Over the past years, there has been speculations as to whether forex trading is real or just a large scam. This speculation arouse because a large percentage of forex traders lose money to forex trading. This notwithstanding, some forex brokers have made the business of forex trading so difficult with their poor customer service, large spread, requotes and dealing desks. Most brokers claim they don’t have a dealing desk. You cant know this until you commit your hard earned money into trading. That is when you start experiencing requotes due to their slow servers.
The question still remains. Is forex real, a gamble or the largest global financial scam? A lot of my clients have asked me this question and I am going to give my personal unreserved opinion on this matter. The answer to this question can be looked at from three different perspectives:
If you take forex to be a scam, are not wrong to have said that. You may have probably must have been faced with failed promises of their brokers. While you were demo trading, the speed of execution was absolutely out of this world. You had never a requote not until you started live trading. You got luck and made some profits but withdrawal became as difficult as knocking your head against a brick wall. I have been down that lane. As at this moment, I have lost some money to a broker who refuse to credit my account after I have filled withdrawal request. All attempts to reach the broker has been futile. So, if I say forex is a scam, then I am justified. But, how do you spot a perfect forex broker? I will be sharing some tips with you in subsequent posts.
Have you ever been in a trade and your stoploss is hit just to find out that the trade retraced to the trend you have predicted earlier. In fact, at a certain stage of my trading career, I had the misconception that the trading platform has affinity hitting stoploss. Why is my stoploss always been hit only for trade to go in my favour after it has robbed me of my money? You can not be 100% certain that the trend you speculated is the direction the market of the market especially if you are intra-day trader. There are so many “perfect” systems out there that claim to triple your account in a week only to find out that you are sustaining huge loses with it. Why would you not feel forex trading is a gamble? How do you spot a successful forex trading system? I will be giving reviews of some tested and trusted systems and how to maximize them.
If you label forex trading as real, then you must be one of the 5% successful forex traders who have mastered the act of trading through patience, discipline and persistence. You musgt be among those that have made some withdrawals into your bank account. Not until my 1st withdrawal 2 years ago, I have labelled forex as a scam or a gamble. I am not saying that because I now have profitable trades there arent scammers out there. There a bunch of them who dupe novice traders of their hard earned money. keep an eye on this blog, I will be exposing them by revealing to you their signs and symptoms so that you don’t fall prey to them.
To sum it up, forex trading is a profitable real business for those who have the patience to learn the nitty-gritty of it. If you dont have that patience, please find another trade!
Fx trader & coach