Banning Forex Trading And Sports Betting Promotion - Business (19)

Banning Forex Trading And Sports Betting Promotion - Business (19) - Nairaland

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Re: Banning Forex Trading And Sports Betting Promotion by bishop4life(m): 11:09am On May 04, 2016

[quote author=akanniade10 post=45275269][/quote]Don't know how you managed to enter my mind. wink

Re: Banning Forex Trading And Sports Betting Promotion by chibaik(m): 11:09am On May 04, 2016

Every business amounts to risk so if you think you are equal to the task why not? Banning it means nothing.

Re: Banning Forex Trading And Sports Betting Promotion by akanniade10(m): 11:11am On May 04, 2016

bishop4life:
Don't know how you managed to enter my mind.

[color=Blue]Am the Omnipotent, Omnipresent and the Omniscient [/color]

1 Like

Re: Banning Forex Trading And Sports Betting Promotion by Feshizzy(m): 11:19am On May 04, 2016

Kashif:
Back to this argument again after 10 years. I remember the battle before you allowed forex trade discussion on Nairaland. Even stock trading was a big issue then, forcing some members to another forum.

There is always a caveat on forex trading world over, and I think that's what it should be. It is not fraudulent in anyway. The problem is with the traders!

Mr Seun,
I agree with this gentleman.
I believe they should have their own section, where there should be a big warning sign letting other members know about the risk of these kind of business.
there's a universal risk disclaimer for forex:
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Regards,
EF

1 Like 1 Share

Re: Banning Forex Trading And Sports Betting Promotion by Nobody: 11:24am On May 04, 2016

Rexphobia:
Dear Seun,

I think you have a long list of things to ban

1. Snake threads
2. Tiwa and Tbillz threads
3. Olosho threads
4. Tonto Dike threads
5. Ponzi Schemes
6. Linda and Laura Ikeji cum Wizkid threads
7. Ex-bread-seller
9. All misleading threads e.g See naked photo of Asa and Beyonce ==> when I open the thread, the silly OP is preaching
10. Any thread that calls Lalastica's name before the thread has 1 view. We must stop calling the names of our mods in vain

The list is endless. I believe we are adults here and can make rational decisions, so take note.

Regards,

Concerned NLer

Concerned Nairalander - what you have listed above are SURE MONEY SPINNERS on NAIRALAND. This is what Nairaland was built for grin

@SEUN.. BAN FOREX and Sports Betting as well as Propagation of Herbal Medicines

Re: Banning Forex Trading And Sports Betting Promotion by bastien: 11:29am On May 04, 2016

BrainnewsNg:
Abi?

yega

Re: Banning Forex Trading And Sports Betting Promotion by Timbuktu14(m): 12:11pm On May 04, 2016

BrainnewsNg:
When one game misses your N16M bet.

What do you thing will happen next?

You get another chance the other week. That's the beauty of sports betting.

When you invest in oil for instance, and the price falls the next day... What do you do?

Have a good day!

4 Likes

Re: Banning Forex Trading And Sports Betting Promotion by Jay0079: 1:41pm On May 04, 2016

Hmm

Re: Banning Forex Trading And Sports Betting Promotion by Jay0079: 2:01pm On May 04, 2016

akinalabi:
My brother. There is nothing to address. It is his opinion and if we go around addressing every single individual's opinion, we won't do anything with our lives.

Sports betting is for recreation. It's for entertainment. We have said that over and over again.

Mr A goes to the cinema to watch a movie for N1,000

Mr B goes to a beer parlour to drink beer for N1,000

Mr C goes to a NairaBET shop to bet with N1,000

Nobody comes back home with money. Infact, the sports betting guy can even come back with money.

Where is the fraud?

To most people that don't know how this works, let me explain.

100 people go to a betting shop and bet with N1,000 each. That is 100k.

98 of them lose their bets. One wins 50k. The other wins 45k. Out of the 5k remaining, the company pays a percentage to government as good causes and also company tax.

They pay salaries and they pay agents. They get to keep a cut as well.

It's crystal clear.

please my payout and Affiliate commission have not been creditted to my account.Your customer care response is not active. please help out

Re: Banning Forex Trading And Sports Betting Promotion by ngof1(f): 2:03pm On May 04, 2016

Dear Seun,

I am happy that you do have the time to review your threads.

However, i have been looking for a way to get your attention via email concerning an urgent request that has been on with your Supermods for a while.

Please, give a feedback about it so that we can have your final opinion whether it can be deleted or not. I would be glad if we could discuss on 08024454912.

Thanks so much for your kind consideration.

Re: Banning Forex Trading And Sports Betting Promotion by baslone: 2:06pm On May 04, 2016

Ralphlauren:
I agree.

The gambling sector in nigeria is highly unregulated

You make it sound like you really know what you are saying.

You know you don't have to comment right?

3 Likes

Re: Banning Forex Trading And Sports Betting Promotion by DimFemmy(m): 2:10pm On May 04, 2016

baslone:
You make it sound like you really know what you are saying.

You know you don't have to comment right?

baslone, baba agbalagba...irunmole tonje fried rice..awon tie lon ki e lati mushin.

Re: Banning Forex Trading And Sports Betting Promotion by bishop4life(m): 4:26pm On May 04, 2016

[quote author=akanniade10 post=45301006][/quote]You forgot omnivorous grin

1 Like

Re: Banning Forex Trading And Sports Betting Promotion by Lovetinz(m): 6:00pm On May 04, 2016

If only overtly libelous posts will be removed asap, that will put a smile on my face.

Gambling? Let them be.

I have a dream..
Someday, Nairaland will rival Quora.

Re: Banning Forex Trading And Sports Betting Promotion by Cybertext(m): 7:23pm On May 04, 2016

grinace:
Him pastor talk say thou shalt not gamble.
No where in the Bible mentioned that oh. If u doubting download a bible apk then search the word gamble.
Even they casted lots for land and for position

Bros you dey go far Sef... even for Bible them cast lot to win Jesus Cloth (matt 27:35).

E don tey wey guys dey cast and forecast.

Re: Banning Forex Trading And Sports Betting Promotion by Nostradamus: 7:45pm On May 04, 2016

seun ur reason(s)for banning both is highly illogical,if u want to ban fx trading,then go ahead and ban the senseless threads also(am sure you are aware of them)

Re: Banning Forex Trading And Sports Betting Promotion by davide470(m): 7:54pm On May 04, 2016

Favolly:
And what is illegal about forex trading?

Ehn, ban the NSE stock pick alert page too na! In fact, kuku ban the whole investment section

~~When will this Se.un grow up sef?~~

Maybe you need to take a thorough look at the Investment section and check the rate at which threads on promotions of FX-Trading/HYIP's springs up on an hourly basis. undecided

Mind you, the NSEMPA is a single thread and all discussions are held therein.

#TeamIvyy... Vote Ivyy for Miss Nairaland

Re: Banning Forex Trading And Sports Betting Promotion by golddeejay(m): 6:36am On May 05, 2016

betting is not illegal in Nigeria so far the person is 18 years of age. internet will always be a reflection of the society. just change nairaland to nairaCHURCH instead.

Nigerians...we can form holy and display some 'change the world' stuff when we can't even change ourselves.

hope you know betting is a billionaire dollar industry. many people will keep losing while some few will win just like it happens in every area of life.

Seun, you don't need to fix what is not broken so as not kill the vibe of your site.

1 Like

Re: Banning Forex Trading And Sports Betting Promotion by Greenpastures: 11:05am On May 05, 2016

Mr Seun I salute your cognitive and creative mental ability but I will like you to be very conscious of your opinion on this issue. It is possible you have a positive motive for your intending decision but I strongly believe that the opinions of your clients also matter a lot - that's what you've already sought for.

I'm a christian and God fearing for that matter never encourage any form of gambling but let us beware of what we religiously condemn so that we don't fall victim of ignorance. I'm not a football better neither a baba Ijebu player but I'm a passionate, enduring and consistent FOREX trader since 2007.

Shortly I will like to explain the major difference between gambling and real business.
Quote me anywhere, any business you see nowadays comes with a concept of gambling because it's a two-way traffic - it is either you are right or wrong about your business speculations.
A real and legitimate business becomes gambling when you venture into it all because you see people doing it, without any prior knowledge about the business (I just want to make money).

Believe me FOREX trading is far from a gambling business, maybe it's the wrong perception that many people have about it that's making them lose their money all the time. Forex requires thorough study, learning and reading of books before you can be successful in it as it is for almost all businesses. Why on earth will you dabble into any business without prior intensive knowledge.

I'm a longtime forex trader. Let me tell you that what it's involved to win big in forex is sometimes more tasking and strenuous than going to school to study a course for four years. After my five years of demo trading with lots of money spent on training and books, series of sleepless night and serious commitment I was able to turn $50 to $192 within 3 weeks this year. Now I just have the courage to invest big in it after several years of training. Do you want to tell me that I'm gambling?

There are lots of atrocities, destructive and corrupt discussions on this forum that nothing has been done about. I'm not in support of banning forex trading at all because it's some people's profession and they are certified for it. If there is anything you can do to fix out the swindlers, well, it's all welcome.

2 Likes 1 Share

Re: Banning Forex Trading And Sports Betting Promotion by hahn(m): 11:28am On May 05, 2016

Seun:
Dear Nairalanders,

We are thinking of completely banning the promotion of forex trading and sports betting on Nairaland.

Forex day-trading and sports betting are fundamentally fraudulent because they're promoted as a quick way of making money whereas due to mathematical facts, the only people who make money are the middlemen and marketers. The "investors" almost always lose their money.

In our experience, it's not enough to warn Nairaland members about the dangers of forex day-trading and sports betting. The promise of quick profit is just too strong for thousands of vulnerable Nairaland members to resist. The only way to protect them is complete censorship.

We believe that the complete ban of such content will make Nairaland a better platform for discussing legitimate entrepreneurship and finance.

What do you think? Please click 'like' if you like the idea; thanks.

You should ban religion as well

Christianity and Islam are fundamentally fraudulent because they're promoted as a way of getting qualified to make heaven(which has never been proven to exist) and also give people false hope that they can make money by just being slaves to god(that has never been proven to exist) whereas due to mathematical facts, the only people who make money are the pastors, minister, church owners. The "investors"(gullible followers who pay tithe and offering) almost always lose their money.

undecided

5 Likes 2 Shares

Re: Banning Forex Trading And Sports Betting Promotion by kiwi992(m): 3:14pm On May 05, 2016*

Seun,

There is nothing wrong whatsoever, with people trading Forex, regardless of who wins or loses. The ultimate ability lies with the Trader.

Forex is the biggest online business with a daily turnover of around six trillion dollars. The mere thought of you wanting to ban it from this Forum simply amazes me. Yes, people lose money whilst trading Forex and similar assets but there are some that make lots of money as well. Forex is a business and every business has its ups and downs as well as risks and rewards.

As we all know, everything in life is a gamble. However, trading Forex is not gambling per se but SPECULATION and that's a totally different ball game. As a Speculator, the one needs to have an extensive knowledge of the markets and that involves thousands of hours of studying, to acquire the necessary skills, unlike gambling, where the one only needs to study forms, past performances and similar.

The reason as to why many people lose whilst trading Forex (and similar assets such as Gold, Oil, The Dow, S & P 500), is due to a lack of knowledge, coupled with an eagerness to make money in the shortest amount of time possible, without wanting to put in the time and effort required to study extensively.

Being a successful Forex Trader is far more rewarding than the highest paid profession imaginable. There simply is no comparison - none whatsoever. Therefore, proposing to ban such activity here simply amounts to your trying to impose your views of the markets on others. Put it this way, Seun, you can not tell people what to do with their hard earned cash merely because they come to your Forum to exchange trading ideas. Needless to say, if you ban such activity here, you will drive people away to other Forex Forums. Don't you think that people have a right to do whatever they like? How would you like being banned from going to a place where people of similar interests as you are, meet up, to exchange ideas? Think about it because you did float this idea many years ago and Traders objected to it.

What is the average monthly salary in Nigeria today? Whatever it is, a successful Forex Trader would beat it hands down, on just one trade, if the one knows what the one is doing, without being greedy. I think you should think most carefully about what you are proposing to do.

Yes, there are some scammers out there that do come here to advertise their useless services by giving people false hopes or wanting to trade for others, when they themselves don't know a thing about trading.

Knowledge is power, they say, and so it is with Forex. The Forex market can easily be beaten if the one puts in the time and effort to work hard at it. Indeed, there are a handful of Forex Traders around the world that can easily tell as to what the markets would do in the future, right up to the exact time and day of the year, before the markets change direction. I certainly can, and used to give trade calls at the Forex thread days and weeks in advance before the actual market turning points, until people began pestering me as to how I did it, hence left, and stopped posting until today, after well over three years.

Think most carefully before wanting to ban the profession that has the greatest potential to change people's lives. Forex is the biggest business ever and conducted 24 hours of the day. Try not to impose your will on others either. People should be free to spend their money the way they like - it's not up to you or I.

A failed Trader should take an objective look at himself or herself, and question as to whether the one has the deep knowledge that's necessary to make the one become successful in this challenging, yet most lucrative of businesses.

kiwi992.

5 Likes

Re: Banning Forex Trading And Sports Betting Promotion by Nobody: 5:13pm On May 05, 2016

Seun:
Dear Nairalanders,

We are thinking of completely banning the promotion of forex trading and sports betting on Nairaland.

Forex day-trading and sports betting are fundamentally fraudulent because they're promoted as a quick way of making money whereas due to mathematical facts, the only people who make money are the middlemen and marketers. The "investors" almost always lose their money.

In our experience, it's not enough to warn Nairaland members about the dangers of forex day-trading and sports betting. The promise of quick profit is just too strong for thousands of vulnerable Nairaland members to resist. The only way to protect them is complete censorship.

We believe that the complete ban of such content will make Nairaland a better platform for discussing legitimate entrepreneurship and finance.

What do you think? Please click 'like' if you like the idea; thanks.

Also stop taking money for sport betting ad.

Re: Banning Forex Trading And Sports Betting Promotion by Favolly(f): 5:32pm On May 05, 2016

davide470:
Maybe you need to take a thorough look at the Investment section and check the rate at which threads on promotions of FX-Trading/HYIP's springs up on an hourly basis.

Mind you, the NSEMPA is a single thread and all discussions are held therein.

#TeamIvyy... Vote Ivyy for Miss Nairaland

I don't expect any of Seun's ~~cronies~~ mods not to take sides with him on any matter. Y'all work for him, afterall undecided

So, you're agreeing with my 'sarcastic' post that almost the whole investment section is a dump? Ehn, why exactly did you quote me then? huh

Run along now, and go hunt for some rule breakers to ban wink

Re: Banning Forex Trading And Sports Betting Promotion by davide470(m): 6:30pm On May 05, 2016

Favolly:

So, you're agreeing with my 'sarcastic' post that almost the whole investment section is a dump? Ehn, why exactly did you quote me then?

Maybe you need to read my comment again.. or let me just summarize it for you:

You asked what is illegal about FX-Trading, remember?.. Nothing. It is the way it is portrayed on Nairaland that is illegal.

If HYIP's et FX-Trading adverts becomes 'not-acceptable' on Nairaland, it only takes a bot about some milliseconds to mark as SPAM keywords classified under the said matter, thereby clearing the Investment section and leaving our NSEMPA alone wink

Ok, bye bye..

Re: Banning Forex Trading And Sports Betting Promotion by Favolly(f): 7:11pm On May 05, 2016

davide470:
Maybe you need to read my comment again.. or let me just summarize it for you:

You asked what is illegal about FX-Trading, remember?.. Nothing. It is the way it is portrayed on Nairaland that is illegal.

If HYIP's et FX-Trading adverts becomes 'not-acceptable' on Nairaland, it only takes a bot about some milliseconds to mark as SPAM keywords classified under the said matter, thereby clearing the Investment section and leaving our NSEMPA alone

Ok, bye bye..

Puhlease!

That is not what Seun said, here is what he said...

'Forex day-trading and sports betting are
fundamentally fraudulent because they're
promoted as a quick way of making money
whereas due to mathematical facts, the only
people who make money are the middlemen and
marketers. The "investors" almost always lose
their money....'

He didn't even say it is portrayed on nairaland to be illegal; he claims it is fundamentally fraudulent for the reason I quoted. As in, Seun actually thinks forex trading is inherently fraudulent! huh

Now how does the reason he gave differ from what obtains in the stock market? Don't investors lose money there too? Don't the middlemen a.k.a brokers earn their fee on every transaction too?

I'm not even trying to knock y'all's hustle on that NSEMPA thread. By all means, knock yaselves out. E no concern me, it was just the best analogy I could find on nairaland. And I was being sarcastic too, so hold your breathe still. I'm sure he won't wipe out the whole section and leave only one thread there...

You were just so quick to jump to Seun's defence that you didn't even bother to understand what his reason was. You're here in my mentions doing show off, talmbout anti-spam bot and 'keywords' while he was talking bullshite about legitimate entrepreneurship and 'how to make Nairaland a better place'

My question to Seun still stands, 'How is forex trading illegal'??

And as for you, Gerrarahiere mehn! angry

Re: Banning Forex Trading And Sports Betting Promotion by Timbuktu14(m): 10:45pm On May 05, 2016

slimmy2005:
Also stop taking money for sport betting ad.

Re: Banning Forex Trading And Sports Betting Promotion by Timbuktu14(m): 10:46pm On May 05, 2016

slimmy2005:
Also stop taking money for sport betting ad.

He stopped a long time ago.

Re: Banning Forex Trading And Sports Betting Promotion by bobfash(m): 11:54pm On May 05, 2016

Mr. seun, thanks for expressing your opinion. there has been a lot of intellectual discourse here. but before you make any decision make sure its conforming to international standard. ....... that will make our naira land non local.
just thought...... you can ask Facebook why its not banning it..

regards sir.

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