Why are More brokers are springing up daily?
Why are More people are opening Forex accounts?
Why are More people are losing money?
Who are the losers and gainers in the Forex market?
Forex is a skill that requires time, money , knowledge and experience. It's as difficult as any STEM fields , but you are not guaranteed a fair income like most professions. This make it one of the most difficult professions in the world. Most ponzi schemes will come out with guaranteed success, many "professional" traders will offer training with a high fees, many developers will come up guaranteed bots/EAs. If these folks are scrapping from the multi-billion dollar industry, they wont have time to scribble over crumbs for newbies. There so many scams hidden inside Forex especially in Nigeria, where there are no regulations and people are losing money.
Forex is a profitable business, i mean a lucrative business. But how many people are patient? How many people are willing to pay that sacrifice?
I ventured into Forex in 2006, but started making real time profit in 2014. Imagine the years, the money the time and sacrifice! Yet, am still developing, but the difference is that am making profits. Many Nigerian don't have patients to grow. They don't understand why that 1-2% growth of $20 will grow to $20,000 in years as your profit begins to compound. They want to use $100 to make $1 million in few months , so that they can ride that posh car. It is possible, but you must have patients.
Avoid Forex tutors charging you.
Avoid managers promising you huge guaranteed returns
If you are going to choose a manger, choose the one with very low returns while you are in control of your funds. Don't hand over money to anybody.
You can make it, but have the right mindset.
Forex is not a scam, Forex is not gambling. Forex is still and will still be profitable.

It's not gambling.. It's a business .

Forex is a big scam. Only brokers and banks make profit. You're never gonna make consistent profit in forex because you'll be hunted by the banks. They see your SL every time you take a trade and will hunt it.
Op is probably working for a broker. How sad.

Babara1994:
Forex is a big scam. Only brokers and banks make profit. You're never gonna make consistent profit in Forex because you'll be hunted by the banks. They see your SL every time you take a trade and will hunt it.
Op is probably working for a broker. How sad.

That is not true. I dont know what you mean by banks! Retail traders dont deal with banks, and banks trade too. For brokerages , there are unregistered ones who will take your money. Like every other business, you need to do research and study, i dont use stop loss or at most my stop loss is very big(when i see news is around the corner). I see people using 5 PIP STOPLOSS on A VOLATILE MARKET RISKING 50% OF THEIR ACCOUNT, this is gambling not trading. I risk 1-2% of my account at each trade with a minimum of 6% gain...if i take 5 wins and 2 losses, my account is growing. But many traders want to hit it big overnight and start living large, Forex like life doesn't work that way. People still make profit and are making profits

Omonstarr:

That is not true. I dont know what you mean by banks! Retail traders dont deal with banks, and banks trade too. For brokerages , there are unregistered ones who will take your money. Like every other business, you need to do research and study, i dont use stop loss or at most my stop loss is very big(when i see news is around the corner). I see people using 5 PIP STOPLOSS on A VOLATILE MARKET RISKING 50% OF THEIR ACCOUNT, this is gambling not trading. I risk 1-2% of my account at each trade with a minimum of 6% gain...if i take 5 wins and 2 losses, my account is growing. But many traders want to hit it big overnight and start living large, Forex like life doesn't work that way. People still make profit and are making profits

Retail traders don't deal with banks at all? Who then is responsible for liquidity grab?
And you don't use stop loss? When the best traders use 1pip stop loss per trade
And you are a profitable trader?
And you see people use 5pips stop loss, risking 50% of their account?

You clearly don't trade forex. Happy blowing, newbie!

That's the problem with many losing traders...always use the "you see MR.A , MR.B", " i read", " My mentor told me this", Real traders share their person experiences, their learning curves, how they adapt..etc. How can someone be risking 50% @ 5 pips stop loss ? No wonder so many brokerages are springing up everyday.

Babara1994:

Retail traders don't deal with banks at all? Who then is responsible for liquidity grab?
And you don't use stop loss? When the best traders use 1pip stop loss per trade
And you are a profitable trader?
And you see people use 5pips stop loss, risking 50% of their account?

You clearly don't trade forex. Happy blowing, newbie!