Do Forex Money systems really work?

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Hi

I keep so many Forex money making systems sprouting all over. Are they for real and can their testimonials be trusted?

Reason why I am asking is because I am thinking of promoting one, specifically Profits Run: Forex Trading | Stock Trading | ETF Trading | Financial Education. And I don't want to promote a scam and rip people off their hard earned cash.

Thanks.
#forex #money #systems #work
  • Profile picture of the author Alexa Smith
    Banned
    The only real certainty with forex products, IMHO, is that any that are based on "indicators" don't and can't work reliably, and their claimed/demonstrated results are typically backfitted (just like those of "horse-racing system" sellers).

    Call me a skepchick, but I never rely on testimonials unless I know the people providing them, or at least know quite a lot about them.

    (My family background is forex trading, my father's profession, and I made a living - just about - trading forex myself for nearly a year, and have read 40 - 50 books on the subject. That's the extent of my knowledge/involvement, but I know there are others here who know far more about it than I do, whose replies you might be lucky enough to get here!).

    Good to see someone with scruples. Good luck.
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  • Profile picture of the author Thomas Michal
    No, the only programs that "work" are algorithms (usually written in c++) used in "high frequency trading" also know as "algorithmic trading" these programs are used by investment banks to predict trends and move huge amounts incredibly fast.

    P.S. there are no affiliate programs for these and they are not available on clickbank.

    like I said before in a different post like this, most people I know in forex usually buy scratch-off lottery tickets and cigarettes too. It's a suckers game unless you are very knowledgeable in markets, risk management and trading and have a reasonable amount of capital (more than a $500 mini account) I'd say at least 10k. But not only that you also must and I mean MUST have nerves of steel and be very disciplined.

    If you want to get good go study for your series 3 and 34 licenses
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  • Profile picture of the author JohnMcCabe
    One of the hallmarks of most investing systems (and I use the term 'system' quite loosely), is that they almost all rely on back examples to "prove" they work. It's quite possible to find systems that, given the exact same data, will make completely opposite recommendations. Yet both will have plenty of examples to prove they work, with the inference that they always work.

    It doesn't matter whether it's forex, commodities futures, options or horse races - you will win some and lose some. And the only people who come out ahead are those who understand things well enough to win more than they lose.

    Oh, and the people selling mechanical systems to people who don't understand math...
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  • Profile picture of the author paulie888
    As mentioned by some of the people above, just about every one of these Clickbank products are back-tested over a relatively short period of time, and the algorithms employed are optimized just for this period of time so as to ensure impressive profit figures. This has absolutely no bearing on whether they'll actually perform as well in the future though, and this is why you see this standard required disclaimer on any trading system website or investment prospectus - "Past Performance is not indicative of future results."
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  • Profile picture of the author localdominator
    Originally Posted by Vibrant Warrior View Post

    Hi

    I keep so many Forex money making systems sprouting all over. Are they for real and can their testimonials be trusted?

    Reason why I am asking is because I am thinking of promoting one, specifically Profits Run: Forex Trading | Stock Trading | ETF Trading | Financial Education. And I don't want to promote a scam and rip people off their hard earned cash.

    Thanks.
    You will definately want to check with the FCC then to make sure that you promote your testimonials correctly or you can get nailed. There is very specific language about how and what you are allowed to say. Yes, you can make a lot of money doing fx btw
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    • Profile picture of the author Alexa Smith
      Banned
      Originally Posted by localdominator View Post

      Yes, you can make a lot of money doing fx btw
      Nobody's questioning that. It's whether you can do so with the "forex money-making systems" for which one can become an affiliate that's in issue.
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  • Profile picture of the author Thomas Michal
    And when a disclaimer starts like this:

    "HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS."

    UMM..DUH, yeah they do they're simulated...
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  • Profile picture of the author RussRuffino
    They don't work. Don't promote them. When you start getting e-mails from your list about how they're losing all their money, you're going to feel really, really awful.

    R
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    • Originally Posted by RussRuffino View Post

      They don't work. Don't promote them. When you start getting e-mails from your list about how they're losing all their money, you're going to feel really, really awful.

      R
      Couldn't that be said for many of the "make money online" and other internet marketing programs sold around here as well?
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      • Profile picture of the author RussRuffino
        Originally Posted by One Cent Content View Post

        Couldn't that be said for many of the "make money online" and other internet marketing programs sold around here as well?
        I don't think so...the only way to learn how to do this stuff is by paying other people to teach you. Whether it's WSO's, or membership sites like Chris Farrell's or Russell Brunson's...ya gotta learn from someone. Then there's utilities; things like Optimize Press (a lifesaver)...all of those things have affiliate programs.

        I just think that affiliates should promote things they believe in. Forex systems are junk.

        R
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  • Profile picture of the author Oba
    To rely on testimonial from people is not wise to determine which forex system to promote. As a forex trader myself, I know that some people just cook up stories to sway someone. Except you are sure from which source such testimonial is coming from. In any case, it will be alright for you to test the forex system you want to promote yourself. Fortunately, you can open a practice account freely and trade without puting real money. cheers
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  • Profile picture of the author pethanks
    I never tried it but I think it works.
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    • Profile picture of the author myob
      Think of it this way. In order for Forex to work, almost everybody has to lose. And almost everybody does. So, can you say Forex works? Of course.
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      • Profile picture of the author paulie888
        Originally Posted by myob View Post

        Think of it this way. In order for Forex to work, almost everybody has to lose. And almost everybody does. So, can you say Forex works? Of course.
        Forex is a zero-sum game, meaning that the gains a trader makes has to come out of the losses of others, so it'd be technically impossible for everyone to win at this as your profits have to come from somewhere.

        So even if these forex trading systems actually worked as promised, causing there to be very few losers around, this would in turn drive profits down dramatically (remember that the forex profits have to come from the losers in this market).
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  • Profile picture of the author NewEnglandah
    There is no such thing as a sure system. Treat eac7h one with a grain of salt. Only use them to gain more knowledge about Forex not how to trade the market. Good luck.
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  • Profile picture of the author Ratamok
    I am trading forex for 6 years now. All I can tell you is that the system grows in the trader itself. I can give you my system but it will not work for you.
    Other trader system gives yoou insight what yoou should look for yourself.
    The rules I learned from my mentor:
    - Indicators are only tools to read the charts faster.
    - Run away from trading robots, signaling services,binary options
    It took me 3 years of consistent passionate training with a help of mentors and different courses to learn the basics.
    The rest was about my psychological strength that kept me from overtrading.
    When you are able to absorb the information from the market and make your own fundamental and technical conclusions than you simply feel the market and know how to react. The system is integrated in you. It's like an animal waiting for a prey. In fx the prey is the money.
    Promote what worked for you!
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  • Profile picture of the author Kay King
    Check the dates.

    has been posting this same recommendation in old forum threads for weeks now....

    This thread is from 2010 for example.

    A paid poster for 'trade24 broker'?
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