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Forex trading

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Chris Brown

Mr CoasterForce 2016
Foreign exchange, commonly known as 'Forex' or 'FX', is the exchange of one currency for another at an agreed exchange price on the over-the-counter (OTC) market. Forex is the world's most traded market, with an average turnover in excess of US$5.3 trillion per day.

You effectively buy and sell stock based on the foreign exchange fluctuations that are happening all the time.

I've been aware of Forex trading for a good few years now but was never interested and passed it off as some illicit scam to give people the opportunity to make money and then take it away from them in the market. However ive noticed a huge resurgence in the popularity of forex trading with a lot of people being able to trade on their smart phones in their spare time. I was initially put off because the people I saw jumping on the bandwagon were those who craved money, those who hadn't settled into established careers and those who seemed pretty desperate to share the fact that they were now raking in cash with little to know proof of actually doing so. I initially assumed my Facebook friends had fallen for a pyramid scheme whereby they create the illusion they are successful to coax their friends to join the scheme (when other people join the scheme the person they joined through is naturally pushed up the pyramid and gain some financial reward) the new members do the same and realise to gain significant financial rewards they must move further up the pyramid by getting new members through themselves in turn pushing the first guy even further up. This is repeated everynrime new members join.

However recently more and more of my friends have started getting involved. Two friends have created a website for trading help and tips but don't actaully trade anymore. This got me thinking as when they first started trading they wouldn't shut up about how much money they were making and how amazing the idea or forex trading is, however they have now packed in trading completely and are looking to become trading analysists who can provide signals for beginners. The fact they gave up the trading itself and started doing something that millions of other trading analysists can already offer made me wonder how much money there actually is to be made in the actual trading.

Anyway has anyone on here ever had a go at trading? I'm keen to find out other people's opinions on the subject and am even keener to hear anyone who's experienced or had a go at it. Thanks in advance,
 

davidm

Strata Poster
If you can make more money from "teaching people how to make money" rather than "making money" ; its a scam.
 

Ben

CF Legend
I see a bit of it at work, but, that's because the people they we do it with have enough to bother, I doubt it'd work for a normal person.
 

Screaming Coasters

Strata Poster
I trade Forex at home, but it's a tough slog and you need to sit at your desk from opening till end. A 20 pip daily take is a good place to aim for, but I wouldn't recommend it to anyone really, which is why I've stripped it away from my main income stream and have replaced it with others.

To understand what Forex actually is, it's not trading at all. Forex is actually a form of gambling. You have no direct dealings with the exchange - all you're doing is betting which way the market goes. You don't actually hold any currency as leverage. This is why Forex is tax free.

I have multiple streams of income from the internet, and even though I do Forex on occasion now, it doesn't appeal to me as a full time job. It's a very emotional game and it's hard to really take away your emotions to trade with logic and trends.

To wrap it up. There are better ways to make money online.

On the Signal front. It is actually illegal to give signals over the internet now. The only signal services you'll find are scam ones who are not registered with the FSA. There are a few programmes out there that are FSA registered. PM me and we can talk.
 

Chris Brown

Mr CoasterForce 2016
Cheers! These guys provide signals over whatsapp so im not sure if this bypasses the law of sending signals via the Internet. They are both the affiliates for stockpair and have set up their own 'company' to run this through. Forex Help Trading if you are interested. They've tried to get me on board multiple times to join their affiliate scheme but knowing that I could easily set up my own affiliate scheme with stock pair and cut out thee guys as Middle men I've politely declined. It's kinda frustrating as they do make ok money on the sign ups but they've 'employed' people below them to do their dirty work for a cut in the sign up price. They are very treanparent with ME and how this business is going, they have hit a lul period and seemed to have exhausted getting all of their trusting friends to sign up and are struggling reaching the GP that they don't have a personal relationship with. I guess that's the problem with affiliating itself.
 

Hixee

Flojector
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Chris Brown said:
Cheers! These guys provide signals over whatsapp so im not sure if this bypasses the law of sending signals via the Internet.
You do realise WhatApp ONLY works via the internet, right? That's like, the point.

Chris Brown said:
It's kinda frustrating as they do make ok money on the sign ups but they've 'employed' people below them to do their dirty work for a cut in the sign up price. They are very treanparent with ME and how this business is going, they have hit a lul period and seemed to have exhausted getting all of their trusting friends to sign up and are struggling reaching the GP that they don't have a personal relationship with. I guess that's the problem with affiliating itself.
So it's sort of like a pyramid scheme? Get junior members to pay to join by paying you a fee, then you give them the insider knowledge, and they can make money for both of you?

I think I'll pass and leave that sort of thing to others more willing.
 

Screaming Coasters

Strata Poster
So this Forex system has an affiliate programme.

See, I'm interested in affiliate marketing and I actually do a lot of this myself. Affiliate marketing isn't a pyramid scheme when you're only making money from one level, and even most multi level marketing opportunities aren't pyramid schemes or they'd be shut down by Action Fraud, but whenever I see an affiliate side to Forex opportunities, this signals to me that the system they're pushing is a pile of trash. The real money is pushing sales on the front end. It's a quick buck opportunity and I'd stay well clear.

If you really want the best Forex or Binary options trading system in the world, go to Banc de Binary. They'll charge you an absolute fortune to learn from them, but if you're dedicated, you'll absolutely kill it, but results aren't typical and this always comes with a risk. I've lost several thousands of quid, but I've also gained several thousands. It's pull and tug, just be prepared for that.

https://bancdebinary.com

But like I said, there are MUCH easier ways to make money online. Much, much, much, much easier.
 

Chris Brown

Mr CoasterForce 2016
Hixee! Of course I know whatsapp works over the Internet aha, it's just not monitored like the actual Internet as far as I know.

As for the affiliating it's based on a per capita sign up. You market trading and you get given a link to sign up new members to. Obviously this link refers them to a specific broker who pays you for every person that signs up to their scheme. You can also do rev share affiliating where by you are paid a commission on the amount of money a person pays into their trades. You can do this with nearly anything, gambling, betting, clothes sales, basically any form of retail, I think there's even a Disney affiliate scheme. I wouldn't say a pyramid scheme however they do pay people a lower rate (still reasonable money) whilst taking the rest for themselves. Once you've established enough people under you you don't need to do anything yourself to earn money you just rely on the people below you.
 

Christian

Hyper Poster
listen, everything has its exceptions

As said earlier here. Forex is pretty much gambling. Sure you can look at geopolitical events and base your trades on that but even then you need a lot of luck. If you want to trade something then trade stocks. You will make a less money then some lucky people make off forex but you can make logical choices based on numbers and perceived potential.

If you still want to gamble then grab flight to Vegas and ride Canyon Blaster and El Loco while you are there.
 
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