      Those who trade stocks on wall street or other big companies are "trained" to predict the markets based on solid technical analysis...

      Take the ichimoku kinko hyo indicator for instance. It's a VERY powerful tool that was put into testing for 20 years before it went to the public and its main use was to spy on the Japanese stocks.

      It accurately pin-points when and how far the pair / stock will fall to.

      Originally Posted by ShirleyS View Post

      Beware when someone told you forex market is predictable. It is only semi-predictable.
      If forex market is predictable then there is no forex market.
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  • Profile picture of the author Player777
    Just remember that only 3% of forex traders make money. To be in the top 3% "consistantly" will take time . discipline , knowledge. Make sure you have a solid trading plan with precise entry exist and management strategies.
    It is tough but if you put in the work you can succeed as a forex trader
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    • Profile picture of the author DanPE
      Originally Posted by Player777 View Post

      Just remember that only 3% of forex traders make money. To be in the top 3% "consistantly" will take time . discipline , knowledge. Make sure you have a solid trading plan with precise entry exist and management strategies.
      It is tough but if you put in the work you can succeed as a forex trader
      It does work, but there are easier, safer and more consistent ways of making money
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  • Profile picture of the author magnusmora
    Hi Loz, this all makes very interesting reading, a very heated debated which always makes it even juicier to read.

    I do have one question and please dont take the wrong way. However, if you do so well out of trading, why sell your products and strategies? If I were in your position I don't think I would have the energy or the need.

    Cheers
    STeve

    PS. Just signed up for your news letter.
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    • Profile picture of the author askloz
      What can I say, I like helping people.

      Just cos I got money, don't mean I can sit here on my tod all day counting it.

      I get a kick out of helping others out, been helping others in all sorts of areas;

      ppc, seo, forex, web design, graphic design (software usages), hyips (how to make money in MLM, ponzi's, etc), all sorts of stuff.

      lots of fun, give it a try
      Even more fun when you get students like mine who are in forex signal mentor - being new et al to the industry, hitting 200-800 pips a week in their first few weeks learning this stuff, with hardly any effort is very rewarding.

      Originally Posted by magnusmora View Post

      Hi Loz, this all makes very interesting reading, a very heated debated which always makes it even juicier to read.

      I do have one question and please dont take the wrong way. However, if you do so well out of trading, why sell your products and strategies? If I were in your position I don't think I would have the energy or the need.

      Cheers
      STeve

      PS. Just signed up for your news letter.
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  • Profile picture of the author BigWealthTeam
    This is a great thread!
    I run a live forex trading room (I'm not the trader, but admin) and I go on these forums to find marketing opportunities.

    But anyhow, a few people hit the nail on the head! BE A PRO, WATCH A PRO, but don't think you can trade like a pro without some type of advantage!

    Cheers.
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  • Profile picture of the author Doolder
    I've been trading FOREX for a couple years, mostly developing and using automated trading systems on MQLII for the platform Metatrader 4. I got some successes, earning the Interbank FX monthly contests a few times back in 2005 & 2006 for a couple thousand bucks... But that's a really risky business, you can make good money one day and lose your shirt the next day. To be successful on the long run there are 2 words you need to remember at all times: MONEY MANAGEMENT! Greed is your main ennemy...
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    • Profile picture of the author askloz
      you forgot the main element, you can do all the money management you want, it's not going to make you money.

      PATIENCE is the key element to successful trading, without it, you're doomed to fail... I found that around 75-80% of my students didn't have the patience, but after I showed them my strategies and prove to them that they work via the webinar I do, it changed their initial outlook on things and now, they're killing it. One guy I was talking today, turned his 1k account into 3k in about a month; on a total of 100 or so trades.

      Originally Posted by Doolder View Post

      I've been trading FOREX for a couple years, mostly developing and using automated trading systems on MQLII for the platform Metatrader 4. I got some successes, earning the Interbank FX monthly contests a few times back in 2005 & 2006 for a couple thousand bucks... But that's a really risky business, you can make good money one day and lose your shirt the next day. To be successful on the long run there are 2 words you need to remember at all times: MONEY MANAGEMENT! Greed is your main ennemy...
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  • Profile picture of the author DoktorBraun
    I've dabbled in forex,
    it will always be an active market.

    its just not for me.
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  • Profile picture of the author Raygun
    I was very close to getting into that myself a couple year ago and then I realized how much money I could lose. I am very glad I stayed back, IM takes care of my much better.
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  • Profile picture of the author windtalker
    The only time I ever hear anything good about Forex is from people promoting some forex product.
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  • Profile picture of the author Brian Tayler
    Is Forex trading really worth it? Sure.

    Is it something you just causally try and see if it's right for you? No.

    Think of it as a skill/knowledge that requires years of education. You don't just put in the years of education only to say "eh, not for me" however you also don't jump in with no education expecting to be the next guru millionaire.

    It's something that will require a lot of focus and investigation to make a proper educated decision. It may be right for you, but not for others (and vise-versa).

    But if anything... please don't think of it as "the flavor of the month"
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  • Profile picture of the author Jioke06
    Pls why wouldnt you purchase a clickbank product? and this is a nice post i can now read it and know whats up,cos as for me and planning venturing into forex trading i have already paid an online school to learn the trade so warriors can now read and know ur views about forex,thanks for all the post.
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  • Profile picture of the author Jioke06
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    • Profile picture of the author Ian Jackson
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  • Profile picture of the author magneticweb
    The Forex market is dominated by around 20 huge international banks, who employ seasoned, experienced traders to trade on their behalf with millions of dollars to risk on each trade. They can and do manipulate prices on various currency pairings at various times for their own benefit.

    It's a zero sum market, where if someone wins it's only because someone else has lost.

    The experienced traders working for the big banks make, on average, around 30 per cent profit a year. This is a handsome return, translating into billions of dollars, but it's nowhere near the levels promised by sellers of Forex robots, software, courses, etc. And this profit is made from the thousands of newbies coming into the market all the time armed with their robots, systems, and so on.

    The only safe way to make any money in Forex is to sell the products to the people who want to buy them.
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  • Profile picture of the author SmartFX
    Yes, it's possible to be constantly profitable on Forex.
    And of course don't believe in clickbank 97$ or 147$ money machines.
    None experienced trader will not sell his trading method that helps him to earn real money. Think about why it is necessary?
    Another thing is trading signals. You will not get system and algorithm, but you will get clear recommendations, this is not hard but may be a good additional income for trader.
    But of course I'm talking about services with performance proof, statements or better 3-rd party verification as mt4stats.com for example.
    Best regards.
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