Why do you think people are scared of investing in forex?

[Pharaoh]

Thanks for the heads up Pharoah, I will ensure I filter out such off-shore brokers that do not have the long term interest of their clients. It is a good idea to let money managers do the trading for you, instead of diving in and losing a bulk of your own money. Are there any particular money managers you recommend?

Also, it would be best for new traders to be educated on money management and trading techniques? I can't imagine a new trader ever earning money with some basic techniques though, is there any way to save them from that plight?

Hiring an account manager can save you a lot of time, but increases your risk. Now you've got a broker that could turn out to be bad plus an account manager who could have a problem at some point.

For those who do go for a managed account, a basic understanding of the market and of risk management is essential to being able to evaluate how well the account manager is doing. What good is 10% profit per week if there's a 90% chance of blowing the account by the end of the month?

Happily, you don't need a PhD in forex to understand the basics of risk management. This will help:

https://www.forexpeacearmy.com/fore...2272-how-manage-risk-while-forex-trading.html

 

[brendyfx]

Hey guys, I've asked around a bit and some of the common responses is that
1) The registration process is complicated
2) The idea of diving into the market without any prior knowledge is daunting
3) "You require a lot of money before you can invest"
4) "People always lose money in forex"
5) "Whole thing is too complicated and scary"

What do you guys think?

note : I'm creating a site and this is one of the areas I'm interested in getting opinions on.

I have a different answer. Because of the scammers.

 

[brendyfx]

Hiring an account manager can save you a lot of time, but increases your risk. Now you've got a broker that could turn out to be bad plus an account manager who could have a problem at some point.

For those who do go for a managed account, a basic understanding of the market and of risk management is essential to being able to evaluate how well the account manager is doing. What good is 10% profit per week if there's a 90% chance of blowing the account by the end of the month?

Happily, you don't need a PhD in forex to understand the basics of risk management. This will help:

https://www.forexpeacearmy.com/fore...2272-how-manage-risk-while-forex-trading.html

Exactly. Good advice here. That's why I always prefer to trade by myself. Cannot trust others. Because this is our money and some account managers don't care.

 

[itkraze]

Exactly. Good advice here. That's why I always prefer to trade by myself. Cannot trust others. Because this is our money and some account managers don't care.

Here you go. They just treat it as normal account. They would never know with how much hardwork we have earned this money. So trading yourself is always better because you will learn in this way too.

 

[alanrox]

Here you go. They just treat it as normal account. They would never know with how much hardwork we have earned this money. So trading yourself is always better because you will learn in this way too.

Hello Guys,

Yeah, Agree with you guys. I love to learn and test new things in forex. Never get bored.

 

[itkraze]

Hello Guys,

Yeah, Agree with you guys. I love to learn and test new things in forex. Never get bored.

We have to keep learning mate if we want to progress in forex. If you just start thinking that, oh I have learned much and earning good, it will stop your progress because there is much more to take in forex.

 

[alanrox]

We have to keep learning mate if we want to progress in forex. If you just start thinking that, oh I have learned much and earning good, it will stop your progress because there is much more to take in forex.

Agree. Learning never grows old.

 

[Red Herring]

3) "You require a lot of money before you can invest"
That's very incorrect and gross misconception as some brokers (mostly/all unregulated ones) allow a wanna-be-trader to start off with USD1.00....and some even give the wanna-be-trader money to "get a feel of a live account"......and then, in most cases, skin them alive when the wanna-be-trader deposit any significant money into that account.


I would slightly disagree with the motive of the answer of this question! You said unregulated broker give this opportunity to trade live with a small amount! But we all know that we do not want to open an account with an unregulated broker! So who cares if an unregulated broker give this opportunity! One fine morning we do not want to see that our broker (Unregulated) is gone with all of our money!

So the question stands true that we can not open a live account with $ 1 to $100 (which I think affordable for anybody to start trade and absorb the lose!) with a regulated broker !

 

[Red Herring]

1)

It's possible to open accounts at many well-regulated brokers for anywhere from $100-500. If you plan to make an income from it, you need a bigger account.

Can you please state name of any such brokers? If you know, please disclose...

 

[itkraze]

There are many regulated brokers like Mayzus, FXOpen , FXCM and many others. You can try one of these and also search on any brokers reviews website.