I've heard about Forex some years ago, when I started seeing all those ads in many places. There were disgruntled traders who have lost a lot and claimed it's all a hoax. It really took me a while to understand it might not be the case. What do you thing about this? Have you also heard these 'voices'? Is Forex still in controversy?
What do you think about Forex being a 'scam'?
- Thread starter dojo
- Start date
- Watchers 7
There's a lot of place for scam in the world of Forex. From dishonest brokers to the miracle get-rich-quick scheme sellers. Unfortunately, it seems that the amount of the scammers is only growing as Forex becomes more popular.
Yes if you make yourself a target. Are 9-10 people selling you some system/EA/or trade signals scammers...YES, If you trade 1m-5m-15m charts YES you will get slipped and your stops will get hunted. Sad but its the name of the game. Don't buy what they are selling and stay off the very low timeframes unless you know what to expect and can tell the difference between a stop getting hunted and price hitting a ton of order flow and spiking. There is a realm where 'they' cant touch you and you can be free and profitable.
The foreign exchange market is a real thing and in and of itself is definitely not a scam but like the others have said, it is the majority of people who try to sell you something or the crooked brokers who will try to scam you.
Hi,
forex is not scam!! Like you know, its very popular thanks to big opportunities .. like very big leverage, low spreads, no big gaps, lot of news, lot of trading styles etc. Thanks to that lot of people will try it and lost all of their money, they are angry and say stuff like this .. but once you will start to be profitable, its the best way how to make real money from your home with low time spending
Forex got its controversy reputation mainly because the lack of regulations and frauds that were common on the beginning of the forex-brokers world. Authorities are much more developed today, and a scam broker is burned pretty fast. I think that there are some things to do about the forex market regarding this issue, but I also feel like this is the great job ever and I like any second that I spend on currency trading.
No, it is not and truth be told, the Fx market is the most lucrative market in the world. Let me put it this way, if Forex was one big scam, central banks would not be participating in it, would they?
I have been a trader for the last few years and currently using Tradersway, FXCM and a couple of other brokers for my active trading needs. So far, I am yet to come across these voices..
I have been a trader for the last few years and currently using Tradersway, FXCM and a couple of other brokers for my active trading needs. So far, I am yet to come across these voices..
Forex isn't a scam, it has the potential for high reward, but with that comes a high risk that you might lose. There's good and bad people in every industry.
Mate, I'm trading forex after I used to do equity for quite a while. Definitely there is no spam, the market exists, it is there high and very liquid indeed. the fact that is an otc and there is no organized exchange (e.g.the London Stock Exchange or the Philly one) does not make less real. Trust you me for many years this market was available only to brokers and big institutional investors to make their big money. And with the tech boom are emerging more and more platforms (some good, others not so much) that brings it to general user and ordinary people like you and I can also trade forex with small amount.
Similar threads
