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currency t | Why is trading Forex a scam? |
I know there is the potential to make a lot of money but why have I not heard more about it on financial stations such as CNBC? |
 |
 
VP
|
Hi,
Well, first of all I could tell you that forex is not a scam at all. Actually many people meet it very often and cannot recognize it. Forex is foreign exchange. So if you travel abroad and you need to exchange your country currency into other country currency you are participating in foreign exchange because you sell one currency and buy another one. Other participants are importers, investors, banks and so on and so on...
On CNBC you should notice that there is always are indicated exchange rates of different currency pairs. Also there on CNBC constantly are comments about direction and movement of different currency pairs. That is forex. Furthermore you should notice advertisement of different forex brokers on CNBC.
Forex is called a scam by many people who failed in forex market due their greed, desire to be extremely rich during very short time, not understanding market & volatility, incorrectly using of leverage and small trading capital, bad money management. But it is not a scam. Actually forex is very exciting business. You may trade from any place in the world 24 hours a day from Sunday night to Friday night with no boss, no working hours. Reasonable amount for forex trading should be from $10000 for trading with mini lots (1 mini lot = 0.1 lot). Of course you may begin trading with amount less than 10k but it would increase the risk. And never start forex trading with amount less than $2000 because you would be condemned to lose.
Another important thing is brokerage company where is opened trading account. If you are interesting I could introduce you to forex brokerage company that is regulated by the Swiss Federal Department of Finance; audited by KPMG. Also I could provide you with more than 50 e-books, lessons and trading systems that makes your trading really simple.
So if you interesting e-mail or pm me.
Good luck! |
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zyberianwarrior
|
forex is well known and it is discussed on CNBC however most investors knows that FOREX is HIGH STAKES and you can lose it all.
I don't recommend anyone trying it. |
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Rich D
|
FOREX is not a scam. People do all kinds of Foreign Exchange everyday for a lot of different reasons.
Some do FOREX exclusively, but usually they are investors with very deep pockets.
FOREX is tough and unless you already have substantial assets (200K +) it's not worth it. The commissions would eat away all your gains. |
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pgreen
|
Forex is not a scam, but the specificity of forex is
that to play currencies against each others can
mostly be done via futures and options
(the exception is to have foreign bonds and other
foreign assets in a portfolio).
This is a highly leveraged game, therefore very
speculative, you can lose money as fast as you
make it and you need to follow your operations
in real time, same thing than looking at the milk
that is heating up on the stove. Currencies
never rest and move day and night around the
world
Better understand that, and ask yourself if you have
* the money,
* the knowledge
* the time
* the nervous stability and cold blood.
before starting that game.
And, by the way, do not believe too much in
ready-made "systems", even if they can bring
some robotic discipline into the action, but as
you know, robots are only humans ;-) |
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amykay0629
|
I think it's new to most people....not new in general but just being brought into the spotlight. I think people are beginning to realize how active foreign stocks are. Afterall...USA sure doesn't manufacture all of this "stuff." I don't have the authority to say that it is not a scam, however I feel that there are companies out there wanting to scam you into investing in their business which is part of FOREX. It's all new to me and I'm still learning...but I know it is legit if you know what you are doing. |
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Smartass
|
Ok, the question is a bit twofold, I've asked it here myself.
For ex is a market that's legitimate, but there are many opportunists who make softwares and advertise for exaggerated payouts, that's the scam part. You can see this in every industry, even real estate.
So it's not a scam per se, but don't expect to make more than a realistic hard worker. It's good to ask why big station don't talk about it, it means it's not ready for public either because it's not true or it's too small to work. |
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kevinjohnbrown
 |
CNBC and the like go where their viewer ratings are highest and that is in the investing side of the equity and bond markets. That's what the average Joe wants to see and hear about.
Sure they talk about the dollar, Yen carry trade, etc. but usually just as a side note.
So the fact that they don't talk about it doesn't indicate that it is a scam. |
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Fallen Angel
|
hey im in leveraged foreign exchange and you can make alot of money investing in foreign currency. You should do some homework on spot gold, crude oil, and us currency and get an understanding of what makes those prices change. Cnbc talks about forex and gold and economy but you just need to get some basic information so you know what their talking about and when they are talking about it. |
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