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In general, any one way market is bad for dealers since prices do not retrace and they are forced to eventually unload their position at a loss. All brokers know that if you could, you would probably rip them off in a second, so why should a broker treat you any differently? Not all traders will like to rip off brokers, definitely I am confident to say there are also some brokers that are clean. Since all brokers are different in terms of commissions, spread and other things, your strategy should define the broker you need. So once again, Forex trading is not a scam.
The U. These bodies act as watch dogs for their respective markets and provide financial licenses to organization or broker that comply with their regulation.
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Lastly people call Forex business a scam because they have bought a lot of tools, robots strategies, indicators and so on. That does not provide profit. You know the answer already. Working strategies exist. It is up to you to choose the right one. Nobody is forcing you to buy this or that.
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Track records in terms of profit and loss management will speak and guide your choice of trading tool, not just a cool website. Trading is one of the few professions that enable you to quantify exactly how good you are since all it takes is a quick glance at your profit or loss. How do consultants, engineers or even managers know they are good at what they do?
Is it not through a combination of peer respect, promotions and recognition alone that they use for measurement? And how do they know if they had a bad day? Is it not traffic and problems with their suppliers? Now imagine being able to look at your screen at the end of the day and let it tell you how the day was.
For traders the measuring stick is money. If you make more money than the guy next to you, that must mean you are better at your job than he is, and if you lost money today that means you had a bad day. The ability to look beyond the obvious facts and figures, to think of the market not only from an objective standpoint but also from a subjective view, is what sets great traders apart. Average traders look to the left-side of the chart, great traders look to the right.
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I hope that by now, if you are being asked the question about Forex trading being a scam business, you now know better. I will like to know your point of view on this article. I am not here only to share with you what I know or what I think is right, I really want to know your wonderful opinion. Please use the comment box below.
Love this article? Share with your friends too! Hey,are you saying I can turn forex trading to my professional job for living as it will bring me income??? They loose money because they dont have the tools that will make them the money. And if they have what will make them the money, will they still follow the rules during bad times I mean draw-down, most wont. Most loose money because they treat it like a game not like a business. Wow…you said there are working strategies and left to traders to choose the right strategy.
What would Mrs. Watanabe do?
Kindly help me on how to choose the right strategy. Like I always say,I am not here to choose for any trader on what works , your philosophy is different from mine and your believe is not the same with mine. We are only showing what is worth it. But it is all in your hands to choose what suit you. This is more than eye opening, It is one of the great article I have ever read in my whole life about forex trading.
Your email address will not be published. Submit Comment. Telegram ID: Theforexprogrammer. Why Forex Trading Is Not A Scam A lot of people, even some traders all around the world often talk about foreign exchange market as being a slaughter house where novice and even professional traders get chopped up. Forex Trading — A Vehicle for Other Transactions Remember Forex market has never been a value creator but a vehicle for other transactions which. Loveth on June 15, at am. Alex on June 15, at pm.