Forex scam

[Albeniz]

If you're holding for a long term, and have a load of spare cash on standby, then yes, go ahead. For sure, the Pound and Euro are now below normal levels, and will surely rise again to what they were before. But who knows how long it takes?

 

To make sure you can get some money out of forex, for not-so-large amounts, it's best to handle your cash yourself without going thru brokers. Open a bank foreign currency account, etc.

 

Have been doing that for a while, and averaging down in units of 10,000 (mini-forex and FCFD).

But it is rather discouragingto see them (US$, Euros and GBP) dropped so drastically with each day passed.

 

BTW, with Euros under attack recently and stocks falling, I would think that the greenbacks and British pounds might be good alternatives for the time being. The strong Singapore dollar might work against our exports which in turn would affect our economy. I believe the western currencies would rise back to some normal values, otherwise they simply can't afford to buy our export products. Our manufacturing would be affected and retrenchments might come next.

 

I believe there is a "physical" demand for the European and US currencies which forms the support level which they would not fall below. Currently, many people are visiting these countries due to the low exchange rates and tourism should give their economy a boast. Many parents who sent their kids there to study might take this opportunity to convert some money.

Edited May 7, 2010 by Albeniz

[Good-Carbuyer]

Please read this article from Wiki.

 

http://en.wikipedia.org/wiki/Forex_scam

 

So does it mean that all this talk about making money from Forex is a pipe dream since it is a negative sum game?

I am looking at holding/using the pipe instead of the piped dream. I believe the main danger is the broker absconding with the money, slippages, re-quotes. I believe using alternative indicators could overcome deficiencies in some trading platforms. Now looking high and low for these alternatives

[Good-Carbuyer]

Please read this article from Wiki.

 

http://en.wikipedia.org/wiki/Forex_scam

 

Sorry double posting

Edited April 6, 2011 by Good-Carbuyer

[Throttle2]

wah, why are we going through this again?

[Scion]

stock markets, forex, futures all belong to the financial system

 

and it's not zero-sum game (one loses $1, the other gains $1)...

 

google "money multiplier"

[Good-Carbuyer]

Please read this article from Wiki.

 

http://en.wikipedia.org/wiki/Forex_scam

 

So does it mean that all this talk about making money from Forex is a pipe dream since it is a negative sum game?

Just started on two Demo Account with such encounters:-

Charting faded away

Prices faded away from Quote Panels

Trade Positions log faded away

Settings: appearance, preference (including currency pairs), transmigration to and forth among platforms

Equity being deducted before I start any trading

How to make enough with such Brokers with their platforms like these?

[Zanter]

Y you dig up 6 month thread? Anyway its well acknowledged that a small player is disadvantaged as compared to say a Bank. If Banks make money from their fx division, who loses $? The Banks/Hedge funds have main frame computers trading in nano seconds. If they make money, whom do they make it off?" Not to say there r no self funded traders who can do this for a living but I suspect many often declared their winnings & not loses just like in the stock market, lose already tiam tiam, win a bit shout to the whole world

[Good-Carbuyer]

Y you dig up 6 month thread? Anyway its well acknowledged that a small player is disadvantaged as compared to say a Bank. If Banks make money from their fx division, who loses $? The Banks/Hedge funds have main frame computers trading in nano seconds. If they make money, whom do they make it off?" Not to say there r no self funded traders who can do this for a living but I suspect many often declared their winnings & not loses just like in the stock market, lose already tiam tiam, win a bit shout to the whole world

I started Demo from early July and only on the 2nd day in July, and National Day got positive Equity. Lost heavy most of the time. How to be confident for live trading (laugh)

[Zanter]

Let me tell you even after you can make money in demo, its a different ball game in live trade. Which shop do you use? Try onanda, i find their interface user friendly and their spreads very decent.

[Good-Carbuyer]

Let me tell you even after you can make money in demo, its a different ball game in live trade. Which shop do you use? Try onanda, i find their interface user friendly and their spreads very decent.

Many thanks. They sure got a lot of advertisement/literature to explore along with the Demo platform (struggling with their User Guide not updated with the Demo Platform). Anyone with Brokers like MG Global or 360T experience to share?

Edited August 11, 2011 by Good-Carbuyer

[Good-Carbuyer]

Please read this article from Wiki.

 

http://en.wikipedia.org/wiki/Forex_scam

 

So does it mean that all this talk about making money from Forex is a pipe dream since it is a negative sum game?

I believe there is confusion among Spot FOREX trading, FOREX trading, Currency trading. Let us identify which is which.