Is forex itself just a scam?

[AguaFo]

I really mean it, I am at the point where I have not seen a single company try to do some dirty maneuvers against me or someone I know, and I am at the point where I think forex is a scam itself, please prove me wrong, someone, anyone.

[YourTradeRoom]

Its not a scam. What do you mean by dirty maneuvers? If you are trading yourself you shouldn't have to worry about other people minus maybe a broker.

[ashraf2]

Yea he's probably referring to Broker ballyhoo and tricks, there are scam sites set up in every indsutry on the planet, why should forex be different?

[Laeddis]

Just because you got scammed a couple times should say something more about you yourself than the Forex market.

[Mike]

AguaFo,

I am sorry to hear you are having frustration with the Forex Market, in reality, scam is in the eye of the beholder. So, what you may mean by scam could mean something different to others.

That out of the way, could you provide some examples of how you think almost every Forex related website is a scam? Or Forex itself did you mean, because I can tell you I am making profits in trading my own strategies devised from years of practice. Years of practice and real loss of real money (which I look back on as practicing, not being scammed). I think alot of people who do not try again and succeed will feel like they have been scammed, but most of the time you or any professional can point out to you where you went wrong in any particular trade.

Now, Expert Advisers and Other "For Sale" items, I can not attest for, I use a particular piece of software that works for me that I will not endorse here, not that I am even paid to do so, it just flies in the face of your post that "everyone has something to sell." So, EA's can be "scammish" from time to time or all the time, depending how you look at them. I'm even hearing that people just steal other commercial EA's, recode a few lines, and repackage, rename, and resell it as their own without any regard for we the end users.

So there are many things that can be construed as scams, or can be construed as wastes of time and money, but as for Forex itself, I do not believe the retail market was set up to take people's money, its just the avenues you go down have side roads, and many of these side rolls have tolls.

Hope that assuaged you away from feeling Forex is a scam.

[DickP]

Forex is not a scam dude, but there are a lot of scammers trying to get your money on your way to those riches at the end of the rainbow that they themselves are creating with a backyard hose.

[YenTrader88]

No. Forex isn't a scam, but just try not to get scammed

[how2win]

In order to win you must go against the crowd..the crowd says that the forex market isn't a scam..now, what does that tell you?

[Mike]

In order to win you must go against the crowd..the crowd says that the forex market isn't a scam..now, what does that tell you?

That crowd is probably the 10% of consistently profitable traders saying as such.

Here's a good analogy, I had a few friends take the NYPD test and go through the process, which entails you as a cadet paying hundreds of dollars to the city to get a uniform or pay for certain application fees, and some other things, and in the end, many people don't make the cut, after their money is gone.

So, those who did not make the cut for their own personal reasons, medical, physchological, or backgrounds, obviously have the willingness to call the whole process a scam since they are out $100's for absolutely nothing. Transpose this to Forex, you spend $1000s on depositing and trying your hand at trading, only to see it go away, never to return to your account.

In both instances, you can't blame anyone but yourself for the loss(es), but its human nature to point your finger at the process that which denied you from advancement.

Does that make trying out to be a police officer a scam? Of course not.
Does that make trying your hand at investing in currency trading a scam? Of course not.

Are there entire police departments that have systems in place that count on X amount of cadets to fail? YES, but is it their intention to rake in a few hundred bucks from the cadet's failure, probably not, but the money does go to the city, whether they make use of it or not, who knows. I see the Brokers as the same way. So what if they take your $500 when you fail, do you honestly think a broker is going to be rolling in the dough and live high on the hog with your measly deposit? Like the OANDA CEO says, they don't profit off of margin calls, and would rather see a trader be a consistnetly profitable trader earning off the spread of 1000 trades as opposed to your losing an amount that is pale in comparison.

Listen, I dont know the inner workings of these brokers, some may be the opposite of what I just proposed, the less reputable ones, but that's another story altogether.

[how2win]

In Vegas you have a chance of walking out with 95% of your money if you play certain games..and thats called gambling ...in forex you WILL lose all of your money guaranteed..and thats called investing lol..too frikkin funny..trust me, its way beyond a scam..you will be attacked from all side for your money..including the stop hunters going after your stops..and I don't mean brokers, they have their own way of taking your money lol..all you newbie's have a lot to learn and its going to cost you all the extra money you should be spending on your wife and kids..not to mention the 1000's of hours you will waste watching "price action" lol..take that precious time and spend it on your family..there's no free lunch..this game is way beyond gambling.you have no shot, and anyone that tells you you do has a hidden agenda..they all need suckers like you to perpetuate their game..otherwise they'd have to get a real job...I tell you the truth..everything else is a lie.

[Mike]

I value your opinion. Are you really that against trading forex?

Investing does not mean losing all your money for most, especially for those who approach it with a clear head and clear strategy that has worked for them in demo trading first before risking real funds. This is a career, not a bet, not a fun night out at your computer entering long because price is going up when price could hit resistance and go even further down.

And interestingly enough, gambling (buying lottery tickets especially) people all but understand the odds of being struck by lightning will happen before this ticket pays them out anything significant are greater. In forex, I have earned quite a bit more often than being struck by lightning

Moreover, whenever my friends and I go play blackjack, rarely do they leave the casino with more than they came in. So, what kind of return is that in the end? 20% for an entire nights work? And the last time my GIRLFRIEND who knows nothing about blackjack kept getting lucky, we were harassed by casino security, asked for our ID's 3 times in one night, dirty looks from the pit boss, a very intimidating (at least they tried to be intimidating - stuff like that excites me instead of scares me) so a very quirky experience only because we were in fact winning. Forex brokers don't write emails when you win intimidating you, and reputable brokers don't withhold your payments if you win and try to withdraw, now, not saying less reputable brokers will not. But even with my time at Forex.com whose name is dragged in mud by many, I earned frequently and never had a problem withdrawing, never, and it took less than 2 days. No problems.

Each person is different, each investment opportunity, what works for me won't work for the person sitting next to me let alone someone a state or country away, but proper money management and a strategy that keeps you hunting high probability trades really blows the "gambling" at a casino's returns out of the water, proportionally that is.

Sorry you feel Forex is a scam. Some brokers do indeed put you at a disadvantage in this regard.

In my trading room when I first began, a man earned $37,000 in one day through multiple trades (and with some losses), verified. I've never heard of a story out of Vegas like that, only in movies, that is no one besides the most seasoned of gamblers and perhaps Rain Man, walk into a casino expecting a down payment on a house. Forex can't be approached that way either but setting a daily goal and earning past it is a good thing to set for yourself, and a vast majority of people can attack forex this way and succeed, whereas its a Casino's business is to make sure the opposite happens for everyone that walks in their doors or someone's losing their job there, they don't even make any bones about that fact either. I never heard of people losing their jobs at a broker because a few traders got into winning trades. Especially NFA regulated broker where stop loss hunting is all but a thing of the past when a trader can have two feeds open at once and prove that the broker did such a thing to them.

http://en.wikipedia.org/wiki/Slot_machine

[TopTrader]

That crowd is probably the 10% of consistently profitable traders saying as such.

Here's a good analogy, I had a few friends take the NYPD test and go through the process, which entails you as a cadet paying hundreds of dollars to the city to get a uniform or pay for certain application fees, and some other things, and in the end, many people don't make the cut, after their money is gone.

So, those who did not make the cut for their own personal reasons, medical, physchological, or backgrounds, obviously have the willingness to call the whole process a scam since they are out $100's for absolutely nothing. Transpose this to Forex, you spend $1000s on depositing and trying your hand at trading, only to see it go away, never to return to your account.

In both instances, you can't blame anyone but yourself for the loss(es), but its human nature to point your finger at the process that which denied you from advancement.

Does that make trying out to be a police officer a scam? Of course not.
Does that make trying your hand at investing in currency trading a scam? Of course not.

Are there entire police departments that have systems in place that count on X amount of cadets to fail? YES, but is it their intention to rake in a few hundred bucks from the cadet's failure, probably not, but the money does go to the city, whether they make use of it or not, who knows. I see the Brokers as the same way. So what if they take your $500 when you fail, do you honestly think a broker is going to be rolling in the dough and live high on the hog with your measly deposit? Like the OANDA CEO says, they don't profit off of margin calls, and would rather see a trader be a consistnetly profitable trader earning off the spread of 1000 trades as opposed to your losing an amount that is pale in comparison.

Listen, I dont know the inner workings of these brokers, some may be the opposite of what I just proposed, the less reputable ones, but that's another story altogether.

Or how about Navy SEALS, only 5-10 out of 100+ make it through BUDS training?

At those rates there's more successful forex traders than navy seals in the world...

Is being a Navy SEAL a scam? It works for some.... same way forex trading works for some.

Comparing going to a casino once in a while and winning to a consistently profitable career in forex is just foolish. Go into that casino 5 nights a week, playing the same game or same slot machine and then come back to this discussion and see what you prefer... lol

I think all your arguments here need not apply. Forex is unique to anything you will do, INCLUDING VEGAS games where table games and slot games are preprogrammed to only pay out a few times times over time.

I don't know who ever referred to THE HOUSE as a Forex Broker, when all the do is facilitate your orders on the open market. Thats why you got to an ECN that matches your order to the best possible quote out there, if you are wrong THAT IS ON YOU. Stop blaming everything around you for getting into a trade at the wrong time and then you may learn frmo your mistakes and be a better trader the next time out.

Nothing in the world of casinos can give you that kind of education. And nothing in a Casino can you learn to have edges against losing like you can in trading forex. CASINO GAMEs ARE LUCK, LUCK and MORE LUCK. You want "an edge" in a Casino? Try to count cards and be lucky no one breaks your hands with a ballpoint hammer.



I chose Forex over Vegas any day

[Mike]

The closest thing to a scam I've seen in a while is a certain broker that can remain nameless, offering a CURRENEX account for as little as $1000, but at the same time this account you could only trade FULL LOTS in each trade. Think about that.... FULL LOTS on a $1000 account. One loss and you are history. That to me is a borderline scam that people who are unaware would deposit and have to get into 100% winning trades.

That's why there are just so many tools on your side, margin calculators in this case, that will help you adjust your position size according to how much you are willing to risk per trade. I truly do not see anyone at a casino even care to break out any sort of cacluator and worry about this BET being X% of their entire bankroll in their pocket or on the table.

And that's extreme, the whole getting beat up for counting cards or cheating in some way. But you really can't cheat a Forex Broker so maybe that's why there's no threats of violence and what not, the odds are in their favor and there's nothing someone at a computer hundreds or thousands of miles away can do to change that. But as sure as Im sitting here, we were intimidated peacefully by the pit boss for having a lucky streak which was very low class (and a common occurance at any casino for someone who keeps winning what a casino would call "stealing" their money), and I felt like writing to the owner of the casino, but in the end said, they'll probably promote the pit boss for doing it based off my complaint for doing her job well. Yea it was a FEMALE calling over security to stand behind us as we played.


Moreover, what industry do you know of in high volatility times that actually pays you to trade on the spread? http://forexforums.com/forums/showthread.php?t=373 This happens too. Negative spreads on the IB market, that's right, -2 pip spread meaning you get $20 just for entering a trade as opposed to paying $20 on the spread. This is rare, but it happens as well.

Trading is not a scam unless you have nothing else left to blame and can prove that a broker has done something to your account, a broker does not pay you out on time (or not at all), or a broker "stop loss hunts" which I have not heard happen to anyone on an NFA Regulated broker in a very very long time.

I just don't appreciate being said of me that I have an ulterior motive by saying Forex is not a scam, because no broker pays me to say so, I have nothing for sale that depends on Forex being cast in some light other than it is: a risky business that is not for everyone. I started this forum as a regular trader looking for an edge myself in having all Forex news, comments, and ideas flow my way, and as a result we have built a very nice little community (not the largest), but certainly not a community that fills peoples' heads with fairy tales about this industry. Point out where I did and I will take it back, because this is not all puppy dogs and roses in Forex. I don't disagree on that, but Forex is for me, I get it, I've been at it almost 8 years now, and have lost thousands, regrouped and made it back and MUCH MUCH MUCH more. That's just me, it might not work for you. I tell the truth too. Anyone else who says otherwise either it was the wrong choice for a career for them or has not had that sort of determination to be successful at this.

[Mike]

Forex is not a scam dude, but there are a lot of scammers trying to get your money on your way to those riches at the end of the rainbow that they themselves are creating with a backyard hose.

This is something I accept, There are about A MILLION things out there that cost money that can distrract a beginner from developing a clear winning strategy with a foundation of proper money management which all give birth to consistency in trading. Deviating from any one of these factors will all but certainly lead to failure. It happened to me when I first started and I am not too bashful to admit this.

I believe the underlying problem here is there being very few outlets that one can trust in going to for a proper education in this market, unlike stocks, or other fields like, dentistry, journalism, commercial jetline flying, all risky lines of work, name one place that can teach you to trade currencies and give you a well rounded education on how to succeed with a little risk for loss. In some of those fields, one loss could mean the end of your life and those who trust you with their life.

Forex is naturally treated differently as if your capital/dollars aren't little people itself that you need to protect on a daily basis.

One of my favorite guys to listen to is Kevin O'leary from O'leary Funds. Even though his fund isn't doing so great in the past few years, I have to give him credit for making me see how he views money as soldiers that go out on a daily basis to capture more "soldiers" and come back home at night to "daddy."

On a bad investment, his soldiers ask him, daddy, if I go out on this investment, will I be coming home tonight? In the worst cases he has to admit to them, "I Don't know...this investment is a ...." Fill in the blank with whatever stupid idea someone comes to him asking for an investment from. Very witty man who also happens to be a billionaire.

It just seems, and I will not blame anyone for thinking that Forex is a scam in the context of their broker cheating them in this way or that, that most of these arguments about Forex being a scam stem from the malfeasance of brokers. Find a good broker that is regulated, no stop loss hunting, withdrawal scams, and is in good standing with the CFTC and NFA and truthfully, success or failure then become your own problem in finding high probability of winning trades as opposed to entering trades at reversal areas and during low volatility times (ranging trades).

[Neto]

I hope forex isnt a scam, I just got started and did real good in practice... how could i possible **** it up beyond that?

[DickP]

In order to win you must go against the crowd..the crowd says that the forex market isn't a scam..now, what does that tell you?

Actually the "crowd" in this case is the 90% of losers. The 10% is the minority who make a profit.

And the minority crowd was right for not voting for BUSH twice (****ed up America for 8 years in never ending wars against a word "terrorism")

Then they were right for not voting for Obama (a man who Bankrupted the country and does not give a **** as he tees off for the 99th time while americans are losing jobs faster than in the great depression of 1920's)



Then they were right for thinking Casey Anthony would be found innocent because of the lack of evidence put forth by the prosecution.

Moses was right for not staying around and took his followers into the desert which after time worked out pretty well for the Jewish race. The 90% stayed and got slaughtered.

Didn't 90% of the crowd shout to Pontius Pilot to crucify Jesus? That was a mistake.

I think we can all agree, the minority rules. And in Forex, the minority PROSPERS I don't get what your beef is if you've been trading as long as you say you have....



Can't people just be misinformed and stupid for listening to the crowd to their own peril?

No, think as an individual refuse to follow the crowd, step out yourself and set a new trend, or rather, do what has been proved to be best and has stood the test of time.

Experiments have been done and have proved that if enough people do something, no matter what it is others will join in. For instance when people are told that everyone is taking drugs they are more likely to do the same than if they are told that it is harmful, but that more people don't than do.

This doesn't mean that everything new has to be rejected. No! What it means is tha everything is tested and only what is good is accepted.

Equally just because it is natural doesn't mean it is good for you, one only has to think of the many poisonous substances, such as toadstools, in nature.

Those who advocate doing things because everyone is doing it and take their own advice join something for just this reason, not because they believe that it is a good thing to do. This is true of the Organic Movement, with both individuals and supermarkets getting in on it, only to give up because, they say, it is too expensive. It is if you buy from supermarkets, who frequently source their goods from abroad.

http://www.secrets-of-health-and-bea...ndividual.html

[Nescimento]

In Vegas you have a chance of walking out with 95% of your money if you play certain games..and thats called gambling

HOLY ****!!! WHAT GAME? WHAT CASINO?

I'm on the next flight to vegas! Did any of you just hear that?! I've never heard those odds in anything in my life!!!

[skynet]

In Vegas you have a chance of walking out with 95% of your money if you play certain games..and thats called gambling ...in forex you WILL lose all of your money guaranteed..and thats called investing lol..too frikkin funny..trust me, its way beyond a scam..you will be attacked from all side for your money..including the stop hunters going after your stops..and I don't mean brokers, they have their own way of taking your money lol..all you newbie's have a lot to learn and its going to cost you all the extra money you should be spending on your wife and kids..not to mention the 1000's of hours you will waste watching "price action" lol..take that precious time and spend it on your family..there's no free lunch..this game is way beyond gambling.you have no shot, and anyone that tells you you do has a hidden agenda..they all need suckers like you to perpetuate their game..otherwise they'd have to get a real job...I tell you the truth..everything else is a lie.

Dude... I don't mean to step on toes but you are saying that trading forex you deposit $10,000 and you'll never see it again??? But in a Casino you walk in with $10,000 and you are guaranteed to walk out with $9,500 at least?

That is a flawed way of looking at it... you describe a person that is willing to walk away from a game when the game is not paying out... how does that differ from forex?

I remember depositing $4000 in a broker, i was really bad at it, I lost $800, then withdrew and took my remaining $3200 to try somewhere else.

So your description of taking whatever % at the end of the day applies for both Forex and casino games.... no?


What you ARE describing is a broker that is not willing to let you withdraw your own funds, that is, an illegal broker that the NFA would **** on if they tried that on you... has this really happened to you? With what broker, so we can avoid it...

You live and learn... and I have learned that Casinos steal your money. Forex brokers dont steal your money or at least you make it easy for them to take your money through bad trades. I can point out exactly where my ****ty trades took place and know what I did wrong and remarkably i still make the same mistakes, its just an urge inside me to repeat my mistakes.

Someone pulling the lever on a slot machine kisses goodby to their $1 bet over and over and over and over... do they learn from their mistakes... obviously not, cuz they keep popping in that $1 in the hopes their luck might change.


Ive been trading a few years, not very long, but immediately I realized your destiny is way more in your control that any casino game ive ever played.

Roullette, 1:32 chance in winning, 1:2 chance of hitting red. and still its a one time thing, if youre right you double your money, if your wrong your chips go bye bye.


In forex, if you get in a bad trade you can hold onto it until it goes your way, it might not, but theres still a chance it could.

Forex is NOTHING like Casinos, NOTHING, and if you ask me Forex beats the **** out of going to a casino and throwing away whatever you have on luck based games that are tilted in the favor of Casinos before you even lay down your chips.

You must be referring to Poker or something where you're playing other people, but that does not make the Casino itself less of a scam.

[skynet]

Why is FOREX a part of 401k's and other funds... I never heard of a Fund that involved Harrah's or Trump Casino games or slots derrivatives to help retirees pensions and other things for a long term retirement plan.

Just saying...

[mk3fx]

Hey, the Lottery Retirement Pan is no joke... 98% of Americans are relying on it for their futures... not a funny thing at all...