₦airaland Forum

Dear Nairalanders,

I wish to put down my personal experiences with forex trading because I see that a lot of people are promoting this venture all over social media and I feel if truth isn't spoken there'd be more people falling into this.

Sometime about 2019 I heard on the radio about an opportunity to earn money online. It was the voice of man who introduced himself as a pastor on the radio programme. He said many things from how he started life, struggled then made it with forex trading. He said his company wants to teach people how to trade so if you're interested you should come. I took interest and an SMS to the provided number to book my seat reservation.

Now I went to the forex seminar from the entrance I could see some people selling self help books like Think and Grow Rich, Rich Dad Poor Dad (at the time didn't know anything about such books or any interest). So I went up to the room where the seminar will take place. As I was approaching the room the was a loud sound coming from their sound system, I entered the room on the projector I saw a young boy (looked like a 17 or 18 yr old) on the screen who was said to be a young millionaire from South Africa named Sandile Shezi.

I was motivated by that boy, I said in my mind I want to be like this boy and make my parents proud. So as the seminar went on there were people who came up and we're telling us how they struggled until they found forex trading and quit their job, I remember one man vividly who said he was an Accountant who was paid poorly but after doing forex trading for a while he quit his job another came up too that he used to supply beverages for companies like all these sachet Milo, Milk etc

Then came in the main guy, the Pastor looking fly in suit, eloquent in speech, filled with vibrance. Told us he pitiful start in life how he carried sack of foodstuffs slept on the bags foodstuffs at times, lived in small apartment etc after everything he now made his pitch. He said it's not for everyone but if you want to change your life story/financial life, there's an opportunity for you he started calling out prices of the packages they had. From 150k to a slightly higher package of 200k etc he even said if you want 1 on 1 was even higher but there's more benefit. So who was I to bring such amount then when I was just a student in school.

I left the seminar feeling something was off, if you'd really wanted to help people I don't think the amount would be that high, so I got home forgot about this man even though later I still heard his ads on radio.

Then I met someone who told me about forex trading again after some months, I told the person I feel something wasn't right with it especially with all these adverts everywhere and fees those who advertise tell you to pay.

The person showed me a robot that was trading automatically and had profits which I could see in real life. So I got encouraged to learn so I started learning from Babypips, Tradingview, Forex factory, YouTube etc then I started looking at the charts after a few weeks then, knew when London session opened, when it overlapped with US session, why the Asian session wasn't the best to trade due to low volatility etc.

Was still learning after some months when I was listening to a football show on radio then a young male voice came up that he has an opportunity for the young man without job, family man with need for extra source of income. This particular guy said the seminar was free that people should come. So I was interested and hyped up as I was also learning and imagine learning and gaining more experience from people who are earning from it.

So I went to this seminar I think sometimes in 2021, a lot of people came, the hall was nice but small. So a fair young lady came in greeted us the started talking about forex. She said it was what she used to take care of herself, she mentioned her boss who introduced her, put up his picture on the projector. Said he wasn't this fresh until Forex trading money started coming. Mentioned they were members of a certain church (Big red flag now if any christian wants to tell me about investment/making money and their fronting Christianity).

So some other males came up one said he works offshore (he dressed and spoke well) the other said life show am pepper but forex help am change his life. After everything the lady said if you're ready to start earning from the global economy in US dollars without Wondering about the economy of Nigeria raise your hand. I raised my hand and showed interest.

Is it not wise to learn from others mistake and give yourself a good start than going to learn and make all the mistakes again all over? So I paid the fee to learn with them, I was so eager to learn because I felt this was a window to learn what will change my life.

So they created group for people on Telegram and Whatsapp for dropping signal and general information. They said as we learnt we will be earning. Okay I went to the learning portal and to my surprise everything they were teaching was on YouTube

I was shocked and angry, I asked the person who I was under her team that this wasn't what I paid for to learn. I know lot size, margin, broker, how to add broker account to MT4, how to place trade etc that this information wasn't what I needed, that I knew what was on their site. This person tried to gaslight me that this isn't what trading is oh. Then told me there was a trading side and a business side

I was disappointed but I said let me just be patient for a while. They called for meeting I went, in that meeting no single thing about trading was discussed but it was how we'll go to schools to go and recruit students and young people. They said we should dress well and come. My conscience didn't allow me to go, something was off, how do I tell another human being something is working meanwhile I haven't seen impact in my own life.

Later on I now realized these people were running an MLM masked with forex (Christians oh). They tell us to put winning trades on our Whatsapp status to lure people in. I later realized that those who come out to give testimony during seminars are also working there, they were not normal ordinary people. They were always about recruitment. Me that came to learn how to better my trading skills, you now want to convert me to recruiter. I left those people oh I can't convince my fellow human being to join what I know fully well will end in tears and spoil my name. Funny enough I met someone who said that their a trusted platform that he's gotten his money and still earning (so much for trusting a colleague).

They told me that they'd suggest broker for me oh but if I have too it's ok, they had another platform something Option I don't know maybe IQ Option or so, Incase you don't have like $100 to $300 to trade forex anytime they drop signal. I didn't have huge money then so I tried the Option trade with $10 all their signals failed, kinda like 8 losses 2 wins which the 2 wins still went in losses.

I used to see young guys on social media, I'd fall for the illusion. I started looking for who will give me money to trade so that I can start earning from the trade signals this company were providing which unfortunately I didn't get.

Life happened got deep into school work couldn't concentrate much on forex charts again but still held the belief there was a way, maybe, somehow.

A few years pass was still trading demo off and on due to school. Met a brother who was a christian, he said he was knowledgeable in the markets. Show me screenshots I begged for him to show me they way, that I wasn't getting this thing for years. He said ok put me in his group chat and started giving signals, I was concerned because I want to learn not just signals. So it was just signals.

I had gotten like $50 dollars to trade grew it to $70 something in like 2 weeks but lost everything in 1 trade. Yes 2 weeks effort plus capital gone in 1 day. I felt my body freeze, that was all the money I had then.

I said I will avoid trading since I don't have money but then again I'll be seeing people flipping $10 to $100 I will be shocked and motivated. I tried trading cent account on my own it was like 8 loss 2 wins kinda situation.

So I saved up again tried with $100 again from this christian brother, there was a day I hit $40 was so happy, but shortly after lost all of it again. Anger, depression I don't know what to just call it a mix of everything. I gave up trading.

Someone from the Forex company I once joined reached out to me later saying they weren't seeing me that there was an upcoming program. Said I should rethink joining that there is "No money in trading" I was shocked this was coming out from this individuals mouth. In my mind I was are you saying all these years I was wasting my time? Are they saying the money they used to travel to Abuja to other cities in Nigeria and Abroad isn't from trading but from recruiting?

A few days later I told this individual I wasn't interested any longer, I can't deceive people just for money instead I just keep my mouth shut.

Lest I forget, the christian brother I was learning forex from even asked me for financial assistance which made me skeptical cause how can you be so rich in millions of naira but you're ask for 50k or 30k to solve a problem. He said there was a trade he entered that he lost huge money. That if I have I should please lend him that in 2 weeks he'll give me back. That 2 weeks turned into months oh. I'll call he will not pick, drop message nothing always forming busy. It was after much shouting and quarreling the money came out. It left me wondering are you sure these guys are seeing any money from this forex trading?

So I decided to take the bull by the horns and trade by myself this time with demo cause I have lost money already. After a while I noticed something the win ratio over a long period of time wasn't consistent. Like you can put $1000 to trade you can even raise it to $2000 self but over a period of time let's say a year you'd barely be in profits. You can even lose all your money. Earnings are not consistent and there can be none but the influencers make you believe making money from forex with ease like swiping through TikTok or Instagram.

Can you make money from forex trading? Probably

Can you make money in the long term consistently?
Not sure, your gurus on social media don't rely on trading

There's a lot of manipulation going on behind the scenes in forex trading in Nigeria, the cars, private jets, shoes, the winning trades all can be manipulated to create an impression of wealth. True wealth takes time. Warren Buffet didn't become a billionaire until 56.

You are their target, yes they want your money dear Nigerian youth, they shut down quickly anyone who is trying to expose them. They can use the police and other agencies to shut you down. Some have a team that comment on posts and videos so you'd think everything is legit.

If you still want to engage in Forex trading and you're convinced don't give anyone money dear Nigerian youth, everything is free online all the information. Don't pay for any influencers course or class. If you want to further test yourself try cent account with little money, pick one currency pair and see if it works for you overtime.

I honestly feel trades are manipulated and you're trading and high speed robots/computers and financial professionals who use the best of equipment, do you think they came to lose money to you that's using a phone or PC?

Some say banks, investment companies and hedge funds also trade forex. Have yo asked to know if the same information the general public has is the same information they have? Those guys aren't just using Fundamental analysis and Technical analysis or the charts.

Maybe new traders don't know many of the famous forex traders apart for selling mentorships and signals also engage in money laundering and other illegal stuff, it's because they haven't been caught yet.

Use your head, make nobody pressure you or deceive you. Many have fallen victims but can't voice it out.

Peace

U are good in writing bro, back to d main topic. Fx is not a get rich scheme. There's money in fx and it can equally send u back to square one

You said it not a get rich scheme and also there's money in it..... which one we go believe now

Forex, crypto and sport betting are all gambling. The house/platform always win.

philest222:
You said it not a get rich scheme and also there's money in it..... which one we go believe now

There's money in forex
D few factors killing traders are GREEED and INDISCIPLINE. Also, ability to set either daily, weekly or monthly target. Before u pull through in forex, u must burn some money.
But if u can control d two factors, d sky will be ur start8ng point

brownemmanuel43:
There's money in forex
D few factors killing traders are GREEED and INDISCIPLINE. Also, ability to set either daily, weekly or monthly target. Before u pull through in forex, u must burn some money.
But if u can control d two factors, d sky will be ur start8ng point

couldn't have said it better.
Right on point. Nothing to add.

brownemmanuel43:
U are good in writing bro, back to d main topic. Fx is not a get rich scheme. There's money in fx and it can eeually send u back to square one

Let me agree with you that there's money if you're a bank or an institution or maybe a hedge fund but from a retail trader standpoint, it's a slaughter house, the odds are stacked against you. I don't think banks, institutions, hedge funds etc just rely on Technical Analysis or indicators and other common techniques that are being talked about in the public domain. I mean these guys don't trade like how normal retail traders do, they have huge financial power, they have information that retail traders don't, they have access to the best available tech/softwares, they have access to the best professionals in the field.


I observe many people who say "There's money in Forex Trading" can't even prove it. Real proof, not screenshots (all of which are manipulated today, even MT4 can be manipulated). Talk is cheap, anyone can say anything, they just say one thing and expect you to believe it blindly. So many people have been coming out over the years sharing their negative experiences about Forex Trading yet some people still want to reinforce the notion that "Forex Trading is all good" that it is you the individual that is the problem and not the system, the system that is built on lies, deception and greed.

I ain't trying forex trading again lost money trading and got no more to lose, alot of shady things are happening and have happened in the past, not going to fall into that trap again. No matter the amount of hype online or offline, social media, podcast, conference etc.

The system is rigged

https://www.youtube.com/watch?v=DX9djYus9tY?si=5EEkR9bNEUwodzYi

Bigwings22:

https://www.youtube.com/watch?v=DX9djYus9tY?si=5EEkR9bNEUwodzYi

I know the video talks about stocks trading but this is also happening in Forex Trading as well. Forex Trading is very lucrative, for example brokers give influencers alot of money to maintain an online persona of wealth, flashing dollars, to lure people in to trade then they lose money and they blame you for it.

There are even time manipulations happen, anyone who trades well enough knows this. It's not about studying charts alone or just strategy. Many top trading influencers don't trade and they make their money from teaching/courses, many host conferences to lure new customers like very young adults who are looking for ways to make money. Some influencers work with brokers too, there's just a whole lot of shady things going on at the same time.

Bigwings22:
Let me agree with you that there's money if you're a bank or an institution or maybe a hedge fund but from a retail trader standpoint, it's a slaughter house, the odds are stacked against you. I don't think banks, institutions, hedge funds etc just rely on Technical Analysis or indicators and other common techniques that are being talked about in the public domain. I mean these guys don't trade like how normal retail traders do, they have huge financial power, they have information that retail traders don't, they have access to the best available tech/softwares, they have access to the best professionals in the field.


I observe many people who say "There's money in Forex Trading" can't even prove it. Real proof, not screenshots (all of which are manipulated today, even MT4 can be manipulated). Talk is cheap, anyone can say anything, they just say one thing and expect you to believe it blindly. So many people have been coming out over the years sharing their negative experiences about Forex Trading yet some people still want to reinforce the notion that "Forex Trading is all good" that it is you the individual that is the problem and not the system, the system that is built on lies, deception and greed.

I ain't trying forex trading again lost money trading and got no more to lose, alot of shady things are happening and have happened in the past, not going to fall into that trap again. No matter the amount of hype online or offline, social media, podcast, conference etc.

The system is rigged

Now I understand ur angle towards FX. Well, I'm not here to preach or convince anybody on FX. Like I said before, forex is not someting u just enter amd hit it big immediately, u must blow accountsssss, some even pack up for a while. D major factors which are GREED and INDISCIPLINE. These two factors is no respecter of anybody, u can be into d game for decades and still get carried away by d two factors. It happens to gurus and it happens to newbies. Sorry for ur lost man

brownemmanuel43:
Now I understand ur angle towards FX. Well, I'm not here to preach or convince anybody on FX. Like I said before, forex is not someting u just enter amd hit it big immediately, u must blow accountsssss, some even pack up for a while. D major factors which are GREED and INDISCIPLINE. These two factors is no respecter of anybody, u can be into d game for decades and still get carried away by d two factors. It happens to gurus and it happens to newbies. Sorry for ur lost man

Thank u for this words.. I couldn't have said it any better

Bigwings22:
Let me agree with you that there's money if you're a bank or an institution or maybe a hedge fund but from a retail trader standpoint, it's a slaughter house, the odds are stacked against you. I don't think banks, institutions, hedge funds etc just rely on Technical Analysis or indicators and other common techniques that are being talked about in the public domain. I mean these guys don't trade like how normal retail traders do, they have huge financial power, they have information that retail traders don't, they have access to the best available tech/softwares, they have access to the best professionals in the field.


I observe many people who say "There's money in Forex Trading" can't even prove it. Real proof, not screenshots (all of which are manipulated today, even MT4 can be manipulated). Talk is cheap, anyone can say anything, they just say one thing and expect you to believe it blindly. So many people have been coming out over the years sharing their negative experiences about Forex Trading yet some people still want to reinforce the notion that "Forex Trading is all good" that it is you the individual that is the problem and not the system, the system that is built on lies, deception and greed.

I ain't trying forex trading again lost money trading and got no more to lose, alot of shady things are happening and have happened in the past, not going to fall into that trap again. No matter the amount of hype online or offline, social media, podcast, conference etc.

The system is rigged

You are the one who was rigged by the markets cos from your talks, GREED & INDISCIPLINE still controls u even now so it's better u don't ever enter into forex trading again for your own good but trying to convince people to do the same without telling them while you failed is a biased criticism.

Real forex traders will hardly charge u to teach u cos they even hardly have time to teach anyone. Real forex traders doesn't display any form of wealth or show u their acct balance to lure you even though they have made it.
Real profitable forex traders will surely tell u that your first one year or months in forex will be losses before you get on your feet.

I'm not a forex trader so don't bother to reply cos I won't answer. Your opinion is yours so keep it to yourself cos it changes nothing.


Remember, DON'T DOUBT WHAT YOU DON'T KNOW COS ITS CAPABLE OF KILLING YOU.

For or against, you might be right.
But IMHO, forex is capable of changing your life. but you must pay the price. Learn very well first(Except you want to pour your cup of water into the ocean).
use demo very well until you have made significant virtual progress before you even commit any money.

Skill comes first before the enjoyment, not the other way round.

IntlBigCeo:
You are the one who was rigged by the markets cos from your talks, GREED & INDISCIPLINE still controls u even now so it's better u don't ever enter into forex trading again for your own good but trying to convince people to do the same without telling them while you failed is a biased criticism.

Real forex traders will hardly charge u to teach u cos they even hardly have time to teach anyone. Real forex traders doesn't display any form of wealth or show u their acct balance to lure you even though they have made it.
Real profitable forex traders will surely tell u that your first one year or months in forex will be losses before you get on your feet.

I'm not a forex trader so don't bother to reply cos I won't answer. Your opinion is yours so keep it to yourself cos it changes nothing.


Remember, DON'T DOUBT WHAT YOU DON'T KNOW COS ITS CAPABLE OF KILLING YOU.

What I shared was my experience, if your conclusion is "greed and indiscipline" fine. I left Forex trading for some years now, I don't miss it, i've seen it for what it is. I don't need a response from you, I didn't ask for your permission before creating this post. I sought the knowledge, sought guidance of a mentor, i tried, failed and i found things out real quick.

brownemmanuel43:
Now I understand ur angle towards FX. Well, I'm not here to preach or convince anybody on FX. Like I said before, forex is not someting u just enter amd hit it big immediately, u must blow accountsssss, some even pack up for a while. D major factors which are GREED and INDISCIPLINE. These two factors is no respecter of anybody, u can be into d game for decades and still get carried away by d two factors. It happens to gurus and it happens to newbies. Sorry for ur lost man

The events on this post happened some years back, I've out grown the feeling of that loss, just felt to share my experience maybe it helps those that don't know to know what's happening or what had happened to some other person.

Appreciate your response.

Bigwings22:
What I shared was my experience, if your conclusion is "greed and indiscipline" fine. I left Forex trading for some years now, I don't miss it, i've seen it for what it is. I don't need a response from you, I didn't ask for your permission before creating this post. I sought the knowledge, sought guidance of a mentor, i tried, failed and i found things out real quick.

It's just unfortunate that you found out nothing relative to the forex market.

Bigwings22:
So I went to this seminar I think sometimes in 2021, a lot of people came, the hall was nice but small. So a fair young lady came in greeted us the started talking about forex. She said it was what she used to take care of herself, she mentioned her boss who introduced her, put up his picture on the projector. Said he wasn't this fresh until Forex trading money started coming. Mentioned they were members of a certain church (Big red flag now if any christian wants to tell me about investment/making money and their fronting Christianity).

So some other males came up one said he works offshore (he dressed and spoke well) the other said life show am pepper but forex help am change his life. After everything the lady said if you're ready to start earning from the global economy in US dollars without Wondering about the economy of Nigeria raise your hand. I raised my hand and showed interest.

Interesting story and journey you have there with forex. I have also had similar stories and experiences for over 10 years kept meeting all sorts of dubious people masquerading as forex gurus. I lost interest and even forgot all about it until I met a man recently.
He was a neighbour. Had a small ranch at the back of his house where he breeds goats, rams and grasscutters. Stays indoors most times. Goes out only to drop kids at school, to pick them up and occasional outing with his family on weekends.
We were talking one day and he mentioned he is a forex trader in my mind I was like "they yaff come again". Just to hear what he'll say I ask how much he will charge to train me. He said he does not train people okay when is he having his next seminar i'd love to attend? he said he has never held any seminar since he started trading 20 years ago and he has only trained 3 people his son, his younger brother and a distant cousin. So how does he make money? He said he made his money strictly via trading. Now, he was not flamboyant not that he drive a Lamboghini or that he was flashy. But he was comfortable. He lives in his own house, just 3 vehicles in the compound a 2010 Camry, a Ford Explorer and a bus for carrying animal feeds.
That was when I became intrigued I kept begging him to teach me. I was ready to pay any amount he will charge he refused he said he does not train people. But he eventually trained me without collecting a kobo he showed me some videos and books and provided mentoring for a while before he later traveled out with his family.
Here are the facts I learnt from him.

1. Forex can change your life but it has a learning curve. It will take years to learn and become profitable. It took the man 10 years to make anything meaningful.
For some it is lesser.

2. Success in forex is not a straight line. It's full of downs, downs and ups. Yes the downs will come first.

3. It is a business treat it as such. Dont spend all you profit thinking the market will give you more. Instead from your profit set something aside.

4.When you finally become profitable, don't relax keep learning.

5. If you want to learn about forex the very first thing you should do is get a job or a means of sustenance.
Forex pays but you must be ready to learn all these robot and copy trading will only end in tears.