FundRobot » Global Fund » Help with Forex? Is is a scam?

Old   #1 (permalink)
Posts: 2,656
Default help with forex is is a scam

I don't know.. there's a lot of hype about keeping an eye on the news or the interest rates or just the trend and support and resistance levels etc to predict future market movements but I've noticed many times that the price doesn't go with it. sometimes it does but sometimes it doesn't.. and moves almost randomly... and for example if you wanna trade the USD EUR Gold AUD and JPY pairs, I can't seem to find what or where to 'learn' to more, like in university that'd teach you to trade the forex market? cuz those stupid forex bots and 2000 oneday seminars seems bullshit to me.
@Jerry but what is a professional forex trader then? How do I be that? what do I study? whats the name of the course or degree?

NewEra50 is offline   Reply With Quote
Old   #2 (permalink)
Posts: 2,643
Default help with forex is is a scam

Forex is a huge legitimate global market. However, it is a zero-sum market. It does not grow over time like stocks, and for every winner there must be a loser.

Retail forex trading has more frauds than any other part of investing. See the warning below from CFTC (Commodity Futures Trading Commission, the US regulator for Forex).

You are correct that forex robots and one day seminars are scams. Also beware of expert advisors, binary options, signal services, and anything labeled "forex managed".

Retail forex traders almost always lose to the professionals.

EDIT: Most professional forex traders work for institutions; multinational banks, hedge funds, etc. They have huge advantages in experience, systems, data, research. Most individual investors cannot overcome those advantages, and the very few who succeed take many years to develop their skills.

Best advice is to choose a market where you have a greater chance of success.
Happiness45 is offline   Reply With Quote
Old   #3 (permalink)
Posts: 2,557
Default help with forex is is a scam

Hi Nomi, Forex is not a scam. Just avoid any guys telling you to try their "strategy" or "software" and you'll be alright. Open an account from a legitimate broker and start trading. Also, don't try going to those seminars, they are useless. Better off learning from the internet, which is completely free!
NewTech0 is offline   Reply With Quote
Old   #4 (permalink)
Posts: 2,600
Default help with forex is is a scam

Welcome to the real world finally, forex or shares, the markets are FIXED. You will never make any money off them unless you are a seriously rich and BIG player. You might be looking at the screen watching the currency price going up steadily throughout the morning and then suddenly a grandmother in a Middle Eastern country gets shot by the Taliban and the currency markets will drop like a rocket. Now what does that have to do with currency? Nothing. That should show you that it is all fixed and the dealers will use any excuse to rip you off. Stay away from currency and shares if you want to keep what little is left of your hard earned savings. There is no science to any of them.
Cash754 is offline   Reply With Quote
Old   #5 (permalink)
Posts: 2,584
Default help with forex is is a scam

You must understand that Forex is not that "get-rich-quick" opportunity. You have to learn as much as you can before you trade in real money. I am not sure how experience you are on Forex but if you need to know from the basic, try where it has very good education for beginners.
ForexCash10 is offline   Reply With Quote
Old   #6 (permalink)
Posts: 2,616
Default help with forex is is a scam

Forex is not a scam just don't think of it as a get quick rich scheme either. If done right with a good trading plan 75% of your trades should be right. Learn Forex by using demo forex softwares like mt4 or mt5 look on websites and learn how it all works if you stick with a decent trading plan learn what and when the markets move you CAN make it work. Don't like 100,000's of people do and jump in and stick a 1000 in a account and blow it all away in a week that is what lots of people do.
TvShows3 is offline   Reply With Quote
Old   #7 (permalink)
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Default help with forex is is a scam

Stay out of Forex... at least until you can buy some currencies with actual backing and real value. Right now there are a slew of fiat currencies that are heading to the trash heap. You can't make money with these because they are all losing value.
Same with the stock market... no rule of law and the big boys get to use high-frequency trading computers to buy and sell millions of shares in nanoseconds... "market making".
Head down to your local coin/bullion store and buy what silver and gold you can now while the futures markets have the "spot" prices below the cost to mine the metals. We're looking at a decoupling of the spot from the physical price fairly soon, and then your silver and gold will really explode in price... perhaps $500 silver and $4000 gold fairly fast.
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