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Why Online Forex Trading Is A Fraud. My Findings - Business (6) - Nairaland

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Re: Why Online Forex Trading Is A Fraud. My Findings by kellybently(m): 7:10am On Jun 17, 2020
Akwaig:
Forex trading is real business. If you want to succeed. I will teach you, free of charge. +2348114758774
.

Share ur investor password let see ur performance.

1 Like

Re: Why Online Forex Trading Is A Fraud. My Findings by Akwaig: 3:05am On Jun 19, 2020
kellybently:
.

Share ur investor password let see ur performance.

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Re: Why Online Forex Trading Is A Fraud. My Findings by thefavored1: 8:55am On Jan 28, 2021
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.

Hi. Pls is OCTAFX a good broker?
Re: Why Online Forex Trading Is A Fraud. My Findings by thefavored1: 10:10am On Jan 29, 2021
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.


I would love to connect with you bro. Can I get your WhatsApp digits?
Re: Why Online Forex Trading Is A Fraud. My Findings by thefavored1: 10:13am On Jan 29, 2021
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 would love to connect with you bro. Can I get your WhatsApp digits?
Re: Why Online Forex Trading Is A Fraud. My Findings by MxLawal: 11:46am On Jan 29, 2021
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Re: Why Online Forex Trading Is A Fraud. My Findings by Johnny1013(m): 1:01pm On Jan 29, 2021
Guys ,forex trading is not a scam at all.You guys are trading the wrong way. There are any things that make you a good forex trader e.g. Capital management,risk management,how to manage to emotions and entry point too.I might have missed some details too.Fx is not a get rich quick scheme
Re: Why Online Forex Trading Is A Fraud. My Findings by thefavored1: 3:26pm On Jan 29, 2021
happney65:


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

You will be STOPPED OUT. lol
Re: Why Online Forex Trading Is A Fraud. My Findings by Nobody: 4:21pm On Jan 29, 2021
Learn and earn copying and pasting from experts trading Forex, Binary option, cryptocurrency and drop shipping.
For more information 0.8.0.9.2.3.0.1.0.7.7
Re: Why Online Forex Trading Is A Fraud. My Findings by toprealman: 5:04pm On Feb 04, 2021
Infomaz:
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.
The guys actually make you think it is a one week stuff. Just came out of one such class and was like....nah, will pass for now.
Smooth talker, one of the facilitators was all hype but could smell almost all his lies about personal life. Almost walked out but felt I should hear all his gist.
Main guy was fun to listen to but then was going to give them a little cash for them to trade for me, they said no.....I was happy to hear that.

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