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Forex for beginners – some advice please?

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7:45 pm
August 2, 2013


JHONTY FX

Member

posts 27

Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words "Forex" and "lose" to see this is the consensus.

Forex is similar to what we call a "zero sum" game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. The net winnings of everyone combined equals zero. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the "bets" in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.

Actually Forex is not quite a zero sum game. It's a slightly negative sum game as theForex broker takes a small percentage each time in the spread. It's a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.

There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.

Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: "Go to Forexcrap,com/q2347." The "q2347" is a signal to the Forexcrap site that you are being referred to them by "q2347." If they sell something to you, "q2347" gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.

I would recommend not trying to do Forex at all, unless you are a trained professional. It's like playing poker with people better than you, with the house constantly taking a small percentage from the pot.

Read the warnings in the links below:

P.S I have never heard of a automated Forex program for home use that actually works, although a lot of people on the internet try to hawk programs they claim work. However, I am sure the professionals that constitute most of the Forex market have better programs that you are able to buy. Once again, you are playing at a disadvantage.

Source(s):

3:03 am
September 5, 2013


peter opened

Member

posts 3

really good article! thanks!

as forex beginners im learn a lot!

reading great books, visiting blogs and forums, watching video etc

for my Samsung Galaxy i download great demo app so i using every chance to tradeall game like zululu.com and this one forex demo app

https://play.google.com/store/apps/details?id=forex.trading.game

8:26 pm
May 24, 2014


raymond sergey

New Member

posts 1

From my point of view selecting a right broker is the main factor for a novice trader cause if s/he fail to choose it then s/he can't make money from Forex market. In that case, OctaFX can be the best example cause I have been trading with this broker for a long time. So newbie can have a look on it. Thanks

10:38 am
July 24, 2014


Jamal Mia

Member

posts 42

Yes. The main advice for new trader is to select a Right broker house when they are going to make their trading account. There are so many scam brokers that actually steals money from Traders. Forex broker regulation is an important factor in reliability and trust. But considering other profitable facilities I do trade with OctaFX broker house though its not a regulated yet. OctaFX is not a market maker so many trading balance is always secured here and it ensures my profits all the time.

3:19 pm
October 1, 2014


mr walner

Member

posts 14

I think the biggest problem/trouble with people is that they are not aware of the real fact behind their losses or unsuccessful journey. Some loses because of their own fault while there are many who losses due to bad situation of the market and there are some who has done nothing yet lose because of bad broker.

I feel we should always choose a reputed broker so we never have to ever worry about getting in this kind of trouble and that is why i trade with OctaFX as not only it is one of the most popular and best broker in the world but also has won 8 awards like Best ECN Broker Asia, Best Broker Eastern Europe, Best Broker Central Asia and plenty more so these are enough to show how great they are.

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