Forex trading is Scam?
Thursday, April 3, 2014
, Posted by Ryanita at 12:57 AM
Khaled
Plz someone tell me "www.forex.com" is scam or real. Give me some proof is it scam or real? Or give me real reviews not fake account's reviews.
Answer
FOREX.COM is not a scam. They are one of the few legit FX brokers out there. Others include GFT, InterbankFX and FXCM.
All Forex brokers are poor or worse..... so the ones I've mentioned (above) are simply the least bad. The biggest thing you want to be careful of is the illusion that Forex Trading can be easy. It's not. Most people fail within a few short months. 95% fail after 12 months. Learning Forex Trading can easily take 3-5 years before becoming profitable (consistently). That means (if you're day trading Forex) that you're losing perhaps 50% - 60% of your trades. It's your risk/reward ratio that makes you money. The whole key to this is risk management.
You should try day trading stocks first... only because it's a bit easier. Ultimately the success ratio is almost as bad as FX.
Read a lot of books on trading and FX trading. Don't just jump in & try it. Don't use the results of paper trading to mean anything.
FOREX.COM is not a scam. They are one of the few legit FX brokers out there. Others include GFT, InterbankFX and FXCM.
All Forex brokers are poor or worse..... so the ones I've mentioned (above) are simply the least bad. The biggest thing you want to be careful of is the illusion that Forex Trading can be easy. It's not. Most people fail within a few short months. 95% fail after 12 months. Learning Forex Trading can easily take 3-5 years before becoming profitable (consistently). That means (if you're day trading Forex) that you're losing perhaps 50% - 60% of your trades. It's your risk/reward ratio that makes you money. The whole key to this is risk management.
You should try day trading stocks first... only because it's a bit easier. Ultimately the success ratio is almost as bad as FX.
Read a lot of books on trading and FX trading. Don't just jump in & try it. Don't use the results of paper trading to mean anything.
Why people loose in Forex Trading?
Stuart
I just want to know the key factors due to which 95% of traders loose their money in forex trading.
Answer
The majority of people loss money Forex trading for a few different core reasons.
Most people tend to buy tops and sell bottoms after the move has occurred because of the human nature of fear and greed. People are trading from their emotions.
Secondly most people trading Forex loss money because they are over leveraged. With some brokers offering up to 400:1 leverage it is attractive to think you can make a lot of money with just a little money. Again we see the theme of greed playing out. Very little leverage is need to make good consistent profits.
Lastly, most people begin trading live accounts without the proper experience. They read about the Forex markets and think this is the answer they have been looking for. They have no idea of the amount of hard work and skill involved the markets attract some of the brightest minds from around the world.
It's like thinking you could become a professional athlete after a little practice!
The majority of people loss money Forex trading for a few different core reasons.
Most people tend to buy tops and sell bottoms after the move has occurred because of the human nature of fear and greed. People are trading from their emotions.
Secondly most people trading Forex loss money because they are over leveraged. With some brokers offering up to 400:1 leverage it is attractive to think you can make a lot of money with just a little money. Again we see the theme of greed playing out. Very little leverage is need to make good consistent profits.
Lastly, most people begin trading live accounts without the proper experience. They read about the Forex markets and think this is the answer they have been looking for. They have no idea of the amount of hard work and skill involved the markets attract some of the brightest minds from around the world.
It's like thinking you could become a professional athlete after a little practice!
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