Many People, especially Nigeria have lost huge amount of money trading online forex

They have been made to believe that they can make money trading it but the reverse has been the case. You have to glue your eyes to your phone or computer waiting for the chart to move in your favour, studying senseless indicators and waiting for foolish news to come out before you can buy or sell. In the end it is not even sure if the trade will move in your favour while your heart keeps pounding. But Audu, a mallam who is also a forex trader in Ikeja but this time offline trader does not go through all the stress online traders are going through, but he make huge money. funny enough he is an illiterate.

if you want to trade online forex newly, and u ask a supposed self-styled online forex trader guru to train you, then u are in for loss already. he will demand huge sum of money, sell materials, robot and also trading pattern. At the end he/she will still tell you u have to develop your own pattern of trading. Always taking advantage of the new comers to recover all that they have lost in the online forex trading which valued to 2 trillion daily. Liars! _{to be continued.}

Thank you for the post waiting for more lecture

Quite a number of them here luring gullible members into their trap.

The Forex market has being active since the 70's if not earlier...banks, companies and even countries trade their currency of choice based well informed speculations.

Retail traders like most nigerians lose money because they trade with very little capital and then place over leveraged trades.

Some religious people will even pray for a currency pair to go in their favour after placing GUESS TRADES (I've seen it before)

Banks and pro traders rejoice when they make 30% profit annualy. But you see retail traders putting $200 expecting to make 500% in 3 months.

The marketers are simply taking advantage of the greedy nature of nigerians.. No one is defrauding anyone.

If you still think forex is a fraud. Google "JAPANESE HOUSEWIFE TRADERS" or "kimono traders" and see old women making money from something young greedy boys can't make.

Another fraud been perpetuated are from the so called forex brokers. Their prayer is that you loss all your money in their care. If the trades are in your favour, they perform all manners of dubious activities to making sure u lose all your money. They trade against you.

If by luck you were able to make little dollar and decide to withdraw your money, they deviced all manner of fraudlent activities to steal from you.

The forex brokers enticed their prey with different dubious incentives to lure them(traders) to deposite money with them by promising unrealistic and impossible trading abrakadabra. At the end of the day they got their hand burned.

The online forex trading activities is one of the biggest way Nigeria as a nation experienced capital flight abroad. The government is not making anything from the money sent abroad to trade this illicit and fraudlent activities called online trading...to be continue.

All intruders should keep off this thread... If u want to advert or post other things that is unrelated to this should please create another thread to do that.

This thread is created purposely to educate Nigerians and also call the attention of the Government at all levels to this menace and fraud called online forex trading

GOD BLESS YOU SIR.I AM WAITING FOR MORE LECTURE.

From posts on nairaland you can tell most (if not all) traders don't have a clue about forex. how do you know a clueless trader?

1) His definition of a "successful" trader:

A novice trader will choose high percentage returns over high risk management. In other words, he will pick a strategy that allows him make 100% weekly with over 65% drawdown and 70% Risk of Ruin. Novice traders are gamblers.


2). His choice of brokers:

A Novice trader can't tell a bad broker from a good one. To him, the broker with the highest bonus or an office in Nigeria or the highest leverage is best.
There are less than 7 REAL, GOOD brokers. The rest are FAKE and will show their real side when you make consistent profits. (I will elaborate another time)


3) Their charts:

Novice traders believe so much in fancy indicators and clogged charts.. They forget that the movement of any currency pair depends on real life situations and decisions by humans. Indicators reflect this change AFTER the real move has occured. Sadly this is when the sheep enter.

Typing on a phone is hardwork.

dowjones:
From posts on nairaland you can tell most (if not all) traders don't have a clue about forex. how do you know a clueless trader?

1) His definition of a "successful" trader:

A novice trader will choose high percentage returns over high risk management. In other words, he will pick a strategy that allows him make 100% weekly with over 65% drawdown and 70% Risk of Ruin. Novice traders are gamblers.


2). His choice of brokers:

A Novice trader can't tell a bad broker from a good one. To him, the broker with the highest bonus or an office in Nigeria or the highest leverage is best.
There are less than 7 REAL, GOOD brokers. The rest are FAKE and will show their real side when you make consistent profits. (I will elaborate another time)


3) Their charts:


Novice traders believe so much in fancy indicators and clogged charts.. They forget that the movement of any currency pair depends on real life situations and decisions by humans. Indicators reflect this change AFTER the real move hash occured. Sadly this is when the sheep enter.
Typing on a phone is hardwork.

Thanks a lot for your contribution. I am still waiting for others who knew about this fraudulent activities but decided to keep mute to come from their hiding and contribute to this revelations.

Online Fx trading is not a fraud. I for one do trade and make consistent pips and I even know some others who make a living trading. You should only have an account with a regulated broker so if anything goes wrong, you can get your money back. Take Alpari UK for instance, when they went down, their clients were refunded. Yes there are scammers in this business, just like in every other business but that does not make it a fraud in general.

We have the hedge fund companies, banks and even Nigeria banks still participate in forex trading , the truth remains that online forex trading remains a legal scam to those that want to make quick returns from forex (traders promising 10% and more returns on investment every month)
Thanks op

bayleaf:
Online Fx trading is not a fraud. I for one do trade and make consistent pips and I even know some others who make a living trading. You should only have an account with a regulated broker so if anything goes wrong, you can get your money back. Take Alpari UK for instance, when they went down, their clients were refunded. Yes there are scammers in this business, just like in every other business but that does not make it a fraud in general.

Thanks for your contribution....I think we are on the same page.

rashyfx:
We have the hedge fund companies, banks and even Nigeria banks still participate in forex trading , the truth remains that online forex trading remains a legal scam to those that want to make quick returns from forex (traders promising 10% and more returns on investment every month)
Thanks op

Thanks for the contribution.....

The fraudulent activities of these Forex brokers is so glaring that one will notice it. unfortunately, a desperate novice will not notice all these because he/she has been blindfolded with the promise of 1000% returned on a $50 deposit.

They employ the services of a self-praised and deceitful Forex trader to lure in highly desperate novice, even those that have been trading for a long too are not spared. They promised 100% additional money on all deposited fund. knowing fully well that they (the brokers) will do all manner of abrakadabra to making sure their client lose all their deposit. They will use the word " Forex is a highly risk trading, you may loose all money. Make sure you trade with money you can loose". by the time they play you and you loose the money all they we say is that u have been warned. Lairs.......To be continue

Forex is very risky and only rewards people who know how to manage risk.

Forex itself is not a scam. Its just a market. Blaming the market is like blaming Tejuosho market for buying a fake product.

Individuals should learn to do their homework on any Marketer and broker. Most "professional" traders in nigeria are just hungry affiliate marketers. To filter these clowns is simple, request their trading history for at least six month not farther than 3 weeks from the current date.
I am yet to see any forex guru that can provide this

For the brokers: Most brokers are frauds controlled by the russian mafia the same mafia involved in mass credit card phising schemes and online casino rings. The mafia uses forex brokerage to launder money and make dirty money become legit. They don't give a Bleep about your money. infact you are a maga to them.

Let me tell you how to know a fake broker. Sit tight.


1) Any broker not registered in the UK, USA or Switzerland
any broker from Malta, Cyprus, cayman islands, Mauritius, etc. are dangerous. These countries have not yet created specific laws that protect FOREX traders from being scammed. thier laws cover the entire financial institution not specifically the currency exchange market and the brokers have lawyers that know how to manipulate the law to suit them. in short, they will scam you and nothing will happen.

2) Brokers that give outrageous leverage and bonuses
Leverage is increases your trading power and automatically increases your risk. fake brokers know theres a 97% chance you will lose the money so they lose nothing. the highest leverage you will see on real brokers is 1:100. there is an american broker whose highest leverage is 1:50.
theres a fake cyprus broker EXNESS that gives 1:2000 (just imagine) use your brain.

3) Fake brokers spend so much on advertising
i got this point from the CEO of a forex brokerage i consider "real". he revealed that aggressive advertising only shows that the broker is struggling to retain customers and needs a refill of magas. Fake brokers pay so much advertising rather than pushing their efforts on upgrading their technology, prices and customer care. the cost of this advertising is paid by the ignorant traders through high spreads. and other evil methods. this CEO also said a forex brokerage can make alot of money with few loyal customers.

i am done.

hitz:
Forex is very risky and only rewards people who know how to manage risk.

Forex itself is not a scam. Its just a market. Blaming the market is like blaming Tejuosho market for buying a fake product.

Individuals should learn to do their homework on any Marketer and broker. Most "professional" traders in nigeria are just hungry affiliate marketers. To filter these clowns is simple, request their trading history for at least six month not farther than 3 weeks from the current date.
I am yet to see any forex guru that can provide this

For the brokers: Most brokers are frauds controlled by the russian mafia the same mafia involved in mass credit card phising schemes and online casino rings. The mafia uses forex brokerage to launder money and make dirty money become legit. They don't give a Bleep about your money. infact you are a maga to them.

Let me tell you how to know a fake broker. Sit tight.


1) Any broker not registered in the UK, USA or Switzerland
any broker from Malta, Cyprus, cayman islands, Mauritius, etc. are dangerous. These countries have not yet created specific laws that protect FOREX traders from being scammed. thier laws cover the entire financial institution not specifically the currency exchange market and the brokers have lawyers that know how to manipulate the law to suit them. in short, they will scam you and nothing will happen.

2) Brokers that give outrageous leverage and bonuses
Leverage is increases your trading power and automatically increases your risk. fake brokers know theres a 97% chance you will lose the money so they lose nothing. the highest leverage you will see on real brokers is 1:100. there is an american broker whose highest leverage is 1:50.
theres a fake cyprus broker EXNESS that gives 1:2000 (just imagine) use your brain.

3) Fake brokers spend so much on advertising
i got this point from the CEO of a forex brokerage i consider "real". he revealed that aggressive advertising only shows that the broker is struggling to retain customers and needs a refill of magas. Fake brokers pay so much advertising rather than pushing their efforts on upgrading their technology, prices and customer care. the cost of this advertising is paid by the ignorant traders through high spreads. and other evil methods. this CEO also said a forex brokerage can make alot of money with few loyal customers.

i am done.

Thank you for these revelations. These will go a long way in opening the eyes of gullible Nigerians who does not know that online forex trading is full of nitty gritty and secrecy.

I think this topic should be move to FP so that others can contribute and also learn.

dowjones:
From posts on nairaland you can tell most (if not all) traders don't have a clue about forex. how do you know a clueless trader?

1) His definition of a "successful" trader:

A novice trader will choose high percentage returns over high risk management. In other words, he will pick a strategy that allows him make 100% weekly with over 65% drawdown and 70% Risk of Ruin. Novice traders are gamblers.


2). His choice of brokers:

A Novice trader can't tell a bad broker from a good one. To him, the broker with the highest bonus or an office in Nigeria or the highest leverage is best.
There are less than 7 REAL, GOOD brokers. The rest are FAKE and will show their real side when you make consistent profits. (I will elaborate another time)


3) Their charts:

Novice traders believe so much in fancy indicators and clogged charts.. They forget that the movement of any currency pair depends on real life situations and decisions by humans. Indicators reflect this change AFTER the real move has occured. Sadly this is when the sheep enter.

Typing on a phone is hardwork.

Am a newbie on forex tradding not yet registered but i intend doing that soon,with ur depth of knowledge on this biz can u recommend any reliable broker u've worked with and any advice i could get frm u on the trading.thanks

amii131:


Am a newbie on forex tradding not yet registered but i intend doing that soon,with ur depth of knowledge on this biz can u recommend any reliable broker u've worked with and any advice i could get frm u on the trading.thanks

Darwinex

FCA regulated (UK regulated), very tight spreads and commission, Metatrader, and they preach money management. (confirm from their youtube page)

Dukascopy
Swiss regulated, its the subsidiary of a swiss bank. You can open a swiss account with these guys for free. This account can be used to fund any other FX broker. Their platform is Jforex. their only downside is they dont use metatrader.

These two brokers are brokers are my personal choice. i've done my research on them. and i will use both of them when i get back into forex next year. I will open a swiss account with Dukascopy and transfer my funds to Darwinex.

There are other very good brokers but i have limited my suggestion to these two for several reasons.

For the advice part. FX is quite broad, i will suggest you ask me questions on its specific aspects. Trading, risk management, brokers, strategies etc.

Bro thanks for ur indepth review on brokers,
my question is what about those broker that are not trading 5 candle stick or daily chart that closes on new york time, re they not scam or ripping of traders.

Achimare:
Bro thanks for ur indepth review on brokers,
my question is what about those broker that are not trading 5 candle stick or daily chart that closes on new york time, re they not scam or ripping of traders.

They're not. Every broker gets price feeds from different sources. secondly the server of a broker determines how many candles the platform displays during a certain period. brokers with servers using london time (GMT, +1 GMT) tend to have all candles, while brokers using american time have incomplete candles. its just where their price feed server is located

Lets not derail the OP's thread.

dowjones:


They're not. Every broker gets price feeds from different sources. secondly the server of a broker determines how many candles the platform displays during a certain period. brokers with servers using london time (GMT, +1 GMT) tend to have all candles, while brokers using american time have incomplete candles. its just where their price feed server is located

Lets not derail the OP's thread.

@dowjones...thank you for contributions. no, you are not derailing from my thread as far you are given the right and original information to the audience. even myself, I have learnt from your contribution. well done

dowjones:


They're not. Every broker gets price feeds from different sources. secondly the server of a broker determines how many candles the platform displays during a certain period. brokers with servers using london time (GMT, +1 GMT) tend to have all candles, while brokers using american time have incomplete candles. its just where their price feed server is located

Lets not derail the OP's thread.

Please what do have to say about Fxdm?

malachytochukwu:
Please what do have to say about Fxdm?

I can't say anything about them. They might be good for you and bad for others.

Good to losing traders, bad to winning traders.

Go to forexpeacearmy.com. For reviews from real traders using them and other info

Go to forexchurch.com. Its a broker directory.

To me, any broker not registered by FCA (uk), NFA (u.s) and CH FINMA (swiss) are all clowns

dowjones:


I can't say anything about them. They might be good for you and bad for others.

Good to losing traders, bad to winning traders.

Go to forexpeacearmy.com. For reviews from real traders using them and other info

Go to forexchurch.com. Its a broker directory.

To me, any broker not registered by FCA (uk), NFA (u.s) and CH FINMA (swiss) are all clowns

Thanks

@ Op Thanks for creating this trend, I have learnt something from it.
@dowjones Thanks for your contribution, I provided links to rate my broker.

dowjones:

I can't say anything about them. They might be good for you and bad for others.
Good to losing traders, bad to winning traders.
Go to forexpeacearmy.com. For reviews from real traders using them and other info
Go to forexchurch.com. Its a broker directory.
To me, any broker not registered by FCA (uk), NFA (u.s) and CH FINMA (swiss) are all clowns

Australia too. They have one of the toughest regulators in the world.

bayleaf:
Australia too. They have one of the toughest regulators in the world.

Austrialian regulatory is cool but in the past they've not treated some fraudulent cases well.

They're still a better option than cyprus.

I'll strongly suggest you stick with the best.