i have this friend.he went into forex like every other well meaning hustler  but ended up going into debt of over 400,000 naira.the worst part is he even used his school fees and now the school is on him the people that gave him the cash is on him too.he got so confused now that he wants to run to any African country and start a new life because he cant stand the humiliation but the funny thing is that he doesn't have anyone there to go to or money for starting a business there!in fact recently he asked me if he could go to Ghana without international passport!so please fellow nairalanders,help with ideas for this frustrated guy on how to run away to other countries and get a menial job(that's what he plans on doing),or how to raise cash and pay off his debts as you have seen what forex has done and is doing to well meaning individuals.PLEASE ADVICE ON WHAT THIS GUY SHOULD DO

zilosxp:

i have this friend.he went into forex like every other well meaning hustler  but ended up going into debt of over 400,000 naira.the worst part is he even used his school fees and now the school is on him the people that gave him the cash is on him too.he got so confused now that he wants to run to any African country and start a new life because he cant stand the humiliation but the funny thing is that he doesn't have anyone there to go to or money for starting a business there!in fact recently he asked me if he could go to Ghana without international passport!so please fellow nairalanders,help with ideas for this frustrated guy on how to run away to other countries and get a menial job(that's what he plans on doing),or how to raise cash and pay off his debts as you have seen what forex has done and is doing to well meaning individuals.PLEASE ADVICE ON WHAT THIS GUY SHOULD DO

foolish greedy idiot.

jju theres no need calling him names.he was just doing what he thought was best.we are looking for solutions not adding insult to injury!

What help do you want? Counselling? Money to start a business? Vocational training?

ok debosky anything you can advice will be ok.but all he wants to hear is how to leave the country and go to anywhwere.most preferably west african countries where he thinks he can go to without visa and international passport,there he will start a new life hopefully

he's not the only one. one of my friends got into forex last year. he made money, things were looking good, everyone started throwing money at him. to invest. some fellas borrowed as much as 1m to give him to put into forex. i don't want to imagine how much was lost. . .

long and short of it, he made a bad bet or whatever, and was cleaned out. he went into hiding. one of the guys who gave him money is a soldier, and the guy actually went to the guys crib in minna to harass his folks. a lot of people lost a lot of money. if i'd been around, i might have also ' joined in the madness' as we refer to it now.

i honestly have no idea what your guy can do. . .

running away doesn't solve the problem. he should take the matter to his folks so that they work out something with the guys he's owing.

forex did not run him. He did it to himself

The guy ruined himself .Running away cannot solve his problem.

Forex ruins no man
Its Greed and get rich quick syndrome that ruins
let him pick up the pieces of his life together and forge ahead.
We all hev have lost something in one way or the other.
Its always good to be very good in something before u let the cat out of the bag.

We will still keep on raking in the PIPS.
Forex is still real MONEY MANGEMENT is the rule of the game

thank you lateef, very impressed by your submission, i have been there and getting out.

forex is a game of money management.you can lose a 1000 pips and still breath, meanwhile 10 pips can knock you out.

For those interested in forex, go read '' Trading in the Zone'' by Marc Douglas, it will help you appreciate the game better.

The guy should face the trouble , he is still young, nothing do am, a positive attitude is what he needs.

thanks lateef.your submission is the bomb.i sent you a mail please reply me as soon as possible.

zilosxp:

jju theres no need calling him names.he was just doing what he thought was best.we are looking for solutions not adding insult to injury!

johnson ajah said foolish man plants his mango for main road for another man to pluck.
when did using your school fees for gambling equals wisdom in your book.

imagine if whoever gave him the money had same mindset? i have a very foolish cousin who did something similiar some years back.

they say if wishes were horses , please complte for me

Is this story for real or do you want to use this strategy to know how to travel to other african countires without visa.

speak the truth.

Anyway, if you said is the truth, running is not the best option. Explain to these guys,, am sure they will understand, while you look for ways of raising the money.

One more thing, Jesus is willing to help you miraculously if you can come to Him.

Cheers!

Outstrip:

Did you mean to say that the chances of loosing money are minimal I think it is misleading to tell someone that they cannot lose. You cannot predict the market. This is what got the poster in trouble in the first place. The fact is that you can lose and you will lose. You can get better with your strategies but you will lose some and win some. Don't tell anybody that they cannot lose in trading anything even if it is a cup of tea.

the poster you replied is the kind of prick/snake oil saleman the original poster listened to

oyb:


the poster you replied is the kind of prick/snake oil saleman the original poster listened to

Maybe the gentle man was trying to say you cant lose in the long run and not that you will not lose any trade.


Let me be frank with you. I am very good in trading and i even give signals but you know what? i still lose and lose big for that matter because the greatest secret in forex trading is not in your trading system but in our trading character.

We have two major emotions in forex and each of these two affects 2categories of traders. Fear dominates the novice traders and greed dominate the professionals

I lose simply because i am greedy not that i dont know the trend direction but i simply place crazy lot sizes sometimes yet you can immagine that i train people to use 1% rule.(a case of do as i say not as i do)

But the big question is this: Can we ever be able to put greed and fear under control?

Why i am been frank here is to let everyone understand that until you master your trading character to a standpoint making sure you trade according to rules, please invest your money in another business cos you will never ever make it trading forex, no matter how good you are.

Now i have learnt to trade by my 1% rule but the result is a meagre 40 to 50usd profit daily for now but the good news is that with this right trading character, i will be making 150 to 200usd daily in a short while from now.

I have overcome fear but greed is what i am battling now and i will overcome it by GOd's grace.

So please i repeat please leave forex alone if you cannot master these two emotions. FEAR AND GREED.

A WORD IS ENOUGH FOR THE WISE.

Toks

forex forex,

the guy should not escape from the country, i think he should face the problem, he should try and make arrangement with his debtors on how to pay them back,

As of today, i just cleared a debt of over 100,000 naira plus with one of my client with regards to this forex,

forex is a good biz, but a very risky one, trust me if u loose a million in this market, na u and ur computer sabi oooo, the truth is money management is the key, but there other factors that can come into play that can make the best money management flop, it's ones emotion. I am not a Kid in dis biz, started out way back 07, gave serious attention to it 08, gone through various system, and money managemen, i even make market analysis for people both on long term and short term basis. have made good money from it, but have loosed all i made from it even my personal savings as of today, The problem is still the psychological  aspect of trading.

and when one depends so much on the funds to meet several obligation, he will be trading in a wrong mind frame.

As for me i have decide to stay back for some while, deal with the emotion, probably get a job, earn some income, cos am back to square one.

SO i suggest that the guy work out an agreement with the people he his owing, on how to payback the money. and probably get a job, if he has no source of income

and if the guy is still bent on leaving the country, i dont think he needs a visa, to travel around west africa, since its a Ecowas community.

i have kk

JJYOU:

johnson ajah said foolish man plants his mango for main road for another man to pluck.
when did using your school fees for gambling equals wisdom in your book.

imagine if whoever gave him the money had same mindset? i have a very foolish cousin who did something similiar some years back.

they say if wishes were horses , please complte for me

hmmm!

7mm:

Is this story for real or do you want to use this strategy to know how to travel to other african countires without visa.

speak the truth.

Anyway, if you said is the truth, running is not the best option. Explain to these guys,, am sure they will understand, while you look for ways of raising the money.

One more thing, Jesus is willing to help you miraculously if you can come to Him.

Cheers!

am content with myself and i dont need to run from anybody.besides,if i wanted to ask on how to travel without visa i would have just asked! or is there any rule against it?eh seun?.as you can see from replies my guy is not the only one involved in this.

Running away from your problem can never be a solution but facing it like a man. This is a lesson for any one not to go into a risky venture such as fore trading with a borrowed fund. You don't invest the money you cannot afford to loose. Fore trading is not a gambling, if you treat it like a biz with a long term returns in mind. Even though you are making small profit at a start, stay with your rules and a proper risk management. DON'T BORROW TO TRADE FOREX BECAUSE THIS WILL AFFECT YOUR EMOTIONS AT TRADE. "yeah! i wanna recover this money fast and pay back my loan syndrome" it doesn't work like that.

I equally lost funds with forex but i knew when to pull the plug. Think of forex as a casino, if your broker isnt making money, you arent gonna make money!, you make money when everyone makes money, which means the market was generous on that day at that particular time. Some folks trading forex think that are trading on a global platform, nope! You are trading on your broker's platform and he dictates or in other words has the ability to slow down your profit margin. I have observed multiple trading platform and drew my conclusion.
Just like every other trader i made good profit at the begin ( I was making between $500 - $1,500) trading for only 2hrs daily with USD against CAD, then i left my job to trade full time, soon after i discovered that if the market isnt smiling with your broker, then your broker aint gonna smile with you. Thats just the way it is!, Hope those Nigerian who havent tested the bitter pill wont even think about it! Your broker can pull the plug on you, and you will loose ur last breath. funny enough when i started loosing funds, i was like if i can make back the $500 buck i lost yesterday i would stop, in the process of trying to make it back i kept loosing more.
Until one day i asked myself if i was a MUGU? if not why would i allow a white man to use electronic to swallow my funds? then i said to myself these guys are watching my every movement they know that i wanna make back what i have lost and that is how they trap their traders. When u start wanting to make back what you have lost, they lock up on you. And from then on you will start loosing every cent you deposit. My family in Naija suffered my financial loss the most cos i couldnt send them money for christmas and i had the worst christmas one can ever expect to experience in the U.S. But in all it was my persoanl fund.

Making money is a skill like you are sowing a cloth, or being a doctor, or mending a shoe.

It's a process.

Forex my ass, Y'all thing you maga Whities, dem come dey collect 10 fold of their money back,

Anyway, whatever I don't know abt, I don't invest, no matter how sweet the story is,

First rule is: security for thy capital.

damola1:

Making money is a skill like you are sowing a cloth, or being a doctor, or mending a shoe.

It's a process.

Forex my ass, Y'all thing you maga Whities, dem come dey collect 10 fold of their money back,

Anyway, whatever I don't know abt, I don't invest, no matter how sweet the story is,

First rule is: security for thy capital.

Word!

TELL HIM HE DOES NOT HAVE TO RUN, ALL HE HAS TO DO IS TALK TO HIS CLIENTS TO GIVE HIM SOME MORE TIME, BUT HE HAS TO REPORT HIMSELF TO THE POLICE FIRST AND EXPLAIN THAT THE CURRENT GLOBAL FINANCIAL MELT DOWN WAS THE CAUSE OF HIS LOSS (WHICH I KNOW MUST HAVE BEEN THE CASE), THAT SHOULD NOT COST MORE THAN N2,000. AFTERWARD CALL THIS NUMBER AS I MIGHT HAVE SOMETHING FOR HIM ON 70%-30% BASIS TO PAY FOR HIS SCHOOL FEES >07028200630, ELIJAH.

elijahusd:

TELL HIM HE DOES NOT HAVE TO RUN, ALL HE HAS TO DO IS TALK TO HIS CLIENTS TO GIVE HIM SOME MORE TIME, BUT HE HAS TO REPORT HIMSELF TO THE POLICE FIRST AND EXPLAIN THAT THE CURRENT GLOBAL FINANCIAL MELT DOWN WAS THE CAUSE OF HIS LOSS (WHICH I KNOW MUST HAVE BEEN THE CASE), THAT SHOULD NOT COST MORE THAN N2,000. AFTERWARD CALL THIS NUMBER AS I MIGHT HAVE SOMETHING FOR HIM ON 70%-30% BASIS TO PAY FOR HIS SCHOOL FEES >07028200630, ELIJAH.

70-30 how?i.e who has the 30 and who has the 70?what kind of biz is it whats the capital required