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Is it all a scam?

Discussion in 'Forex Company Comparisons' started by Moretti202, Aug 21, 2019.

  1. Moretti202

    Moretti202 Recruit

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    Hi, - Long Post Warning -


    I'm new to this forum but have been studying Forex for around 6 months now.
    I've never blown an account, never trusted any “expert” enough to buy anything and I am very careful with my funds. I have a few comments and questions and would like to get peoples take on it.

    1. Is it all a big scam?
    The reason I ask this is that I've watched a LOT of YouTube videos, read a load of blogs, reviews and training guides/videos/literature and believe I can get OK results when trading but nothing consistent enough to make me give up my full time job which is expected for such a small timeframe.
    I'm not opposed to paying a professional for training so I become better at something. I do this in my line of work all the time, most of the time its video courses which work well for me.
    The biggest and most frustrating thing I have found as a newbie is that this industry/sector seems to be absolutely rife with scam artists; Some are blatantly obvious, others are a bit more cunning which takes a bit of digging to expose. Initially I found forum postings and bad reviews where people were saying they were scammed out of thousands (sometimes tens of thousands) by company XYZ for "training". Initially I thought they hadn’t done their due-diligence and were just poor saps that seem to have lots of cash to blow (this appears to be the case for some) but then there were a few individuals who have posted scam claims or other nefarious comments for organisations I've used before which I thought were legitimate and their content genuinely useful.
    In most areas of business, you have organisations that offer a service and then you have a few trusted review sites or other means of finding if an organisation should be avoided but for Trading it seems to be much more difficult.
    Even the review sites have review sites which constantly contradict each other and appear to be littered with either fake positive reviews which are clearly paid for or fake negative reviews (conveniently with a "we'll help get your money back" link). FPA and tradingschool.org both have positive and negative reviews for the same thing.

    So my question here is, has anyone actually made/making a living off of trading successfully?
    By this I mean actually trading with real funds and not a secondary income like "training" or "mentoring" as this appears to be how most of these "specialists" seem to be making a living.


    2. Is there any genuine training material out there that will lead to success?
    It doesn't matter if it’s a forum, videos, live mentoring/screenshare or even a book. The one I looked at recently was Nicholas Puri's "Duomo Initiative". This site is clearly head and shoulders above the rest in terms of quality of production (site and videos) and (as far as I can tell) the content; Although I don't consider myself qualified enough to determine if the content will serve in the long run. I have since avoided this for now as there was a very negative review of this offering by trading schools.


    And this is what has landed me here... As every piece of information I find seems to come with a handful of terrible reviews of "crook, criminal, scammer" along with another handful of comments saying "changed my life, amazing" which has instilled major trust issues of pretty much the entire industry.


    Any help would be appreciated and Thanks for reading if you got this far
     
  2. Madalyn

    Madalyn Private, 1st Class

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    Forex trading is definitely not a scam HOWEVER less than 5% of people make money consistently so don't go giving up your job.
     
    JamesForexSlayer likes this.
  3. Clay Davidson

    Clay Davidson Recruit

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    Not at all, it's all works and such, but the main issue is that some people probably have access for sure way to know how certain currency pairs will behave, that's why they earn money most of the time, the rest majority of unaware people probably do not earn anything at all.
     
  4. EURUSD

    EURUSD Sergeant Major

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    Forex trading is not Scam, but sometimes this business used by some people to make money due to the risk that involved, they selling a product or something else to get earning by selling promise, I think although learn standalone, if always be carefully, maybe you will note new record on your journey, but indeed forex is remaining risky, just spent money that afford to lose is the golden rules investing money in risky business-like as forex
     
  5. AlecR

    AlecR Private, 1st Class

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    No doubt forex is risky but we all have to take some risk in any business. The profit potential increases with the amount of risk we take in any business. One thing to understand in forex is that you are not forced to take high risk in start. So take your time and then decide.
     
  6. Purekiller

    Purekiller Private

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    For damn sure it's not, it's simply still very unpredictable to trade with some good results out there no matter how do you really put that. See my point ? I do not understand why people really go with that matter. Many people follow some steps which do not work.
     
  7. ForexViking

    ForexViking Private

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    It felt like that to me when I first started too. Just gotta stand firm, trust in your analysis and leave your trades alone when placed. I tend to rely on tech analysis, Twitter feed (for tips and news) and then I set and forget to a decent risk to reward ratio. You’ll get there :)
     
  8. steveday76

    steveday76 Private

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    Forex is not a scam and it is definitely possibly to make money out of it. Unfortunately there are people trying to rip people off by trying to get them to buy signals etc. The best way is to do plent of research, use a demo account when you first start and once you are live, ensure that you are disciplined .
     
    ForexViking likes this.
  9. JamesForexSlayer

    JamesForexSlayer Corporal

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    Defo not a scam but there are a lot of scammers in the industry.
     
    momo3HC likes this.

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