Cardinalpoint:
Let me ask you this question and I need you to be honest. IN THE LAST FEW YEARS YOU HAVE BEEN TRADING, COMPARE THE MONEY YOU HAVE PUT INTO FOREX WITH THE MONEY YOU HAVE WITHDRAWN, CAN YOU CONFIDENTLY SAY YOU HAVE MADE PROFIT. If you lie na God go punish you

Let's assume he has made a loss for the past three years, should he quit trading? Lemme put it differently using this comparison, if Guinness Nigeria doesn't declare profits for two years running, should they close business? How many years on average does it take for a startup to break even? If you can answer these questions honestly, you'll realise that him making a profit is the least of your concerns...the most important thing is him being honest to himself and his clients. He owes his clients that fiduciary duty just the same way a company does to its' clients.

I'm still waiting for his response o........
You cannot be marketing what is not working for you.
Most of this people calling themselves full time traders only camoflague with proceeds from other sources of income in order to make them look good in front of people

Geovanni412:

Let's assume he has made a loss for the past three years, should he quit trading? Lemme put it differently using this comparison, if Guinness Nigeria doesn't declare profits for two years running, should they close business? How many years on average does it take for a startup to break even? If you can answer these questions honestly, you'll realise that him making a profit is the least of your concerns...the most important thing is him being honest to himself and his clients. He owes his clients that fiduciary duty just the same way a company does to its' clients.

millionboi2:
Not forex ooo
No matter how u study it and claim to understand it when it will hit u,it will be proportional to ur gain

Yeah but you can still greatly minimize your loss. You can use your "practice account" and open a position and watch it...if it is going negative, close it and redirect the opposite and if it goes well, switch to real account and open the position there. It works 95% of the time

Cardinalpoint:
I'm still waiting for his response o........
You cannot be marketing what is not working for you.
Most of this people calling themselves full time traders only camoflague with proceeds from other sources of income in order to make them look good in front of people

I agree with you on the issue of camouflage...it accords with what I said earlier about him being honest with his clients. He, however, doesn't owe any of us a response as to his profitability because we have no contractual relationship with him. On the issue of, marketing when you aren't making a profit, I disagree with you because Guinness Nigeria hasn't declared any profit for over two years, yet they still market their goods- Would you rather that all businesses running at a loss after two years be wound up or should they try and market their products better?
Forex trading is a business as any other investment scheme... One in which legends like George Soros made 1 billion dollars on Black Wednesday betting against the British pound. Like any business, there will be profit and loss , thus the major issue has to be maintenance of a fiduciary relationship with his clients which includes, like you rightly added, him not camouflaging to be someone he is not.

Geovanni412:


I agree with you on the issue of camouflage...it accords with what I said earlier about him being honest with his clients. He, however, doesn't owe any of us a response as to his profitability because we have no contractual relationship with him. On the issue of, marketing when you aren't making a profit, I disagree with you because Guinness Nigeria hasn't declared any profit for over two years, yet they still market their goods- Would you rather that all businesses running at a loss after two years be wound up or should they try and market their products better?
Forex trading is a business as any other investment scheme... One in which legends like George Soros made 1 billion dollars on Black Wednesday betting against the British pound. Like any business, there will be profit and loss , thus the major issue has to be maintenance of a fiduciary relationship with his clients which includes, like you rightly added, him not camouflaging to be someone he is not.

That's the deception!
You cannot compare Guinness company with trading forex please.There is no correlation at all.
Guinness is producing drinks for people to buy. If they make loss in the 1st year they can restrategize, probably they are not doing enough marketing or they are not producing quality drinks or probably their drink is not affordable for the common man. These are the questions they can ask at the end of the year.
On the other hand forex is the opposite of that. Tell me what service are you offering in return for profit? You think it's is your chart and news you are reading that will give you direction and no when to place trade. Forex gurus will tell you it's more of mindset and psychology. It's not about the videos or charts you know

Noemic:
Lmao, you sound like a teenager with big dreams yet with little experience.

People like you is best left to learn from their mistakes... Dunno why these older folks ( someone that’s been into the trading for 16 years) keep advising you.

On a different note, most yahoo boys camouflage their illegal wealth as proceeds of forex trading and bitcoin investments. Don’t look at your uni friends on a surface level.

Thanks for the advice,I will be careful

Cardinalpoint:
Let me ask you this question and I need you to be honest. IN THE LAST FEW YEARS YOU HAVE BEEN TRADING, COMPARE THE MONEY YOU HAVE PUT INTO FOREX WITH THE MONEY YOU HAVE WITHDRAWN, CAN YOU CONFIDENTLY SAY YOU HAVE MADE PROFIT. If you lie na God go punish you

Capital and resounding YES. There is nothing to gain by deceiving people to do what you don't do or benefit from. Mind you, I run a forex outfit ( won't mention name so as not to appear like am advertising.) .. Let me speak straight to you dear brother. Anyone who tells you that fx is easy is lying. I have more than 10 people I can reference in Nigeria who are doing well with FOREX. Our get rich mentality is our first mistake.

BLoomfrancs:

I can't believe you asking this. Like for real.

There are lots and lots of stuff to do to earn money online.

You have Freelancing as No. 1

You have Youtube as No. 2

You have blogging as No. 3

You have dropshipping as No. 4

You have Tutoring as No. 5

And so much more.

The above listed are goldmines.

I am not saying from hearsay. I am telling you from firsthand experience.

I am a freelancer on Fiverr and I have made more than $600 this December. Now that's more than 230k

In the screenshot, I have $480 already plus $136 as expected earnings because I have not delivered the work to the buyers.

I withdrew $100 last week for flexing . All work and no play makes jack a doll baby. Lol

your email

Codedlyon:
Better be well experienced before trading forex if not you'll lose money.

Even if u are well experienced u will still loose

millionboi2:
your email

panditocracy@gmail.com

Totally flawed analogy!
Why do people try so much to convince themselves of something that’s logically unsound??

You’re now comparing trading forex with a public listed manufacturing company with actual assets that can be sold off if the worse happens?? A company with actual working products!

Why do y’all do this to yourself? Like why??

Geovanni412:

Let's assume he has made a loss for the past three years, should he quit trading? Lemme put it differently using this comparison, if Guinness Nigeria doesn't declare profits for two years running, should they close business? How many years on average does it take for a startup to break even? If you can answer these questions honestly, you'll realise that him making a profit is the least of your concerns...the most important thing is him being honest to himself and his clients. He owes his clients that fiduciary duty just the same way a company does to its' clients.

Shey you know there are also at least 10 people in Nigeria that are doing absolutely amazing in sports betting??

Same with casino gambling and any sort of money making scheme in this world!!
There must be that few who are making insane money from it.

It’s essentially the odds, the probability.

palsenator:


Capital and resounding YES. There is nothing to gain by deceiving people to do what you don't do or benefit from. Mind you, I run a forex outfit ( won't mention name so as not to appear like am advertising.) .. Let me speak straight to you dear brother. Anyone who tells you that fx is easy is lying. I have more than 10 people I can reference in Nigeria who are doing well with FOREX. Our get rich mentality is our first mistake.

palsenator:


Lol, I remembered how I lost a million Naira to forex trading around that same year. It was weird. I placed a trade and before you could say Jack, it all went away. But today, I have recovered simply because I didn't give up. I now trade full time and I earn consistently. Forex is not a business for the weak and dullard. It requires extra skills from within. It requires that ingenuity. Above all, one needs to be patient and not greedy. It's a business to me and not gambling anymore. Those years, trading fx was a gamble.
Best wishes bro .

Really refreshing to know that you still stuck to trading FX and eventually turned a corner.

As humans, no way we don't want to be ambitious. You make gains trading some lot size; then you imagine why not make bigger gains, then u increase your lot size without limits; then a sudden announcement/unforeseen event makes the trade go in the opposite direction you predicted/entered and boom!

You're totally liquidated!

Can't totally foreclose it, but at this stage up building capacity for my young family, I cannot manage such risks.

Good luck to you bro.

runtime:

sir i know it is a long time.
but do you remember that moniker melin the satanist do you still follow his teachings.
are you still a satanist.

I sent you a p.m

[quote author=Cardinalpoint post=97346848] That's the deception!
You cannot compare Guinness company with trading forex please.There is no correlation at all.
Guinness is producing drinks for people to buy. If they make loss in the 1st year they can restrategize, probably they are not doing enough marketing or they are not producing quality drinks or probably their drink is not affordable for the common man. These are the questions they can ask at the end of the year.
On the other hand forex is the opposite of that. Tell me what service are you offering in return for profit? You think it's is your chart and news you are reading that will give you direction and no when to place trade. Forex gurus will tell you it's more of mindset and psychology. It's not about the videos or charts you know[/quote/]

I agree with your viewpoint almost totally. The issue I have with your very sound argument is that I perceive that you believe that stocks trading has value over Forex trading...whereas the truth, according to the wolf of wall Street, is that the value of a stock is zilch. [b]What value does a financial advisor or a collective investment scheme which invests in stocks and bonds provide? [/b]Forex is about mindset and about your technique as well. Just like any other game, inclusive of the game of life, mindset and technique determines your success.

Noemic:
Totally flawed analogy!
Why do people try so much to convince themselves of something that’s logically unsound??

You’re now comparing trading forex with a public listed manufacturing company with actual assets that can be sold off if the worse happens?? A company with actual working products!

Why do y’all do this to yourself? Like why??

I understand you. They're a lot of fraudulent people in retail trading but you cannot dispute the fact that they're institutional investors and these investors put their money in forex. You can't tell me that the 6.6 trillion dollars in circulation on the market is not pumped in by any companies, whatsoever.

[quote author=coldFLARES1 post=97353678] Really refreshing to know that you still stuck to trading FX and eventually turned a corner.

As humans, no way we don't want to be ambitious. You make gains trading some lot size; then you imagine why not make bigger gains, then u increase your lot size without limits; then a sudden announcement/unforeseen event makes the trade go in the opposite direction you predicted/entered and boom!

You're totally liquidated!

Can't totally foreclose it, but at this stage up building capacity for my young family, I cannot manage such risks.

Good luck to you bro.[/quote

I totally agree with you bro. We don't all have to turn traders. We should all endeavor to excel In any area we find ourselves.

Cardinalpoint:
That's the deception!
You cannot compare Guinness company with trading forex please.There is no correlation at all.
Guinness is producing drinks for people to buy. If they make loss in the 1st year they can restrategize, probably they are not doing enough marketing or they are not producing quality drinks or probably their drink is not affordable for the common man. These are the questions they can ask at the end of the year.
On the other hand forex is the opposite of that. Tell me what service are you offering in return for profit? You think it's is your chart and news you are reading that will give you direction and no when to place trade. Forex gurus will tell you it's more of mindset and psychology. It's not about the videos or charts you know

Bro, you can't compare Guinness with retail traders but you can compare Guinness with institutional investors like Soros Fund Management, which made Soros 1 billion dollars on black Wednesday in 1992. The comparison is loose in the sense that the only link between the both of them is that they're companies and have a distinct legal personality from their owners. Other than that, I agree with your point on them being in different spheres of business.

Firstly, this your reply has nothing to do with the post I quoted nor what we’re saying, this is merely another attempt to justify/glorify fx trading in your eyes. Continue with the self-deceit tho, you’d learn the best way.

Also, you successfully used jargons that don’t make any deep financial meaning. Do you really understand what you’re trying to say?? Because there’s basically no meaning in what you just there, just a cluster of fine financial jargons put together in sentences.

1. Fraudulent people in retail trading?Okay how does that affect the price of garri

2. Institutional investors putting their money in forex?
Okay
I mean, companies buy and sell foreign currencies to enable them carry out simple commerce. Almost same way hedge funds, commercial banks and other liquidity providers engage innit. I mean, how can anyone buy or sell their goods/services internationally without the use of foreign currencies?
How does it then justify trading forex based off technical indicators just for the sole aim of making profits

3. 6.6 trillion dollars in which circulation? Do you mean daily trading volume instead??

Goodness, you don’t even get the basic concept of what you’re into! Go back to the drawing board ffs!!

Your whole comment makes absolutely no sense and that’s the problem I have with most of y’all “Forex traders”

You just learn a few terms and jargons and feel you’re on top of the finance world!
You learn some technical indicators and feel you’re now invincible!

Forex trading is just a better packaged form of gambling for a thousand reasons! If you must trade at all, stick to commodities, stocks etc.

Geovanni412:



I understand you. They're a lot of fraudulent people in retail trading but you cannot dispute the fact that they're institutional investors and these investors put their money in forex. You can't tell me that the 6.6 trillion dollars in circulation on the market is not pumped in by any companies, whatsoever.

BLoomfrancs:

I can't believe you asking this. Like for real.

There are lots and lots of stuff to do to earn money online.

You have Freelancing as No. 1

You have Youtube as No. 2

You have blogging as No. 3

You have dropshipping as No. 4

You have Tutoring as No. 5

And so much more.

The above listed are goldmines.

I am not saying from hearsay. I am telling you from firsthand experience.

I am a freelancer on Fiverr and I have made more than $600 this December. Now that's more than 230k

In the screenshot, I have $480 already plus $136 as expected earnings because I have not delivered the work to the buyers.

I withdrew $100 last week for flexing . All work and no play makes jack a doll baby. Lol

That's nice.

I just want one online job I can start for myself.

Noemic:
Firstly, this your reply has nothing to do with the post I quoted nor what we’re saying, this is merely another attempt to justify/glorify fx trading in your eyes. Continue with the self-deceit tho, you’d learn the best way.

Also, you successfully used jargons that don’t make any deep financial meaning. Do you really understand what you’re trying to say?? Because there’s basically no meaning in what you just there, just a cluster of fine financial jargons put together in sentences.

1. Fraudulent people in retail trading?Okay how does that affect the price of garri

2. Institutional investors putting their money in forex?
Okay
I mean, companies buy and sell foreign currencies to enable them carry out simple commerce. Almost same way hedge funds, commercial banks and other liquidity providers engage innit. I mean, how can anyone buy or sell their goods/services internationally without the use of foreign currencies?
How does it then justify trading forex based off technical indicators just for the sole aim of making profits

3. 6.6 trillion dollars in which circulation? Do you mean daily trading volume instead??

Goodness, you don’t even get the basic concept of what you’re into! Go back to the drawing board ffs!!

Your whole comment makes absolutely no sense and that’s the problem I have with most of y’all “Forex traders”

You just learn a few terms and jargons and feel you’re on top of the finance world!
You learn some technical indicators and feel you’re now invincible!

Forex trading is just a better packaged form of gambling for a thousand reasons! If you must trade at all, stick to commodities, stocks etc.

And you think trading stocks is not gambling abi. Look, the value of a stock is zilch. Go and watch the wolf of wall Street where it was stated therein. They are all termed as financial speculation. Case study : 2000 dot-com bubble... what logical explanation other than, manipulation, fits into how blucora went from 29 dollars to a 1000 dollars only to crash to 4 dollars within the space of 2000-2002. I'm not in any way trying to glorify FX trading...I'm just playing the devil's advocate here- the bitter truth is FX trading is as risky as stock trading and both of them can be carried out by business enterprises. George Soros wasn't engaged in any business other than trading when he made his black Wednesday bet in 1992 on the pound using his company, Soros Management Fund, that gave him 1 billion dollars.

Noemic:
Totally flawed analogy!
Why do people try so much to convince themselves of something that’s logically unsound??

You’re now comparing trading forex with a public listed manufacturing company with actual assets that can be sold off if the worse happens?? A company with actual working products!

Why do y’all do this to yourself? Like why??

My point is that we should leave the man alone. His business is a private one, He is not obliged under Nigerian law to disclose shit to us.If he is cheating his clients, the long arm of the law will catch up with him. The best you can do is advise people how to spot fraudsters but even then, brother, a lot of Nigerians are too greedy and will not listen to you...they'd rather prefer to dabble into things like MBA Forex.

All forms of day trading is gambling. I only suggested the ones that are less risky due to more predictive factors that affect their prices.

Geovanni412:


And you think trading stocks is not gambling abi. Look, the value of a stock is zilch. Go and watch the wolf of wall Street where it was stated therein. They are all termed as financial speculation. Case study : 2000 dot-com bubble... what logical explanation other than, manipulation, fits into how blucora went from 29 dollars to a 1000 dollars only to crash to 4 dollars within the space of 2000-2002. I'm not in any way trying to glorify FX trading...I'm just playing the devil's advocate here- the bitter truth is FX trading is as risky as stock trading and both of them can be carried out by business enterprises. George Soros wasn't engaged in any business other than trading when he made his black Wednesday bet in 1992 on the pound using his company, Soros Management Fund, that gave him 1 billion dollars.

emeijeh:
How come this forex keep making people commit suicide?

See,they people are the cause. The risk in forex is 100 percent controllable. But most traders increase the risk because they want to make quick money

runtime:

sir i know it is a long time.
but do you remember that moniker melin the satanist do you still follow his teachings.
are you still a satanist.

no.

Mellin has also left satanism. And he admonishes others to do same.

Gamesmart:


Go to hell with your Jesus.

This is why your life is spoilt beyond repair

Elzakzaky:


This is why your life is spoilt beyond repair

No wonder you no get sense.

pacespot:
Which kind of lot size did he use to trade forex to have lost such amount of money. I smell lie or inflated figure in this story. The standard lot which is the highest lot size only costs $1USD per pip, that is if he is losing the trade, if he is winning, that means he will be adding $1USD per pip to his account balance. But for someone to lose 1, 1, 1USD up to N300m, I find it hard to believe the story. Was he sleeping all the while? Only people who don't know about forex will believe this story. Even if he was so bad at trading, he could have used part of the money to train himself.

A standard lot is 10dollars per pip. Imagine trading 10 standard lots and losing 20pips or more that should give you an idea particularly if no stop loss is set.

armadeo:



A standard lot is 10dollars per pip. Imagine trading 10 standard lots and losing 20pips or more that should give you an idea particularly if no stop loss is set.

Maybe that is on the floor of New York stock exchange, but on meta trader 4 MT4, standard lot is USD1$ per pip. You can trial it out yourself in a demo account, set your lot size at 1.0 and enter a trade and watch how your profits and losses grow. You will see that if you are 10 pips up, your profit will show $10

Azmanaty:


RIP to the young lad.

But at some point, he was living large with people's money - buying lands, benz and latest iphones

You never knew him.
He was so low profile.
He barely spoke.
Never wore anything flashy.
It came as a surprise to us.
He was a neighbour.
This happened in Ota.
2 Sundays ago.
First rushed to a nearby hospital (Adelom) where he was immediately referred to the General Hospital Ota where he was pronounced dead.