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Q1.currency market is it a big scam?
Q2.Online currency trading?
Q3.Is it possible to make a lot of money trading Forex? Currencies? Or is it all a big scam?
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10 Oct 2010 3:24:55 PM  
Q1. currency market is it a big scam?  
What do you guys think about trading in the currency market? I am starting to think that really nobody knows how to make money consistently unless he has inside information. Even if someone makes money for some time after a while the market changes and he is slow to adapt. On the other hand, with the new currency wars the market is manipulated. The currency war between China and the US is a good example. For all these reasons, is it good to assume that it is very unlikely that individuals traders can make money consistently? Is Forex a big scam? Your opinions are highly appreciated  
The best answer for Q1...  
From Money Magazine. Only 20% of the first year currency traders make money on their first year out. There are experts out there milking the little guys out of their hard earned money. .  
13 Apr 2010 8:06:45 AM  
Q2. Online currency trading?  
Hi, Everyone I am looking at starting trading currency online. However, There are too many websites out there offering the same services and I won't be surprised if some or most of them are scams. What I am after is a recommendation of a particular company you have previously used and actually got your money back from. Also I do not want to put a lot of money into it, small, tiny amounts first. Any recommendations of someone who's willing to take $100 at a time and give it back to me should i request it? I am willing to take the risk with trading, but not some scam :)  
The best answer for Q2...  
if you're talking about those numerous Forex offers, then indeed: some are scams.... But even those that aren't, are most often 'white-label' off-springs of larger brokerages. Apparently, there are only in between 15-20 Forex brokerages world wide - the rest are just relabelled offers from any of these 15-20 brokerages. Also please be aware that Forex brokers are different from future brokers. When you invest in futures, you invest in a defined contract, and any one future is traded on a single market. This means that future volume data is indeed representing the entire market. Forex brokers on the other hand can only present market volume that pertains to the transactions they do on behalf of their client. Also, most Forex brokerages are your liquidity providers, meaning that they are actually trading the opposite position of the trades you execute. In this sense, your broker is trading against you. If your account is large enough to fund a futures account, I strongly suggest you trade currency futures, as the futures markets are regulated and much more honest. If you need to trade on the currency spot market (Forex) to grow an account, only do so to step up to currency futures.  
4 Jan 2010 9:12:30 AM  
Q3. Is it possible to make a lot of money trading Forex? Currencies? Or is it all a big scam?  
I've been thinking about opening a small $1,000 account. Any advice from professionals would be appreciated.  
The best answer for Q3...  
You can make ALOT of money trading forex, but you have to be realistic about it. You're not going to deposit $1000 into an account and make $1000000 overnight. And even if it's possible, your emotions would pretty much keep you from earning anything until you learn to control them and trade systematically. I will try to put it into perspective for you. Once you know what you're doing in forex, you can easily average 5% profits weekly without spending too much time staring at charts. No problem. Just learn how to trade well enough to earn 5% weekly. But do it like this... 1. Open a demo account at one of the brokers. Make sure the account only has $1000 in it. 2. Place trades of 0.1 standard lots. NEVER place trades bigger than that. 3. Try to capture (or lose) only about 20 pips per trade. Use a well defined trading system and stick to it. 4. Keep trading like this until you have doubled your account. Don't give up even if it takes a long time. 5. Open a $1000 live account with real money and repeat the process. Pay special attention to your emotions as you win and lose YOUR money and be aware of how different it feels from a demo account. Don't let your emotions control your actions. Stick to the system. Now here's the thing. Each time your account grows by $1000, you can increase your trade size by 0.1. As your experience increases so will your money. Before too long it will feel like you've been doing it forever and you can be easily living entirely off the profits from trading. NOTE: If you don't know what some of the terms above mean, that's no problem. Check out the BabyPips School and you can learn all of the terminology. Also, I highly recommend using a mentor to help get you up to speed and learning some proven strategies. Once you become confident in your trading, you might consider reading my book on trading, or even using a trading robot to free up your time. I have one of those too. Check it out. Anyway, I hope this answers your question. I know it's kind of long but believe me, forex is worth the effort. BabyPips School --> Forex Signal Mentor --> The Forex Millionaire Maker (my book) --> Forex Set and Forget Automated Trading Robot (mine also) -->  
9 May 2008 2:22:48 PM  
Q4. Has anyone ever tried forex or currency trading is it a scam or is it almost impossible to make money?  
honesty is very important TO ME I AM NEW TO CURENCY TRADING AND I HAVE ABOUT 500 BUCKS TO WORK WITH from what i hear forex itself is not a scam but other software associated with it any one with trading experience preferabLy two to three yeARS your inPUT in this would be very appreciative if anyone could HELP ME AGAIN I WOULD VERY MUCH APPRECIATE IT. ALSO I WAS WONDERING HOW MUCH TIME IT TAKES TO MAKE A PROFIT  
The best answer for Q4...  
It depends on how fast you can learn the forex trade. But initially a lot depends on luck. I have seen many lost money but I think you can improve your chances by following some prudent guidelines and jump in too quickly. I have been trading as a sideline for 3 years. Made a bit but not much as I have been very careful and cautious. However, the last few months I have made more than I made in the 3 years before. The reason is I started to use some of the new aids available in the market. I don't actually use them totally as an autopilot kind of system but more to supplement my regular trading.  
19 Jan 2008 1:03:52 PM  
Q5. Is Electronic Currency Trading a scam?  
I've seen internet ads to make money using this method and wonder if anyone has used it or investigated it.  
The best answer for Q5...  
Currency trading is a legitimate investment tool. It's called "forex" (foreign exchange). You can make a lot of money at it or you can lose a lot of money. It's a highly leveraged investment. Unless you know a LOT about it, I'd recommend staying away from it until you can learn more.  
14 Mar 2007 7:22:46 PM  
Q6. is a forex currency trade scam or not?  
recently i found that everyone can trade online with Forex and they even offer you a demo of ther trading platform. My q. is this a big and nice scam or something real?  
The best answer for Q6...  
The Forex market is actually the largest market in the world. There is $2 trillion traded in the Forex market every day. Up until the past few years, the market was only available to large institutional traders and individuals with substantial net worth. Now, the Forex market is open to all investors. There are two major problems with the Forex market as I see it. The first is the "potential" for large profits with a relatively small investment of a couple of hundred dollars. This tends to make it way too easy for the average person to trade in the Forex market in the same manner that they would take a seat at a blackjack table in Las Vegas. These people are no more than Forex gamblers and are certain to lose their money before they even know what the word Forex stands for. The second problem is that everybody and their brother is now talking about Forex. It is very common to get introduced to Forex trading by someone who does not have the knowledge, support system, committment or compassion to make certain that your best interests are their primary concern. There are methods of trading Forex with which you can quickly lose all your money. There are other more conservative methods of trading Forex with which you can generate a comfortable, consistent rate of return as a key element of a long term investment strategy. I, personally, will not allow any of my clients to trade a live account and risk their own money until they have had sufficient training and experience trading demo accounts. Once you understand the risks, the market dynamics and the proper methodologies than trading in the Forex market can be an interesting and rewarding experience. My advice to you is to take your time, learn-before-you-earn, save your money while simply trading with demo accounts and find an experienced Forex trader willing to devote the time and energy necessary to coach you and look out for your best interests. Best wishes for a prosperous 2007. Paul  
26 Nov 2006 10:49:37 AM  
Q7. Does anyone know anything about e-currency trading on line?  
I am looking for info on e-currency trading on line, is this a scam or for real?  
The best answer for Q7...  
There was money to be made in it in 2005, but now there is no absolutely no money to be made it, just pocket change, so don't waste your money  
19 Oct 2006 11:11:43 PM  
Q8. hi does anyone know about the mscs-rrr forex foreign currency trading e-book?  
hi does anyone know about the mscs-rrr forex foreign currency trading e-book program that's all over the internet ? can anyone tell me if it's a scam or not and can anyone also tell me ways that i can find out on the internet if it's for real or not ? thanking you in advance.  
The best answer for Q8...  
Your best option is contacting your local bank which will offer you the best rates  
19 Oct 2006 10:43:49 PM  
Q9. hi have anyone heard of the forex mscs-rrr currency trading e-book?  
hi has any one heard of the forex foreign currency trading e-book program called mscs-rrr that's all over the internet? could anyone tell me if it's a scam or not and how can i use the internet to find out if it's a scam or not? thanking you in advance.  
The best answer for Q9...  
I'm amused that this site claims that anyone can make big money and not work hard through Forex trading. This is a scam. You know deep down this is a scam. It has all the markings of a scam. 95% of the people that try FX trading fail. There is no "secret formula" other than very hard work, time and money management. BTW: Check out for other FX scams.  
8 Aug 2006 2:22:56 PM  
Q10. What is E-currency trading?  
Is e-currency trading a scam? How does it work? If you have experience with this "business opportunity", any info would help. thanks  
The best answer for Q10...  
"E" trading, or internet trading of currency contracts (usually futures, but can also be other derivatives). There are some legitimate firms which offer on-line trading of currency contracts, and some which are not so legitimate. This is a VERY risky business, and your competition is made up on major banks and governments, acting for their own account or for their major corporate clients. Unless you are very savvy about global economics, don't try to compete with them.  

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