MildChamp 37 Posted March 3, 2022 This thread was created to enlighten as many new traders as possible who have been misled about what Forex truly is. As a result, experienced traders' honest and responsible contributions will be valued. I believe that this will undoubtedly assist many traders in learning and comprehending forex trading from a broad perspective. Please explain why you believe forex trading is a scam or why you believe it is not. Share this post Link to post Share on other sites
Beauty-Rex 24 Posted March 3, 2022 The forex market is a sham. You are constantly duped. However, if you understand exactly how this scam works (stop hunting, giving false hope... blah.. blah), you can profit from it. Furthermore, allow me to share my thoughts on binary trading. This scam has progressed to the next level. When you trade forex, you only look at the price. In binary trading, you must focus on both the price and the time. Most retailers will see binary trading as much easier than forex trading, but in reality, the winning probability is reduced even further by adding another dimension (time). Share this post Link to post Share on other sites
Lockroach 6 Posted March 3, 2022 The ultimate strategy is patience combined with good timing. Trade safely and profitably. Share this post Link to post Share on other sites
Panthermal 26 Posted March 3, 2022 It's a scam and it's not.... scam because it's the best business to open broker because you know people will lose money and winners rate will be low and even some brokers don't pay anything to winners just scam them like what happened to me with NPBFX they give me no 20$ deposit bonus and I turned it to 200 and ignored my withdraw request and all I get rude replies from there support team lol... some brokers also good and pay your profits. Second, it is not a scam if you truly understand the value of every cent in your account... if you have 10$ in your account and you act as if that is all you have, you will be very careful and force yourself to manage risk and you will be surprised at how quickly your account will grow... but if you don't have that and you only have an account with 2000$ and you don't care about the value of money... it's time to gamble and you will lose and deposit again and again. Third, forget about it being a money machine... it will not make you rich. Just let it go and be realistic. 4 people who post how they turned $10 into $10,000 in no time... stay away from them... they can be very unhealthy on your account and in your mind... because looking at them will cause you to lose trust in yourself as a trader even if you have perfect results like 10% or 20% per month. Then you'll start attempting to copy them... and as a result, you'll lose everything you've previously built... 5: If you have a good strategy, stick to it. Share this post Link to post Share on other sites
Sukiyaking 23 Posted March 3, 2022 Forex is not a scam; every month, I make a consistent 20-30% profit. Share this post Link to post Share on other sites
SchoolHummingbird 19 Posted March 3, 2022 It's not a scam, but one of the regulators' implied intentions has always been correct: the general trader needs to be well-capitalized to survive in this business. To put it another way, you must be a "Eligible Contract Participant." I'm not saying you can't survive with a small amount of money; I have a small amount of money and I'm able to survive. I'm talking about the average uneducated illiterate retail trader. Basically, the 99 percent of people on the forums who can't spell basic words or use proper grammar despite the fact that English is their first language. You know, the ones who can't think for themselves and have only completed high school by copying from the person sitting next to them. Share this post Link to post Share on other sites
MerryRevenant 25 Posted March 3, 2022 It all depends on what you mean by "scam." I don't think it's a scam as long as brokers warn traders about potential risks. Anyway, most of what we do in life can be considered a scam, such as school, college, taxes, and money. When competition appears, 90-95 percent of people will always lose in any domain. Ninety-five percent of traders lose money. In the first few years, 95 percent of new businesses fail. 98 percent of people who participate in sports will fail to make it as professionals. Consider how many people in the world are above average in any field or even in life (money speaking). You will receive roughly the same percentage (95 percent ). If you can consistently win and make a living from forex trading, you are the cream of the crop, and you should thank your parents for your genes. Anyway, 95 percent of trades on this forum lose money as well, so I don't think this thread can have a different outcome than 'forex is a scam,' so if we consider forex a scam, we might as well consider life itself a big scam. Share this post Link to post Share on other sites
ExcitedPaladin 14 Posted March 3, 2022 5 percent or less of the world's population owns more than half of the planet's wealth, while the other half shares the other half, and the remaining 45 percent are lucky to own their pants at all. This is a fact that has not changed since the dawn of time. All of this, and people are still asking naive questions like, "Is forex a scam?" Of course, people kill for money in almost every business in the world, and those who scam for money are like angels in this world. Share this post Link to post Share on other sites
IronQuail 44 Posted March 3, 2022 Forex is similar to gambling. It is not a scam because you have no control over the outcome. The only thing you manage is your money, and if you're bad at it, it's game over. We can blame anyone for losing money in the forex market because it is so large, but we all know how it reacts during news events. As a result, you should understand that it is not random; rather, events are random. We never know what news will be released or how the market will react to it. Yes there is no central exchange but u know what we are doing is valuating a currency ourself right even though we are insignificant group how can there be a central exchange when there are so many countries with their own currency. Who will be in charge of it? How will you know if the exchange is benefiting their own country or not? That is why this market is untrustworthy. However, the irony is that brokers almost never place our trades in the interbank market; they are like casinos in that they pocket our losses. Do not believe any broker who claims to be a true ecn or stp. They will argue with you until the end of time, but what they really mean is that they are providing an ecn-like service rather than true ecn. Even today, it is difficult to cheat because we have thousands of charts from various brokers at our disposal. They can manipulate a little but not much. So, for me, it is not at all random; money can also be made; all that is required is strong money management and discipline. I believe there is no system we can follow because the market is too volatile; every day is new and anything can happen. As a result, we must adjust to market conditions on a daily basis. Share this post Link to post Share on other sites
FrostyCyborg 44 Posted March 3, 2022 I'm not sure if forex is a scam, but there are a lot of scammers in the forex market! Forex is a difficult business, as are the music/movie/sport industries, and only a few people make money from it. Is it a scam? Share this post Link to post Share on other sites
