How wrong is the way we discover forex?

[Petezaa]

Most of us can admit it.
Yeap , we were cruising along the web one day , after a break up , and stumbled across an ad page talking big money and little time.
We said to ourselves , im gonna show that b***h ... no im kidding.
We convinced ourselves that theres a fortune to be made here in just 3 weeks.But lets look further.
So then we google forex trading , we go to babypips.com learn all the basics within 2 hours.
But then , we read "Choose your broker carefully" , "Bucketshops" etc...
So there we are in google again , clicking forex peace army on the results.
And we find this pool of complaints , we get scared , and also tired of reading.
-"I need to make this as fast as possible before they scam me " is the thought we close the day with.
So the next afternoon , when we wake up and its a Saturday, we look for a high leverage broker , with more that 2 stars in FPA reviews.
Our idea of trading is this (and i believe several complaint threads here prove it):
"I will be a millionaire , or someone will scam me!"

No offence to those who posted Complaints , some are valid and should be there to alert fellow traders.

What do you guys/ladies think?

Instagram for sure.

Too much fake stuff. Only a few legit people out there.

 

[LoRio]

Instagram for sure.

Too much fake stuff. Only a few legit people out there.

They are just influencers for hire on Instagram.
These influencers for hire have also become the gatekeepers of the forex tags.
(as a result of the algorithm)
They are the first to like or comment on forex related posts ,and so the algorithm throws
new posts to that group first (to test how good the post is ,so it can keep pushing it to others).
If this group does not approve of your post,you are burried.
If they do , your post may reach actual people.

 

[adcrook]

They are just influencers for hire on Instagram.
These influencers for hire have also become the gatekeepers of the forex tags.
(as a result of the algorithm)
They are the first to like or comment on forex related posts ,and so the algorithm throws
new posts to that group first (to test how good the post is ,so it can keep pushing it to others).
If this group does not approve of your post,you are burried.
If they do , your post may reach actual people.

but for advertisement and getting people in it must be working

 

[Faelar]

A lot of people discover forex trading through ads where the person in th head is in a mansion and tells you that they managed to buy an iphone after one week of trading with a certain broker which is a total lie. They give those in need of money false hope that they will be able to earn a lot on forex which never happens.

 

[Granigamand]

Most people discover forex through some pushed ads and they get in thinking that it is a very good way to make money quick. The ad focuses on that part while leaving out he important parts of forex. Then some brokers come in with their low forex account creation cost of 5 dollars to make more traders lose money.

 

[carnelian]

It is right that ads are playing an important role to join forex because when people see the attraction that with just $5 or $10 you will become a rich man and some success stories are also added to these advertisements they say forex is the only solution of their money problems they can change their life with it. This thing grabs people and they start forex and not pay much attention to having the skill and practice of trading.

 

[Akwin]

From a young age we have been taught that it is good to be right in work and in play, like our grades at school, during sports, and in day to day business. The problem is, you take this attitude to the market and you will inevitably fail.

 

[JenPage]

It is right that ads are playing an important role to join forex because when people see the attraction that with just $5 or $10 you will become a rich man and some success stories are also added to these advertisements they say forex is the only solution of their money problems they can change their life with it. This thing grabs people and they start forex and not pay much attention to having the skill and practice of trading.

They were adverts for them on tv quite a lot at one point.

 

[Akwin]

Lack of education, laziness, and greed. Then blame everyone else when something goes wrong.

Yes, a broker can rip you off, but even the worst scam broker out there will be happy to watch you get a perfectly legitimate margin call all by yourself.

Even a 100% honest, super-high speed ECN feed tied to the 10 largest central banks in the world will have slippage and spread widening around major news releases.

Even an incredibly well written EA or truly exemplary signals service will quickly destroy your account if you mess with the risk settings to try to make money too fast.


This lack of forethought also leads to many people doing the equivalent of covering themselves in BBQ sauce and jumping into a cage full of hungry lions. Most people put more research into buying a TV, a refrigerator, or a car than they put into selecting a broker or choosing other forex products and services. Scammers love this.

I strongly agree, choosing the right online broker requires some due diligence to get the most for your money; we should know what we need, narrow the field, figure out fees, test brokers platform, check how well the stockbroker educate his clients, the customer service, and get going the next steps.

 

[kim855]

I think it's key to study hard and fully understand what you're doing rather than passing your money to any scammers