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Even though I had no plans to cover forex as subject on this website from the beginning at all, I feel now I have to give some tips to beginners to protect them from a disaster. And it is all because of a service I recently found that really looks as scam and scams make me angry. If you have not read my previous post about this, you can go to it HERE!
Online forex trading has become very popular for the last 10 years, which is something I personally do not understand considering the fact that statistics show that around 90% of traders lose money or break even. Some sources even claim that the number is even bigger than 90%.
So if that is so, why is it so popular? Well, promises of profits and success certainly do their job. Scammers have also used this situation cause even today I see ads that advertise it, and if you click on those ads they almost always promote martingale technique – which is absolutely certain way of losing your money!
But it is possible to make money with forex although I am not sure it can be seen as regular business. The risks are too high!
Personally, I have been trading trading binary options for around 4 years and just like most of people, I lost some money in the beginning. What saved me from losing even more money is my natural distrust to online stuff, but I know of many cases of big losses.
Do some research and you will see for yourself.
So be careful, this is a scam industry!
Let me give you a few tips if you are beginner. This will save you a lot of headache, time and money!
Have in mind that many brokers companies are dishonest companies. When people are looking for brokers they look whether they are certified or not but I am not sure that is something to rely upon much.
If you get scammed and they steal you money, what you are gonna do? Complain to the authorities in Cyprus where most of brokers are registered? How far do you think you will get with that? So be careful!
So, especially if you are a new to this, here are my tips to you! Cause, when it comes to your money it is better to be safe than sorry!
1. Start with the education before you do anything else! Here is a very good education and it will take you some time to finish it, but it is FREE!
2. Trust nobody! When you get in touch with a particular broker always assume that they may be dishonest. See if they will prove to you naturally that they are honest, and trust takes time to develop. If somebody calls you and suggests you to deposit a larger sum, hang up the phone!
Have in mind that most brokers lose if you win! Do not buy any promises and sweet-talk!
2. Never deposit a large sum unless you have worked with the broker and absolutely know for sure that they will not sabotage a withdrawal in the future. Also you need to start with small sum first cause remember – 90% of all traders lose money!
You will work with larger sums of money only when you know what you are doing. Do not depend on others to trade for you.
3. You will be profitable only when you learn how to do it yourself. This points back to the education, but like with anything else, the success depends only on what you know!
4. Emotionality and trading never mix in a good way. You will probably discover that you get emotional when you start trading for real. This means that you are not ready. On the other hand, you must be aware that some loses are unavoidable, it comes with trading!
But still, you can not be driven by emotions or you will lose all your assets. You must be detached when you trade!
5. Never martingale! This is a technique that only fools, uneducated and scammers promote. It is done by increasing the investment after a loss to cover for it. It works like magic for a few times and you quickly make money.
But it is like walking on the mine field, it is only a question of time when it will backfire and increasing the investment will wipe out your whole account. Everybody who tries it out – lose! There is no exception to that.
Few more words
If you are interested to find additional source of income, trading could be that for you. But unfortunately, it will take time to learn all you need to know in order to actually be profitable. You will realize that it is a whole profession and you probably need to develop some certain qualities in order to do that without experiencing economic disasters.
The risks are high and you need to be aware of them. If you find it is maybe not for you, I suggest you to take some other possibilities into consideration. Possibilities like online business, which is something this website is all about. But if you want to proceed with forex, then be brutal and take no prisoners. Get rid of all naivety before you enter the world of probably the biggest scam artists in the world!
Thanks for the visit, if you have any comment on this subject, please leave it below!
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