Is forex trading a scam?

by Nayyte
82 replies
Is forex trading a scam or is it actually legit if you have the right strategy to do it. Anyone willing to share a strategy to better the odds of winning? Thanks.
#forex #scam #trading
  • Profile picture of the author Mr Bill
    Forex a scam? Is this a serious question?


    From Wiki:

    The foreign exchange market is the most liquid financial market in the world. Traders include large banks, central banks, institutional investors, currency speculators, corporations, governments, other financial institutions, and retail investors. The average daily turnover in the global foreign exchange and related markets is continuously growing.

    According to the 2010 Triennial Central Bank Survey, coordinated by the Bank for International Settlements, average daily turnover was US$3.98 trillion in April 2010 (vs $1.7 trillion in 1998). Of this $3.98 trillion, $1.5 trillion was spot foreign exchange transactions and $2.5 trillion was traded in outright forwards, FX swaps and other currency derivatives.


    No, it's not a scam.
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  • Profile picture of the author cashtree
    It's also not easy to do though, so tread carefully if you enter it.
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  • Profile picture of the author Suthan M
    Its not a scam..
    but you can't operate or do forex from certain countries..

    But its another form of gambling though if you are not smart to read between the charts.. Well, i can't =)
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    • Profile picture of the author Richard Van
      It's certainly not a scam if you know how to do it and I can tell you it requires a lot of learning from the right sources. I've never done it but I have done some spread trading in other areas and it is a big risk but it does have significant returns if you have a clue what you're doing.

      Personally I'd only take advice of someone you know has done it and done it well, I'd also avoid a lot of the stuff on CB on it. I'd say the biggest problem you have is actually finding someone legit to learn from. I got into sports spread betting some time ago from a friend who does it very well. I have had some very good wins but I've also lost some frightenly large amounts of money too.

      Personally, unless I found someone I could actually talk to about it, who is very good at it, I wouldn't want to do it.

      Alexa has had experience here and I believe her Father has done it for many years but apart from her, I don't know anyone that has had genuine success with it. That doesn't mean however, people don't make money from it, they do and lots of it too, I just don't know those people.
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      • Profile picture of the author martyJames
        Ive traded for over 12 years - stocks , futures and forex . It is NOT repeat NOT an easy road to success- much like IM, there is a LONG learning curve . If you think forex is the path to riches and quick success forget it. In my opinion there are much better ways to earn a quid.

        One tip. If you want to trade study weekly stock trading systems. Forget intra dy- you will loose- been there-done that!
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  • Profile picture of the author nolol
    it is legal i made $10 last month from forex.
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    • Profile picture of the author BenL86
      Originally Posted by nolol View Post

      it is legal i made $10 last month from forex.
      Better than losing $10!

      But really, it's not a scam.. But like the others have been saying, it's muddy water to tread in. You better know what you're doing!

      Be careful, and if you do decide to venture into it, good luck!
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  • Profile picture of the author MrSS
    No it's not. In our country, even banks performing that transaction.
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  • Profile picture of the author harrietfredge
    There's a lot of Forex Robot scams out there that trying to get your money instead of generating profits like they had promised .

    Since Forex Automoney is a service that provide trading signals of Forex, it provides 3 type of signals: intraday, daily and weekly together with 18 currency pairs, somehow this also makes it very difficult to trade from home, especially for starters because it is a semi-manual and you must have at least a few familiars with currency trading (for it won't teach you anything about Forex trading) and the one who makes decision are you not the robot, so you have to be discreetly and quick. A service is quite easy to be mistook as scam if their customers doesn't know how to utilize it or just dissatisfied with the function.

    (?)
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    • Profile picture of the author hardraysnight
      it is as bigger gamble as stocks and shares and an informed bet on the horses

      i am in a syndicate that returns about 2% a week. It can work, but like anything, you get out of it, what you put into it

      it seems robots only work for the promoters and affiliates
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    • Profile picture of the author hardraysnight
      it is as bigger gamble as stocks and shares and an informed bet on the horses

      i am in a syndicate that returns about 2% a week. It can work, but like anything, you get out of it, what you put into it

      There are professional traders, but 95 times as many losers

      it seems robots only work for the promoters and affiliates
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      • Profile picture of the author LeonForLinks
        Forex in itself is not a scam, but it is a gamble unless you really have the skills to predict currency fluctuations.

        That's not to say there aren't scams around forex. There are no doubt plenty of people selling "get rich quick with forex" ebooks and services that are little more than a scam. It's a bit like saying you can get rich quick by playing the lottery - it is true, but you're more likely to get poor quick!
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  • Profile picture of the author Apollo-Articles
    No its a 24hour trading exchange used world-wide.

    However, I have a feeling you mean the hyped up auto trading systems sold through the Clickbank market place? Which often promise huge returns.

    In which case I don't know, however why not trial the service many of them allow you to use "play money" which is traded in the same way as if it were real money.

    Then if your happy you can make the switch.

    Just promise me you won't invest a single cent if you can't afford to loose it, no matter how good the prospect is.

    Sam
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  • Profile picture of the author martyJames
    Re auto trading systems and trading robots for 50 bucks - lets get real. If they worked , would you sell them for $50- of course not. They work in trending markets , when the markets go sideways they fail. End of story!
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    • Profile picture of the author AdwordsMogul
      Originally Posted by martyJames View Post

      Re auto trading systems and trading robots for 50 bucks - lets get real. If they worked , would you sell them for $50- of course not. They work in trending markets , when the markets go sideways they fail. End of story!
      Why wouldn't you sell them?
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  • Profile picture of the author Mr Bill
    I would! Especially if I sold 1,000 a day/week/month/year. Sorry to say but saying the robots only work in a trending market shows a lack of knowledge of the market. Price doesn't dictate quality or use.
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  • Profile picture of the author Ilse
    Forex is legit but there are a lot of scams including forex brokers.
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  • Profile picture of the author TeamGlobal
    Originally Posted by Nayyte View Post

    Is forex trading a scam or is it actually legit if you have the right strategy to do it. Anyone willing to share a strategy to better the odds of winning? Thanks.
    Forex trading can be lucrative if you have adequate working capital and experience.

    I am very glad to see other Warriors chime in and encourage anyone interested in trading Forex to prepare themselves and learn what to do before they risk one red cent.

    While Forex trading is often presented as an income opportunity it should be viewed as speculation in the Foreign exchange market. Specualtion is defined by Merriam Webster as, "assumption of unusual business risk in hopes of obtaining commensurate gain".

    All The Very Best,


    Tony
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  • Profile picture of the author Alexa Smith
    Banned
    Originally Posted by Nayyte View Post

    Is forex trading a scam
    No; it isn't, at all.

    As Richard mentions above, it's actually been my father's full-time profession since before I was born, and I've done a little of it myself, on a very small scale.

    Originally Posted by Nayyte View Post

    or is it actually legit if you have the right strategy to do it.
    Whether or not you have the right strategy to do it has nothing to do with whether it's "legit". It bears on whether you can make steady profits (like perhaps 2% of those who do it) or contribute to those steady profits (like the other 98% who come and go, constantly replacing each other).

    Digging for gold is very different from selling shovels in the gold rush. I don't doubt that the proportion of people who are successful by marketing "forex products" is considerably higher than the proportion of people actually trading currencies.

    Originally Posted by Nayyte View Post

    Anyone willing to share a strategy to better the odds of winning?
    Yes, absolutely - happy to offer some little tips, but be aware that to do it successfully requires a lot of education, training, practice, patience and discipline as well as some initial working capital (the last criterion varying enormously according to the form of forex trading attempted).


    Website
    :
    Joe Ross's site. There's a forum there, too (or there used to be, anyway).

    Books:
    (i) "Trading For A Living" by Alexander Elder (very, very good writer)

    (ii) "Beyond Technical Analysis" by Tushar Chande

    (iii) "Trade Your Way To Financial Freedom" by Van Tharp

    (iv) Any books by Joe Ross (expensive) - don't be put off by the fact that all Ross's material/teaching/books isn't specific to forex - it's all about charts, and forex charts are just like any other charts, except safer to trade because their markets are far less subject to manipulation.

    All of the above are incomparably better than any information you'll readily find online.

    Key concepts:
    (i) Don't listen to anyone who tells you that "technical analysis" is based exclusively on "indicators".

    It's what almost all people going into forex trading believe, and it's what the entire forex marketing industry has an incentive to get everyone to swallow, and it's nonsense.

    It's forex's equivalent of article marketing's "duplicate content penalty", and you have to see through it, to get anywhere!

    (ii) Try to get your advice and education, whenever possible, from people who are not selling/promoting anything. Can't stress this enough ... otherwise you end up believing all sorts of "plausible nonsense" with no underlying reality at all.

    There's probably 50 times more "misinformation" than "information" out there, about forex trading. Some of it broadcast by people selling things, and some of it just believed by gullible/hopeful market participants who lack experience and know no better.

    If you want to see some "non-indicator-based technical analysis", together with a little bit of chat about "what works", there are actually a couple of my annotated trades online, with charts here and here.
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  • Profile picture of the author jasonl70
    ask George Soros if forex is a scam

    He made his billions in the currencies market.

    BUT - nearly every automated system I have seen out there (from sites like CB) is BS. I am a programmer, and first got involved in building automated trading software over 10 years ago (after becoming a full time day trader for a while). These crazy forex "bots" I see out there would never fool an actual experienced trader. They use insane levels of leverage, are curve fit, often have huge drawdowns mid-trade that aren't shown, etc.

    Besides the occasional "millionth monkey", anyone using them will not be in the game for long - and not because they retired rich.
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    • Profile picture of the author Alexa Smith
      Banned
      Originally Posted by jasonl70 View Post

      nearly every automated system I have seen out there (from sites like CB) is BS.
      For sure.

      "Automation", in forex, can only be a scam, or at the very least "misguided nonsense".

      It's very easy to construct backfitted systems which show consistent net profits over however long a period, retrospectively, as you like. (That's because they're all "indicator-based", which is artificial garbage). That's doesn't suggest that they'll make profits going forward. :rolleyes:
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  • Profile picture of the author commoditytrainer
    Forex is not a scam. What you have to watch out for are Forex programs that do not perform as they should and those running the Forex Program will make money when you have a gain or a loss. By no means is it a scam, by there are forex scammer sites.
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  • Profile picture of the author Thomas Wilkinson
    I've traded stocks, bonds, options, commodities and everything else for 40 years. I've NEVER been able to make consistent money in FOREX. I finally just gravitated away from it as there are so many other things that are just plain easier (for me) to do. Now days I trade indexes and options spreads almost exclusively. As far as I know there is not a single piece of robot software out there that works anywhere near as well as the hype. Alexa Smith gave the best advice in this thread, particularly about Joe Ross. Reread every word of it.

    Thomas
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  • Profile picture of the author jasonl70
    BTW: alexa's post was golden for anybody wanting to get into systems type of trading.
    Van tharp's book is excellent for system developers - don't let it's title turn you off!
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    -Jason

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  • Profile picture of the author GregRom
    Originally Posted by Nayyte View Post

    Is forex trading a scam or is it actually legit if you have the right strategy to do it. Anyone willing to share a strategy to better the odds of winning? Thanks.

    My advice: Just Stay AWAY from any Forex Systems (AutoPilots)
    I'm a trader, working many years, i lost many $, until i build my own strategy, later Forex became my unique income... you know how ? Spending around 16-20 hours a day, 5 days a week, for about 2 years... I never bought any Forex "Gold Systems" , and worked alone all my life...

    P.S. FOREX is a play Game, you can make a lot of $ in 5 min. but you can loose ALL in 1 sec,

    If you want to make money on FOREX, you need to know everything about all and everybody, If you cant do this, Just go to Nearest Casino, and have Fun there
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  • Profile picture of the author GregRom
    BTW, if you wanna try, start from here, you can find a lot of Free System and you Can Learn a lot from them... forexfactory dot com
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  • Profile picture of the author Yuki
    Not easy, for sure. Doesn't make money for you=scam?
    BTW, I've seen a lot of forex robots that can be considered as "scam"...
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  • Profile picture of the author Scott Skinner
    No it is not a scam. However unless and until you have 10 grand you are willing to loose in education and initial buy in, save your money!
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  • Profile picture of the author SEOpsychic
    forex is not a scam. but you have to know there are scammers in the business and unless you know what you're doing, it'll always appear to you as scam.
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  • Profile picture of the author m41210
    Originally Posted by Nayyte View Post

    Is forex trading a scam or is it actually legit if you have the right strategy to do it. Anyone willing to share a strategy to better the odds of winning? Thanks.
    No, it's not a scam.
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    • Forex Trading is not a scam. It is one of the lucrative ways to make money. But you need to learn it before doing. If you learn it and do it, you will get profit.
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      • Profile picture of the author ekxstores
        Have traded it alot over the past two years. It's not a scam per se. But you can lose alot (or all) your money very quickly if you are on the wrong side of market fluctuations.

        I'm not still in it because I am a more long term investor...forex trading is never really very long term in my opinion, short term trading only.
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  • Profile picture of the author Fat Mike
    Buy a ton of Libyan currency now and hang on to it till the oil starts flowing again. Bingo!
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    • Profile picture of the author Media Man
      Originally Posted by Fat Mike View Post

      Buy a ton of Libyan currency now and hang on to it till the oil starts flowing again. Bingo!
      Lol... take that to the bank.

      Like others have said, it is pretty much a form of gambling.
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  • Profile picture of the author anthonyb
    How can forex be questioned as a scam, it is a market used by banks and big cooperation to hedge and trade in. However, if you are just starting out in trading, I will advice that you avoid forex for a while. Learn to trade in other slower markets like stocks, and futures. Also make sure you learn risk management very well. I am not just referring to how much you place per trade. I am also referring to your whole risk management structure. This will usually make the difference between success and failure. Also you need to understand your psychology, are you a short term or long term person.
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    • Profile picture of the author Alexa Smith
      Banned
      Originally Posted by anthonyb View Post

      How can forex be questioned as a scam, it is a market used by banks and big cooperation to hedge and trade in
      Ooh, well, of course ... nothing that banks and big corporations ever do in the money markets could ever possibly be considered "scammy", could it?

      How did we get into this sort of economy, again? ...
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  • Profile picture of the author Kevin_Hutto
    Forex trading is like any other get rich quick dream out there. If it sounds too good to be true, it often is...
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  • Profile picture of the author guynextdoor
    Forex is ok if you are smart and able to figure out mid and longtherm trends and study world economic datas daily.

    Forex is all about RISK-MANAGMENT.. most struggle and loose a fortune because of greed and a lack of self discipline.

    i've lost a fortune for high risk profile clients and myself in 2001 with options and forex, leverage >30. 7 figure LOSS! lesson learned! i'am not trading anymore.

    i prefer to be a IM now and sleep good :-)
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  • Profile picture of the author Fazal Mayar
    Its not a scam even though there are different kinds of scams online but its very risky
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  • Forex: Not even in the same hemisphere as a scam.

    Forex Traders: Not scammers.

    Forex Marketers: Some are scammers. But some aren't. I prefer to work with the ones who aren't.
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  • Profile picture of the author gpxint
    To answer the title of the thread directly, the answer is "Yes", FOREX
    is a scam, at least in the sense that if you don't own a FOREX brokerage
    firm, you have a 5% success rate out of the gates.

    My younger brother has blown over $80,000 (that's just what we know of,
    could've been 2x as much...) in FOREX since 2005. He's 32, unemployed,
    lost his commercial drivers license & recently had his bank account seized
    by the IRS [100% True Story] and has nothing to show for it...

    "Is FOREX a scam?" - Well, you be the judge
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    • Profile picture of the author Cali16
      Originally Posted by gpxint View Post

      My younger brother has blown over $80,000 (that's just what we know of,
      could've been 2x as much...) in FOREX since 2005. He's 32, unemployed,
      lost his commercial drivers license & recently had his bank account seized
      by the IRS [100% True Story] and has nothing to show for it...

      "Is FOREX a scam?" - Well, you be the judge
      People lose their shirts in the stock market as well, but that doesn't make buying and selling stocks is a scam. They lose their money due to a variety of reasons, but often because they simply don't know what they are doing.

      It sounds like your brother took some very foolish risks and paid heavily for them.

      Btw, did you dig up this 7-month old thread to vent....?
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  • Profile picture of the author Jeff Lenney
    Banned
    I heard this thing called "nasdaq" was a scam - can anybody confirm or deny? :lol:

    Really though, forex is a MONSTER and HUGE compared to even the stock market

    Def not a scam. I've over doubled my investment with forex so far in the first week ALONE - but it does help to have a good coach, just like with Internet Marketing
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  • Profile picture of the author Cedevita
    I tried the forex game like 2 years ago.. So far burned down 3k in 5 months. It's not a scam but you really need to know what are u doing there
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  • Profile picture of the author ZaneZenMaster
    Every business is a gamble if you don't know what you doing.

    If it was a gamble, banks wouldn't use it to make their money.
    And there wouldn't be such thing as a pro trader.

    It's the biggest market in the world, just going prancing in there without any experience will get you burned just like if you prance into IM with no knowledge or experience, especially with paid traffic, you're sured to get burned.
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  • Profile picture of the author slackoff
    Of course its not a scam. Its the currency market for god sake!
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  • Profile picture of the author Rod Cortez
    Originally Posted by Nayyte View Post

    Is forex trading a scam or is it actually legit if you have the right strategy to do it. Anyone willing to share a strategy to better the odds of winning? Thanks.
    The Forex market is totally legit. To make money at it you have to follow a proven system. A lot of people don't have the discipline to stick to a proven system because they get emotional when investing.

    What I like about the Forex market is how liquid it is and that you can trade almost 24/7. Like any market (stock, real estate, etc.) you have to do a ton of research, get the fundamentals down pat, and set aside money you can afford to lose before you get started.

    I've got no strategies I can share with you because there's not enough room, nor do I have the time to type it all out. The key here is to do your own research and to make sure you educate yourself about the Forex market.

    RoD
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  • Profile picture of the author Brendan Carl
    Some of the forex "robots" and strategies could be scams, but the forex market definitely is not. That's like saying the NYSE is a scam...
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  • Profile picture of the author creditbuilder
    I love it when you find people to buy a WSO, are unwilling to learn or do something passively and expect a windfall. These are the types of people i think that are looking for a means to get free money. Then you have the type of people and this is the case with people to get into the Forex type thingies hoping to have the same measure of success someone else has had who knows the business inside and out... these are the people that are being scammed into thinkng they can walk into the business and walk away with tons of money doing virtually nothing. It does not work that way.

    Even my wso which is set 'n forget involves doing work. If you feel scammed, get a refund... that is all you have to do.
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    • Profile picture of the author affiliateg
      You should trade on a demo account for months before doing it with real money, and when you jump on the live account try keeping the same strategy as on the demo account (even this is almost impossible with real money). Because of the stress, when trading with real money, things are entirely different. My advice is to use money you can afford to lose, always put a stop loss on your transactions and pray.. a lot. .
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    • Profile picture of the author thuyquyennb
      injection is working to make a normal thing velvet society today many people take advantage of the candor of others that the money saved yourself not clean I do not deny there are people good but since tien human despite the tactics to achieve the target of their sort of people are scary...I love honesty
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  • Profile picture of the author kochtgr
    Originally Posted by Nayyte View Post

    Is forex trading a scam or is it actually legit if you have the right strategy to do it. Anyone willing to share a strategy to better the odds of winning? Thanks.
    Do you really understand what is your question?

    It's really funny, forex is the biggest market on the planet with more than 3trillion dollars daily trading volume, it's the market that banks, governments, investment organizations etc. use to make the whole global finacial system moves. Whenever you buy something from another country even if you don't realize it a bank makes the convesrsion to your currency thru forex.

    When saying that forex is a scam is like saying that the global financial markets are a scam (many believe that they are but this is not a discussion for Warrior Forum). And yes you can easily increase your capital multiple times through leverage (there are brokers who let you use up to 500 times your capital which means that with 1000$ you can move half a million) but it's much easier to lose your shirt literally in seconds.

    Now about scams, anyone who promises you that you can multiply your capital consistantly without any risk is most probably a scam but you cannot say that forex is a scam is like saying money is scam...
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  • Profile picture of the author steven Clayden
    Forex is no different to anything that involves money, learn about it, try it and only risk what you can afford to lose. Unfortunately Forex doen't have an iron clad 60 day no questions asked refund policy. :-)
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    • Profile picture of the author Alexa Smith
      Banned
      Originally Posted by steven Clayden View Post

      Unfortunately Forex doen't have an iron clad 60 day no questions asked refund policy. :-)
      It doesn't ...

      But one can (and should) use a demo account (i.e. not real money) until one has made steady profits each month for at least 3 or 4 consecutive months, anyway.

      Guys - this thread is 7 months old, now ... I'm "just saying".
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  • Profile picture of the author ascension777
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    [DELETED]
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    • Profile picture of the author Alexa Smith
      Banned
      Originally Posted by ascension777 View Post

      What's certain is that the brokers are making money
      Strange, then, that so many of them have suddenly gone under, gone bankrupt, gone into liquidation and otherwise ceased trading over the last 2 or 3 years? :confused:

      Originally Posted by ascension777 View Post

      Lots of shady brokers out there pulling stunts to make you loose money because they're not trading your trades on the market, only in-house.
      It's certainly an issue of "caveat emptor", yes ... unsurprisingly, an investor who chooses to let the counterparty on his transactions hold the stakes and make up the rules may have something to learn.
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  • Profile picture of the author valuecreator
    not a scam. just good old WEALTH TRANSFER.

    hint: the plan is not for the transfer to be to your benefit...

    ps. but then, it is the case with most financial or governmental activities
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  • Profile picture of the author fxstay
    most of people in forex trading want to double their money in short time while they are not educated , so we dont call this forex trading .. in forex trading first you must increase your knowledge for at least 2 years then trade on demo accounts and after that do real forex trading
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  • Profile picture of the author welshboy
    Hi i have a good forexstars domain for sale if anyone interested send me a message for details
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  • Profile picture of the author petejfx
    Hi,

    To say that forex is a scam is like saying changing euros for dollars on the airport is a scam
    It is not a scam, however there is a possibility to loose your capital that you are trading with if you are not trading properly.
    I am new on forex and I have made some money.
    As I said Forex as a market is not a scam, however I've heard of "forex brokers" that are scams. So before you start trading choose a good Broker which is registered and well known. You can use newonforex.com for more ideas before start trading.

    Ragards,
    Pete
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  • Profile picture of the author knish
    I was surprise to hear someone thought that Forex trading is a scam. Simply put, it is foreign exchange training and the thoughts people have shared above hopefully have convinced you that it is not a scam. It is only some unscrupulous vendors who try to steal money from people that are a scam, but not Forex trading as a concept.
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    • Profile picture of the author RonnyRaygun
      To echo what's been repeated before:

      Forex trading in and of itself is not a scam.

      The players that give Forex a bad name are:

      System Promoters:
      These people are the ones who promise the greatest returns possible with presumably no risk using a robot that should do everything for you automatically. The biggest problem with any trading algorithm for sale is it's relatively static nature. If the trading algorithm cannot adapt to the market, it will automatically fail. Neural network type implementations are currently a pipe dream. The number of variables they can process are nowhere near the number of real variables existing in the markets.

      The best way for relative newbies to make money in the forex market is to invest in a hedge fund where the fund managers' personal wealth is very closely tied into the fund itself. That's where the real money is being made. With the passing of the JOBS act, I expect a lot of these smaller hedge funds to start up in the next 4-5 years or so.
      Certain Retail Brokers:
      There are some discount brokers out there that offer as much as 1000:1 leverage (for every dollar you put in, they match 1000 dollars to trade). They have a full toolbox of tricks to help chip away at your balance:
      • Price delays
      • Requotes
      • Recalled trades
      • Price adjustments
      • Sudden disappearance of an account--not unlike a Google Slap.
      These brokers often charge no commissions and make money on the spread (difference between buying price and selling price). You need to be especially careful that they do not practice front running. That is officially frowned upon, but not quite illegal due to the non-centralized nature of the Forex markets.



      Personally, I do trade with several trading robots of my own creation. I do not leave them as set-and-forget. Their purpose is to augment me--the trader, not replace me. I use my trading robots to help find perfect market entries based on whatever characteristics I programmed into them. My role then shifts from trade execution to risk management.



      If you seriously want to earn a living from trading, I recommend you complete these three things:


      1. Toss a coin, heads long, tails short. Manage the trade as you see fit, and exit the trade when you think it is going against you. Repeat. I consider you fit to trade with real live money once you can double your account in 50 flips or less. I've hired traders who can accomplish that challenge. It means that their trade management method and exit strategy give them a measurable edge over an entry system with a slight negative expectancy. The method of entry does not matter to me. What matters is ensuring that I get out of bad trades.
      2. Ensure whatever trading system you use has clear rules that define entry, management, and exit. If you have to think while you're trading, you didn't set up a good trading system.
      3. Get yourself an institutional account. Interactive Brokers, Deutsche Bank FX, or CitiFX are good places to start. As your assets under management (AUM) grows, you should consider adding multiple liquidity providers.


      ForexFactory is not a place I recommended to learn how to trade. That forum is largely a case of the blind leading the blind. There are ocassionally some people who know what they're doing and genuinely practice what they preach. The vast majority do not.
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      • Profile picture of the author emini_guy
        Originally Posted by RonnyRaygun View Post

        To echo what's been repeated before:

        ForexFactory is not a place I recommended to learn how to trade. That forum is largely a case of the blind leading the blind. There are ocassionally some people who know what they're doing and genuinely practice what they preach. The vast majority do not.
        I cannot comment much on ForexFactory, but trading forums are not the best place to learn trading in general for precisely the reasons you mention here.

        I wrote a humorous bit about it here (I think it's relevant to your point and is educational in nature, so I hope this is not seen as blatant self-promotion):

        Emini Methods- Emini Trading Advice- Article 58 - Nasreddin Hodja and trading forums

        I have been day trading e-mini futures for about 10 years now.

        Forex trading is not a scam, but it does attract a disproportionately large number of shady characters (brokers, the so-called educators with no real experience, etc) compared to futures and stocks, so caution is definitely advised in this area.

        I do prefer futures trading, though, hands down.
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  • Profile picture of the author revion
    Forex trading is not Scam it's indirect method of earning. you should earn very fast and lot;s. However it risky. but the rules of business say "as much you take risk much you earn".
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  • Profile picture of the author martyJames
    I traded for over 10 years - TRUST ME - it is NOT a way to riches - probability says you will more likely LOOSE money than make it. I am making far more from IM and WAY less stress than trading fx.

    ps very few 'systems' work long term
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  • Profile picture of the author goindeep
    Its not a scam but if you want to make serious money in Forex you need some serious money to start. I have not heard of more than a handful of people who earn a decent income that invested less than 50K straight up. One of my good mates was in this market for a long time.

    In Forex you can also lose your money just as fast as you make it.
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  • Profile picture of the author Muhsin Aziz
    The forex market is definitely not a scam.
    You gotta be kidding right?
    We are talking about currency here.
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  • Profile picture of the author Ironman77
    Forex Trading Is Currently The Biggest Scam Out There For Individuals.

    It implies that you must be more well informed than the legion of professional traders for the big banks and that you are smarter and have more knowledge and experience than them.

    If you can do this, you can as well knock off Apple from the smartphone market with your new in your garage built iphone 6.

    Good Luck!
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  • Profile picture of the author mogulmedia
    What a strange question! You are effectively asking:

    "Is buying one currency with another a scam?"

    lol
    Signature

    Converting sales copy and professional press releases -> Here <-

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    • Profile picture of the author Alexa Smith
      Banned
      Originally Posted by mogulmedia View Post

      What a strange question! You are effectively asking:

      "Is buying one currency with another a scam?"
      He really isn't at all.

      He's (superficially) asking "is buying one currency with another for speculation purposes a scam". The clue is in the word "trading".

      I happen to agree with your inference that it isn't, anyway, but that's a very different question from the one you allege he was asking. :rolleyes: :p
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  • Profile picture of the author Umer Aslam
    It is a total risk. If you got lucky may be you can earn million dollars per day or if you are dumb then you can lose all your money. Go & first learn forex trading. A trial account will be very helpful.
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  • Profile picture of the author sanjx01
    Hey Nayyte,

    No - forex isn't a scam.

    It is a highly volatile, quick moving market though and because of the highly leveraged nature of it - it can be perceived as 'risky' if you don't know what you're doing.

    What is really risky is putting your money into it with no education.

    Hope that helps!
    ~S
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  • Profile picture of the author rising_sun
    Banned
    If Forex is so then share market is also a scam.There is good and bad everywhere,Forex market have also/But it is not means that Forex is scam.If you can utilize your talent then you can get unpredictable profit from it otherwise "grapes are sour" .
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  • Profile picture of the author caliniph
    It is not a scam. Just find a good reliable Forex Broker
    Signature
    Stop bumping old threads. - Moderator
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  • Profile picture of the author shaunfm
    Forex trading has a very steep learning curve and takes FOCUS,DISCIPLINE,and COMMITMENT in order to reap any sucess.
    Signature

    FREE REPORT....Go viral and blast your traffic results out of the park!http://bit.ly/12iu37j

    http://forexstrategieshq.com

    http://cheaponlinsshoppinghq.com

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  • Profile picture of the author mikeye
    It's not a scam as everyone going overseas is some kind of forex trader when you exchange currencies. The important thing is to find the right person with good trading history to learn from and don't trust those robots online when you can't even see the "trader" in person.
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  • Profile picture of the author Anton543
    What do you mean is it scam? Just because most people lose money doesn't make it a scam. There are professional forex trading outfits who run entire operations speculating and trading forex.
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  • Profile picture of the author IMWarlock
    Obviously it's not a scam, but people tend to think so due to all kinds of automated bots and softwares that makes you thousands over night which most likely won't do a damn thing. Never tried one and never will. I am personally trading on Forex for learning purposes and because I have a passion for this market, politics and economy. It does require time to learn and practice as well and it should not be taken lightly as a lot of novice or inexperienced people tend to do. It definitely won't make you rich overnight. It does also require a solid investment if you want to make a living from it as well as focus, consistency and you have to be strong minded person. Those skills can be learned as well. People who think that this is gambling are just being stupid because it's not. Understanding economy and politics is not necessary, but it helps A LOT.
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  • Profile picture of the author Anton543
    I do a bit of day trading, but stocks. I've never tried to get into Forex as the fluctuations can be nerve-wrecking. Whatever type of instruments you trade, this is not something for the fainthearted, it requires a lot of discipline.
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  • Profile picture of the author Silas Hart
    No, it's not a scam. The problem is there are a million and one people out there that are selling products while convincing people they can become a day trader with just a couple hundred dollars invested. I tried for 6 months with 20k invested and I eventually stopped because I was only pulling in about $200 a day trading. If I wanted to run at 100k, I'm sure I could make $600 a day but that isn't worth it to me when I already run a business that is more profitable than that.
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  • Profile picture of the author EdVictor791
    I say scam. After talking with a banking manager I know about it, he says picking forex is like guessing at the stock market. Almost impossible.
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  • Profile picture of the author Jtraits
    For sure it's not a scam. Have been "playing" with ForeX and also have friends that work in ForeX companies and all that I can say is that for sure it's not a scam / fake way to get your money
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  • Profile picture of the author assadok
    not all are scam but people like to take others people money

    thats for sure bro
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  • Profile picture of the author Thomas Oyewole
    [DELETED]
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  • Profile picture of the author John Abrer
    Banned
    [DELETED]
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