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Nairaland Forum / Nairaland / General / Business / Defending FOREX Trading. A Golden Goose With A Bad Name. (9184 Views)
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Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by Nobody: 3:41pm On Jul 25, 2017 |
dowjones: @bolded, you mean that investors should look at an account with draw down higher than 50% (i believe that's a mistake from your sentence structure) about the risk part, am guilty and am sure 80% of retail forex traders are too. i once use a leverage of 1:1000 and lot of 0.75. i tot i was invincible till the market humble me.... so. an back to 1:400 lot size of 0.01, i think i will increase to 1:500. what's your take on Tickmill 1 Like |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by Nobody: 3:47pm On Jul 25, 2017 |
9japrof: interim govt, ummmmm buhari is still in London oooo |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by dowjones(m): 9:37am On Jul 27, 2017 |
wamiikechukwu: You are correct. I meant Lower than 50%. I will correct my mistake 2 Likes 1 Share |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by dowjones(m): 9:38am On Jul 27, 2017 |
i was banned by the antispam bot for no reason. I realized i had to mail the mods to "release" me. I'm kinda getting tired already. this is the third time |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by dowjones(m): 9:42am On Jul 27, 2017 |
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Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by xdos(m): 10:39am On Jul 27, 2017 |
Hello Dow... there was an Alpari advert on tv and that caught my interest. But from your post, it sounds like it isnt safe using Alpari. They called me and made promises. Said even if I dont have time, they got professionals who could handle it for me. Please throw more light. I am interested in FOREX. |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by dowjones(m): 11:49am On Jul 27, 2017 |
xdos: Since Alpari declared bankruptcy on january 20, 2015 and the FCA UK took over, Alpari has been blacklisted. Although they still fraudulently claim they are FCA regulated. thats a lie from hell (Red Flag #1) Here's an annoucement from FCA declaring Alpari bankrupt https://www.fca.org.uk/news/statements/news-customers-alpari-uk-limited Now you see why the regulator is the most important thing. FCA made sure most of Alpari's 100,000+ clients got their money back and they are still paying. Imagine if this happened in cyprus? Alpari is more or less a technology provider (like blackberry). Any office you see Alpari claiming as a "branch" is just an independent business man using their brand name and tech. (server, price feed, Liquidity. etc) Russia, Ukraine, Belarus, Kazakhstan, Uzbekistan, Moldova, Georgia, Mauritus, Belize, St Vincent and the great NIGERIA Look at the 11 countries Alpari is operating from? Does this raise raise a red flag already ? Now, to make it worse, All these countries do not operate with supervision from Alpari. They run independently. If you think i'm playing, go to the Alpari global website and act like you have a complaint about withdrawal. They will tell you point blank you should sort it out with the Nigerian office. Now imagine Nigerians with your money with no regulation to put them on check. I have a couple of things to say about the Nigerian office. but to avoid a long post. i will stop here DO NOT USE ALPARI.or use them with chicken change. 1 Like 1 Share |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by xdos(m): 12:03pm On Jul 27, 2017 |
Thank you so much Dow... You just saved me some cash... dowjones: |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by Nobody: 2:28pm On Jul 27, 2017 |
i once used alpari, b4 i left them they were using the 4 digit and my mentor told me that any broker that uses 4 digit now is a scam broker. plus they gave me headache. 1 Like |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by xdos(m): 11:37pm On Jul 27, 2017 |
Kindly explain what 4 digit is wamiikechukwu: |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by dowjones(m): 4:26pm On Jul 28, 2017 |
Spotting a bad account in HD Even Verified accounts can be a death trap. Here's a primer on spotting one There are several account publishing sites on the internet. These are example of the major three I know. 1) Myxbook Click on Text 2) MQL5 Click on Text 3) Signalstart Click on Text There are hundreds of accounts on these publishing sites. Lets run through the signs of a bad account even if verified. (I will also show you how forex traders make millions monthly using these sites... much later) Lets see what to look for using the pointers i've listed in my previous post (account age , Drawdown, strategy applied & other factors) Lets analyze a typical account a quack can use to lure the scam screamers. I CANNOT POST PICTURES IN THE BODY OF THE POST. I HAVE TRIED ALL I CAN. SEE BELOW FOR ATTACHMENT. If anyone can help let me know how to do it * this account has earned 1,874% (quite impressive but is it verified ) 1 The account is verified (the account is owned by the publisher and the history has not been altered) ….but how old is it ? 2. The account has been active since June 2014 (Jesus! Its 3 years old. Thats older than my neice) .. let me check the risk appetite of the trader then give my life savings to this trader 3 Drawdown 84.3% ! Thats almost 90% of my capital almost wiped out. 4 Current equity is 15% ! (equity is the current balance minus the open trades) you mean this dude has 85% losing trades open. Why the F*** is he keeping them floating 6 Look at the equity curve nosediving like a sosoliso plane. 5 let me see other factors like the reviews. He might be a good guy. Oh snap, someone already confirmed my fears... ...this guy is a CLOWN ASS QUACK! RUN ! Look at all the accounts of this killer. Everything has a drawdown of over 70% its almost as if he is on a mission to make people poor. Lol 1 Like
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Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by dowjones(m): 4:35pm On Jul 28, 2017 |
i Numbered the picture to help you identify what i was talking about. trying to figure out how to place pictures within the body of posts has delayed me by 2 days (plus the banning) the second picture shows that all the accounts this trader (killer) handles has very high drawdown. and that says alot about his person not even is trading. you can tell he doesnt learn from his mistakes and will keep doing the same thing hoping it will turn around one day (gambling) the third picture is a negative review that confirmed my thoughts on him. NEXT POST |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by Nobody: 6:10pm On Jul 28, 2017 |
@OP you have good write ups and info but shading another's name with the aim of sharing an info is very unwise and made me loose interest in all your good normal articles we can find anywhere. You called sandile shezi an idiot, when did earning commissions become an offence? Please wise up and let us know your motive for all this randomised normal articles you picked up on net. You deserved to be permanently banned for shading others unjustly. 2 Likes 1 Share |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by dowjones(m): 7:36pm On Jul 28, 2017 |
Donharrie: If you are offended get off my thread. do i strike you as someone who aims to please anyone. Sandile claims he made his millions TRADING FOREX and DROPPING OUT OF SCHOOL AND USING HIS SCHOOL FEES AS CAPITAL. then further makes people believe they can learn forex by mild training. This is a case of false advertisement. this is the reason many people have been burnt. because they have been promised heaven on earth. I used sandile because i have strong affiliations to south africa and he can be easily watched on youtube. i am summarizing my knowledge, if i should list the scammers you might blow up then. his wealth is only mythical. his claim to be the youngest millionaire in south africa is laughable knowing the european families that control the mines in that region. But he has made the average university student think they can strike gold and drop out to trade forex. I LIVE ON FOREX TRADING. yet i have refused everyone who has messaged me for lessons because i know the sacrifice involved in learning FX the right way. and if i find out you are a marketer selling his FX goods with deceit . i will shade you too My father lost over 40 million naira on the Nigeria stock market because radio gurus were telling him to buy and never when to sell. those quacks have sold their magazines and earned their commissions but do they know the larger effect of the deceit they're spreading? this is what sandile is doing. You can never drag someone into FX trading if you really know what it entails! *** I just checked your profile and noticed you are an internet marketer just like your friend Sandile. Forex trading is a blood sport. if you will go to the internet to market an art as dangerous as this. you should at least come out clean. at least for the sake of Jesus, your savior. 11 Likes 3 Shares |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by dowjones(m): 8:41pm On Jul 28, 2017 |
xdos: Since the response is delayed, i should take this up for educating others. "4 digit" refers to the forex brokers pricing. so its actually 4 digit pricing Lets assume the Naira dollar rate is N364.42116, Most banks and dealers round this figure up to N365.00 to save time and other things. Same with brokers or as revealed earlier "Market makers" Because their price was not coming directly from the liquidity pool. market makers rounded up 5 digits into 4 digits. so 1.20500 (5 digits)will be rounded to 1.3000 (4 digits). these micro pennies was another income earner for these shady brokers but with time (and stricter regulation), most broker dropped this and opted for direct feeds from the markets and earned commissions like stock brokers. so in summary, 4 digit pricing has one digit missing (which goes to the broker's purse). 5 digit pricing is the real deal ...supposedly 1 Like |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by xdos(m): 9:07pm On Jul 28, 2017 |
Thanks Dow. Wanna be like you when I grow up. |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by Nobody: 10:04pm On Jul 28, 2017 |
xdos: EURUSD quote 0.2785-------4 digits EURUSD quote 0.27852------5 digits USDJPY quote 112.12--------2 digits USDJPY quote 112.123-------3 digits hope u understand now 1 Like |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by dowjones(m): 12:01pm On Jul 29, 2017 |
Part 2: FOREX trading is not for everyone Like any endeavor, there are necessary traits attached to success. Champion athletes have certain natural or developed abilities (traits) that enables them excel easily. Not everyone can be a soldier, Doctor, Porn star even yahoo boy, so why should FX trading be any different. These 2 articles will help you figure out necessary traits required to be a succesful trader 21 signs you have what it takes to be a Forex trader Unique traits of successful Forex traders i'll just point negative traits that should make you avoid FX trading. 1) If you don't like knowledge If you are never curious, Never questioning, unlearning and re-learning, watching documentaries, Tutorials, Teaching yourself... Just forget FX trading. You will not go far. Because there are few academies that formally train FX traders, Most FX traders are self taught. Ebooks, Forums, Videos are abundant on the internet with free resources that will help Just stick your gossip blogs and celebrity news and use your money to buy some expensive gadget than blow it on FX. It is not for you 2)If you are a mediocre If little success scatters your brain or little failures makes you give up. Forget FX trading. If you never strive for perfection, or put in your best at all times to doing things exceptionally well. Save your money. You will Fail Stick to your 9-5 jobs that allows you mess up and still make money. FX is not for you 3)If you are emotionally unstable If you are not resolved and can stick to decisions you have made through logical, analytic thinking. Simply put, if you do not think or avoid analytical thinking just avoid FX trading. It involves using your brain every week day and even in your sleep. 4)If you like short-cuts The forex market is considered a perfect market in economics where demand meets supply at all times. With well grounded knowledge, A good strategy and patience you will succeed. If you enjoy cutting corners or gambling (reckless risk taking) you will lose at the end. These are the few traits I can think about NEXT: Part 3: Making money in the FOREX market 1 Like |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by dowjones(m): 2:03pm On Jul 29, 2017 |
Part 3: Making money in the FOREX market (the intro) Before I go fully into this chapter, lets see how profitable Forex trading really is. The biggest lie in the FX trading industry is that only 5% of traders are successful. (some people say 3%) I cannot say where this lie came from but I know marketers, affiliates and teachers spread this falsehood to scare people into patronizing them. In fact, FX trading is considered less risky than many businesses. The American regulatory body NFA requires retail brokers to provide a profitability report every three months . This report summarizes how profitable their clients are and how many accounts were created or closed. (you see how regulators define transparency) I have tabulated the average profitability of retail traders in america over 5 years (can't lay my hands on latest reports) Average Profitable Accounts in the U.S Year: Q1 Q2 Q3 Q4 2016 32.5% X X X 2015 34.2% 32.3% 31.4% 35.0% 2014 35.6% 37.9% 37.3% 35.6% 2013 34.0% 35.0% 31.0% 31.6% 2012 34.0% 32.3% 33.24% 34.3% As you can see the average amount of successful traders in the U.S is 30% Other Sources have showed that this number is increasingly globally with the introduction of social trading and more transparent brokers. There is a reason North american traders are considered one of the most successful. But there are strong indications that UK brokers have the most successful retail traders. To those who will bother looking at the links themselves here. There is a broker that records an average of 43% successful accounts every quarter for 5 years. look at the attached image to see it These numbers are a reason (among many) that you can succeed in FX if you do things right.
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Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by dowjones(m): 2:33pm On Jul 29, 2017 |
this was the thread that motivated me to create this thread. https://www.nairaland.com/2816281/why-online-forex-trading-fraud None of those people who are tagging FX a "scam" were well educated on it. (even those that think they are) the same way the bitcoin/cryptocurrency preachers are on the radio... ignorant people will jump into it, get burnt and call it "scam" NEXT: Making money in the forex market 1 Like |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by gmaribel(m): 2:37pm On Jul 29, 2017 |
dowjones: God bless you Lots of scams about Forex out there and many people who don't know fall into their traps. You can't learn how to trade profitably just by attending a weekend seminar. You can't profit from forex trade if you are using a shady broker. (You can recognize them by their juicy leverages 1:1000 constant adverts online and how they are regulated ) If you are not patient and disciplined to follow fixed rules Forex trade is not for you. Learn with a demo account and master your strategies before going live. Thanks op |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by dowjones(m): 2:45pm On Jul 29, 2017 |
gmaribel: you are welcome. i hope i have more time to finish what i have started |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by Fxmanager(m): 6:22pm On Jul 29, 2017 |
dowjones: Our brother tell them. Tell them they need a Never say die attitude, a heart of steel, ask them if they can follow one part for close to a decade without success. Can they risk a broken relationship, marriage and family. Can they risk being neglected by friends and family members, because the success is yet to come after so many years. Tell them to follow the post below and invest in SEASONED TRADERS to absorb the shock that will occur while on their success pursuit on forex. https://www.nairaland.com/3901897/currency-trading-journal-target-avg |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by Nobody: 9:41pm On Jul 29, 2017 |
Fxmanager: so ur using this opportunity to advertise urself abi 1 Like |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by Rickrux0: 12:04am On Jul 30, 2017 |
wamiikechukwu:lol...the thing tire me ...please, ride on oga DowJones! |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by dowjones(m): 8:04am On Jul 30, 2017 |
FXmanager I have ignored your promotions on this thread because your trading style and result has some potential. But you are going about this the wrong way and it is already derailing this thread. This thread was meant for educating people. Your promotions on every thread is quite selfish and a bit too agressive. Get a live account and trade on it for 3 months and put it on myfxbook's autotrade and you will never need money again. Please don't promote anything on this thread again. Thanks 4 Likes 1 Share |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by Nobody: 8:57am On Jul 30, 2017 |
dowjones: Hope you have gotten the 18,000,000 to fund your account? |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by eric4real(m): 10:27am On Jul 30, 2017 |
I really do appreciate you for this information which so many of us dont know about, great job. |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by eric4real(m): 10:34am On Jul 30, 2017 |
Dowjones do bear this in mind that you need to start with whatever amount you have, and grow with it to that amount you are anticipating as a start up capital, whatever you do ensure you always protect yourself by using stop lose.#eric4real |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by eric4real(m): 10:36am On Jul 30, 2017 |
what matters is not the amount you start with but your consistency in the forex market |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by eric4real(m): 10:44am On Jul 30, 2017 |
[color=#000099][/color]you are doing a great job |
Re: Defending FOREX Trading. A Golden Goose With A Bad Name. by dowjones(m): 12:59pm On Jul 30, 2017 |
eric4real: Hello. The dude that quoted me got that comment from an entirely different thread and is trying to troll From my topics, you'll see I bought 40,000 Canadian dollars in the beginning of the year. I cannot reply every loser on this forum. Thanks for the advice though. I advice people to start small. With at least 1,000 dollars. If you can succeed small, you will become big on the FX market My goal is to enlighten, but not teach trading. I'm trying to stay focused on that. Thanks again. |
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