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Why Online Forex Trading Is A Fraud. My Findings - Business (2) - Nairaland

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Re: Why Online Forex Trading Is A Fraud. My Findings by 69MissedCalls(m): 1:28pm On Dec 26, 2015
rashyfx:

Have it in mind that they are some kind of hyip , for any one willing to do business with them , know for sure that they will disappear one day and there will be nothing to do about it.. Only do business with fund management firms , like hedge fund companies and brokers that are fully registered and regulated ..FCA UK , I am fully in support of

they've been around for close to 2years and thats longer than most hyips last. that's why I believed they were different.
anyway, do you know of any legit company that trades on behalf of clients?
Re: Why Online Forex Trading Is A Fraud. My Findings by surveycash(m): 3:16pm On Dec 26, 2015
How could a market with a daily turnover of $5T be fraud? It should have been shot down globally.

The market seems a fraud because the traders themselves have a fraudulent mindset. If not fraud, explain to me why you intend to make $500 daily with your $100 starting capital?

Most retail traders are greedy and they burn their account easily. I have found that the retail trader has very little chance of success. To succeed, he/she should have good capital (at least $1,000) and good discipline.

Another area retail traders fail is poor knowledge, especially in the areas of money management. With proper understanding of MM, you can make decent profit from the forex market with an average trading strategy.

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Re: Why Online Forex Trading Is A Fraud. My Findings by Infomaz(m): 5:18pm On Dec 26, 2015
Forex trade is certainly a legitimate trade n not a scam as posted by d ops who seem to have got his fingers burnt. D problem is a lot of persons think it's a get-rich-quick scheme or shot-cut to wealth. it is not.

Like every other worthwhile venture, it requires a period of at least one week comprehensive training n a minimum of 6 months of consistent demo-trading.

In addition, risk management is critical part of it. issues like take profit, stop loss, % of capital exposure on each trade, leverage, etc are treated.

Furthermore, the psychology of traders, were we talk about the twin human emotions of greed and fear vs patience and discipline are given adequate attention.

I got trained in 2009 and have friends, some of which are doctors who trade profitably.

Of course FX is a high risk venture, but so also is crude Oil exploration n production. Like all high risk business, d reward can be highly profitable if its inherent risks are properly understood n managed.

6 Likes 1 Share

Re: Why Online Forex Trading Is A Fraud. My Findings by akeensbussy(m): 8:38pm On Dec 26, 2015
To be sincere with you, I had never traded forex before. never got my hands burnt.. though, have had interest in it and this led to research and also interview I got from people.

This propel me to write this.
Re: Why Online Forex Trading Is A Fraud. My Findings by rashyfx: 1:57pm On Dec 27, 2015
I can connect you to the top performing fund managers that can manage your funds and make a annual returns far better than Mutual funds, T-bills and all the money markets investment in Nigeria ...

Managers with drawdown less than 2%
Consistent Monthly profit (from 2%-5%)

Please do not commit your account to any fund manager unless you see a real proof

Interested investor should contact me

skype : bumbum281
email : rasmedic2000@yahoo.co.uk

For more advice and step by step on how to become part of this , we can as well discuss the possibility of this ...

08100527200
Re: Why Online Forex Trading Is A Fraud. My Findings by happney65: 12:26pm On Dec 28, 2015
Folks,I am thinking of going to Forex trading full-time..Have got idea about it way back..But i use a strategy which is Scalping i guess you all should know it..I want to invest about a $1000 in there while i trade with just 10percent of it which is $100..My Favourite Platform is AGEA formerly Marketiva.I love their platform that is why am going for them..I dont know if they are still reliable and trustworthy before i transfer funds in there..

My Question is this,Is AGEA is trustworthy?And any other trustworthy platform can be recommended that uses that same meta4 platform like AGEA..Cos i damm love that Platform..

Thanks
Re: Why Online Forex Trading Is A Fraud. My Findings by rashyfx: 12:34pm On Dec 28, 2015
happney65:
Folks,I am thinking of going to Forex trading full-time..Have got idea about it way back..But i use a strategy which is Scalping i guess you all should know it..I want to invest about a $1000 in there while i trade with just 10percent of it which is $100..My Favourite Platform is AGEA formerly Marketiva.I love their platform that is why am going for them..I dont know if they are still reliable and trustworthy before i transfer funds in there..

My Question is this,Is AGEA is trustworthy?And any other trustworthy platform can be recommended that uses that same meta4 platform like AGEA..Cos i damm love that Platform..

Thanks
10% risk on the account is way too much , please treat forex as a business instead of gambling , it doesn't work that way .. Gamblers end up loosing their hard earned money ..
That's my advice

1 Like

Re: Why Online Forex Trading Is A Fraud. My Findings by darepoju(m): 12:45pm On Dec 28, 2015
So now... Wats offline fx trading how does it even work
Re: Why Online Forex Trading Is A Fraud. My Findings by happney65: 12:47pm On Dec 28, 2015
rashyfx:

10% risk on the account is way too much , please treat forex as a business instead of gambling , it doesn't work that way .. Gamblers end up loosing their hard earned money ..
That's my advice

Bro..10% is still relatively okay..With about $900 in my account while i trade with $100.I use scalping..I trade one Major currency mostly while i dont use stop-loss..I set my profit to about 20pips which closes whether am there to monitor it or not..I can get about 50pips daily or more at times when Market is good..With 900$ in my account i am good to go since i dont use Stop loss and its rare for the currency i trade in which is the USD/JPY to fall 900pips..Very rare and i dont think it has ever happened..The last time it fell about 500pips was during the major Earthquake that happened in Japan..

Am open to Advice's and criticisms please bring it on lets learn..

Thanks
Re: Why Online Forex Trading Is A Fraud. My Findings by mruwaifo(m): 4:00pm On Dec 28, 2015
The truth is that forex is extremely volatile for young investors and is only suitable for people that can live with less than 12-15% interest on their investment per annum . Anything more than that is just gambling and the odds are seriously against you .
My advice " don't even bother about forex "

2 Likes

Re: Why Online Forex Trading Is A Fraud. My Findings by mruwaifo(m): 4:10pm On Dec 28, 2015
happney65:
Folks,I am thinking of going to Forex trading full-time..Have got idea about it way back..But i use a strategy which is Scalping i guess you all should know it..I want to invest about a $1000 in there while i trade with just 10percent of it which is $100..My Favourite Platform is AGEA formerly Marketiva.I love their platform that is why am going for them..I dont know if they are still reliable and trustworthy before i transfer funds in there..

My Question is this,Is AGEA is trustworthy?And any other trustworthy platform can be recommended that uses that same meta4 platform like AGEA..Cos i damm love that Platform..

Thanks

My brother it would be better to use that money to pop champaign and know it went into your belly than to try forex . Even if you see 20% return withen the trading platform by the time you try to withdraw it magic will begin to happen and you will find that you have actually lost 30% of your money . They will then refer you to the agreement you signed and you will get the "ahah" moment on realising that it is a legitimised fraud and you agreed to it .
Stay away from forex .

1 Like

Re: Why Online Forex Trading Is A Fraud. My Findings by mruwaifo(m): 4:16pm On Dec 28, 2015
In this country of ours people don't reveal the truths of their income when it is favourable and so whenever you see someone acting like a messiah who wants to show you the road to the promised land of financial freedom (while he has never been there himself ) , it is guaranteed to be a case of deception or misrepresentation of the facts .

1 Like

Re: Why Online Forex Trading Is A Fraud. My Findings by happney65: 5:15pm On Dec 28, 2015
mruwaifo:


My brother it would be better to use that money to pop champaign and know it went into your belly than to try forex . Even if you see 20% return withen the trading platform by the time you try to withdraw it magic will begin to happen and you will find that you have actually lost 30% of your money . They will then refer you to the agreement you signed and you will get the "ahah" moment on realising that it is a legitimised fraud and you agreed to it .
Stay away from forex .

Lol..You make me laugh bro..Are you referring to AGEA here or to Forex in General?I havent heard of a Platform that deducts 30% of Customers funds at the point of withdrawal..Btw,Have withdrawn-ed from Marketiva then and i had no issues..

Guru's in the house..Over to you
Re: Why Online Forex Trading Is A Fraud. My Findings by rashyfx: 8:07am On Dec 29, 2015
mruwaifo:
The truth is that forex is extremely volatile for young investors and is only suitable for people that can live with less than 12-15% interest on their investment per annum . Anything more than that is just gambling and the odds are seriously against you .
My advice " don't even bother about forex "
Happney65 ' please read that again and again..
This is my advise to any1 willing to become a trader
don't be deceived
Re: Why Online Forex Trading Is A Fraud. My Findings by hedonistic: 5:58pm On May 10, 2016
This is stale gist. Only gullible dupes would invest in this nonsense. Mark my words and read my lips, only two categories of people come off as successful 'forex traders': (1): those clever scam artistes who make a small fortune by 'coaching' gullible forex hopefuls, and (2) Yahoo boys who use 'forex trading' as a convenient image laundering front.

2 Likes

Re: Why Online Forex Trading Is A Fraud. My Findings by kellybently(m): 6:04pm On May 10, 2016
fx not a fraud. Most people don't take time to know what they supposed to know b4 investing in the business.
since yesterday am trailing with the trend.

1 Like

Re: Why Online Forex Trading Is A Fraud. My Findings by Owliver(m): 6:09pm On May 10, 2016
OP quit whining there is scam in every business. try open a small cement factory and see how dangote cement will push you out of market with their 'bad(business) policy. to you it's bad but them it's good business.

one has to be smart in every aspect of life

so please take the back seat.

6 Likes

Re: Why Online Forex Trading Is A Fraud. My Findings by Nobody: 6:14pm On May 10, 2016
This forex trade thing is probably the oyibo yahoo yahoo. I've no idea how it works nor do I care. I once met a man my age who claimed he used it to pay through school and take care of his family.

1 Like

Re: Why Online Forex Trading Is A Fraud. My Findings by neocortex: 6:19pm On May 10, 2016
dowjones:
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.

One fishy aspect of forex, is that the so-called expert always give an external example of success,
you will hear somethings like: Mr AJ make millions of dollars every month, just google it.
Why not I(the forex expert) makes thousands or even hundreds of dollar every month through
real trading.

What I did find out is that people make money from forex by selling books and training others.
That is why some will promise to trade on your behalf and make huge profit using your own money
instead of using their own money and making the profit for themselves.

Who doesn't like to make money ?

6 Likes

Re: Why Online Forex Trading Is A Fraud. My Findings by abbey621(m): 6:20pm On May 10, 2016
Forex trading is not a fraud/scam, if it were then it wouldn't exist in advanced countries! Now listen, most Nigerians think they can go for tutorial 3 weeks to 3 months and become experts in Forex, this is a very stupid idea! Even the experts still make a loss at some point but the key is to ensure your winnings outweighs your losses by a ratio of at least 2:1. I've been trading Forex since 2008 and I still don't consider myself as an expert. While in 9ja, I traded with a measly $500, needless to say I lost it very quickly. I didn't start making a profit till I invested more in myself, I traveled out and God exposed me to financial markets way beyond Forex, I started doing well and ultimately traded everything from Forex to Oil and other commodities. I now have a profit to loss margin of 3.25 to 1 and this has net me a total profit of over 14,000 dollars from a 3000 dollar investment. What many of the critics failed to realize is that you need a very fast and stable internet connection and computer device to trade Forex. You must also have technical and analytical skills and bee able to react to news spontaneously! Forex is not for everyone and is definitely not a get rich quick scheme, do not use your feeding money to trade Forex! If you are not willing to lose all your money, DO NOT TRADE FOREX!!!!!

9 Likes

Re: Why Online Forex Trading Is A Fraud. My Findings by rozayx5(m): 6:25pm On May 10, 2016
yea nl owner at it again
Re: Why Online Forex Trading Is A Fraud. My Findings by olly12: 6:26pm On May 10, 2016
Forex Trading is not a fraud or scam. You are all open to your opinion but for most people they rush in and rush out because of their greed and little knowledge about it. Lol, instead of you calling a $5trillion dollar investment a scam please go and learn how to do it well. People like me have made it in forex and still making it every single day thanks.

3 Likes 1 Share

Re: Why Online Forex Trading Is A Fraud. My Findings by Reference(m): 6:26pm On May 10, 2016
Just like the Great California Gold Rush. The only people that made money were the guys selling and leasing tools and supplies.
Re: Why Online Forex Trading Is A Fraud. My Findings by FXCRAFT: 6:27pm On May 10, 2016
akeensbussy:
To be sincere with you, I had never traded forex before. never got my hands burnt.. though, have had interest in it and this led to research and also interview I got from people.

This propel me to write this.

The sagacity with which you wrote this drew my attention. I advise you make proper research before you make assertions. Forex is indeed profitable.

Kindly get your facts right.


.
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.

I can show you a live trading account with a history spanning over a year and profitable. Please stop propagating what you can't prove.

For traders looking for reputable brokers, kindly visit

www.forexpeacearmy.com

www.100forexbrokers.com (use their cyber search option)


These websites will give you every information you need about selecting brokers with real customer reviews.

You can choose to follow my 'Live' Trading quest of converting $196 to $1million here on NL in 5 - 7 years. You can check my threads to follow.

https://www.nairaland.com/3054412/fxcraft-gateway-financial-freedom-subscribe


https://www.nairaland.com/2973951/fxcraft-196-1-million-live



You'll agree with me that I won't be so confident displaying an account stats if I couldn't achieve this feat.



#FXCRAFT

2 Likes

Re: Why Online Forex Trading Is A Fraud. My Findings by neocortex: 6:31pm On May 10, 2016
kellybently:
fx not a fraud. Most people don't take time to know what they supposed to know b4 investing in the business.
since yesterday am trailing with the trend.

How much are you making monthly consistently from trading forex ?
Re: Why Online Forex Trading Is A Fraud. My Findings by PussyKrook: 6:37pm On May 10, 2016
This thread is being strategically hijacked by forex traders; those ones already missing the services of novices they can manipulate. Just stay away from get-rich-quick schemes. You will lose your hard earned money.

3 Likes

Re: Why Online Forex Trading Is A Fraud. My Findings by yoribo: 6:40pm On May 10, 2016
[size=28pt] Buying data by sending recharge in naira land is more riskier. I don't know why the admistrator should allow such, knowing fully well that it a fraud campaign[/size]
Re: Why Online Forex Trading Is A Fraud. My Findings by jossytech(m): 6:42pm On May 10, 2016
Na wah, lack of knowledge is really a problem, when you dont understand how system works, then you call it fraud, what is been done globally, the process of funding and withdrawal goes thru global banking system, its fraud, i started trading back in 2007 learning and still doing it today most of my asset come from it and i never defraud anyone, in fact raise more life with training and offers, study the system, know when to trade and when not to, dont be greedy, chose your broker (business partner) wisely and you are good to go, if forex shut down, your banking system is over.
Re: Why Online Forex Trading Is A Fraud. My Findings by Nobody: 6:42pm On May 10, 2016
If u are a Christian stay away from this thing called online trading
It is a form of gambling and the devil will punish you. Don't think you can recover your losses.tepent and quit
Re: Why Online Forex Trading Is A Fraud. My Findings by danot1030: 6:43pm On May 10, 2016
I lost over 5m on that kalokalo called forex, men.
Re: Why Online Forex Trading Is A Fraud. My Findings by Onezie(f): 6:54pm On May 10, 2016
Has anyone invested in Atlant investment com? Pls share ur experience
Re: Why Online Forex Trading Is A Fraud. My Findings by davidigomanel: 6:54pm On May 10, 2016
I'm sorry for those people who still believe in forex trading. The so called trainee are the once who is advice you to trade your hard earn income they are maga, don't believe them or don't let your hands burns before you appreciate it. I will advice you if u don't have anything to do with ur money keep at the bank. Instead learn the offline trading from the malam, if u are humble.
I have invested in my fortune to forex, hyip etc all are legalize scammer, I have used my school fees to invest all gone.
Look for alternative means of income. I which the govt can banned it, I will love it. DONT BE DECIEVED BE WISE. THE FOOLISH ONE BELIEVE ALL WITHOUT SCRUTINY. PLE MY BROTHER DONT BE FOOLISH AND GO HOME CRYING!

1 Like

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