Is Forex credible, Please share your experience.?

[varislost555]

Hello, I would like to trade forex either with eToro or GFT. Can you tell me it is credible or scam? Anybody have account with these websites?

 

[Mata Nui]

Hello, I would like to trade forex either with eToro or GFT. Can you tell me it is credible or scam? Anybody have account with these websites?

Forex itself is not a scam. Its pretty much the same as trading anything else, if you get good at it you can make some money. Some brokers can be a little less than honest. Also indicator/EA/Training vendors may sell you junk.

 

[forker]

Cash forex is not like trading anything else. For starters there is no single exchange. Secondly, it serves many functions.

 

[Jack Francisco]

Forex is a place for traders; it's a place for business persons who don't see FX as an easy way to riches, but rather a business which you build consistently; on a solid foundation. If you don't see Forex trading as a business you're chances of success will be diminished greatly. So when you hear that 95% of Forex traders fail (I presume 95% do), I would say they fail because:

Naivety
Lack of common sense
They're out of their depth
They don't know what they are doing
They're crushed psychologically
They don't have a method
They aren't treating trading like a proper, genuine business

 

[Patricia12]

eToro and GFT both are prominent brokers but there was some database security issue with eToro. I don't have account with them.

 

[SimonTemplar]

I think that OP's question is a little ambiguous for anyone to provide a particularly focussed answer. Are you asking whether Forex trading works per se, or are you asking whether eToro and GFT are a reliable starting point for you?

In terms of the first part absolutely, a lot of people do very well from trading the Forex market - if that were not the case, then this must be one of the biggest scams of all time, when one considers the size of the industry, the books written, the thousands of hours spent on discussion groups etc. Forex trading works, absolutely.

In terms of the second part of your question, many sites (including this one, I think) have sections dedicated to reviewing and discussing brokers. Average out the response across a number of those and you will develop a bit of a feel. Then if you decide to go with one (I have used neither of these, myself) I would start with a smallish account in order that you might get used to the interface, get a feel for the service etc., then increase that once your confidence has increased.

ST

 

[angelnish]

Forex is NOT a scam, there are some scam brokers. Forex is a 3.2 trillion daily market that exists whether us small traders participate or not. Get a good ECN brokers and you avoid 99% of the scams - The last scammers are the ones you cant avoid THE CENTRAL BANKS (since they make the market) but you just have to learn the trade with the big boys.

 

[Rhody Trader]

The last scammers are the ones you cant avoid THE CENTRAL BANKS (since they make the market) but you just have to learn the trade with the big boys.

Sorry, but the CBs don't "make" the market. They influence to be sure, but they don't set the prices. That's done at the inter-bank level.

 

[ChocolateDigestive]

in short FX is credible but I would recommend a newbie learns on an exchange traded instrument, stocks, futures or bonds. 4 reasons:

1. you learn tradecraft with time and sale plus orderbook

2. scammers exist in all markets, some are very clever and play a smart game but it does seem that the FX has more than it's fair share

3. transparency. If you can see all the prints in the T&S during the trading day that can only be good. FX as you probably know doesn't have this.

4. Better for you to trade through a broker who does well when you do well not the other way around. i.e. spread bet FX they will trade against you. Futures broker will get paid by commission, you do well, increase your volume they do better. i.e. your interest are aligned!

I would pick one instrument or set of instruments. i.e. ES or CL oil, or ZN/ZB, or STIRS or a set of US Stocks. Stick with one and get to know it inside out, live and breath it DO NOT chop and change markets otherwise you will waste years. believe me I speaketh from experience.

 

[The Leopard]

Good post above from Chocmaster D.

The trouble is there's no central exchange. That's fine if you're big enough to trade with a real broker (so you're actually trading in the market) but most people will not be doing this. They'll be trading with an SB or a forex 'broker' who is actually on the other side of your trade.

Essentially, you'll be trading a made up internal market using made up prices. Most brokers / sb firms use a complicated formula for determining spot forex prices - the commonest method involves a roomful of monkeys drunk on Tennent's Super, flipping coins and flinging lumps of sh1t at a dartboard.

The bucket shop then takes theses prices and skews them to ensure you get robbed right down to the lining of your ass.

Trade futures instead, or make sure you're going through an actual broker, not a bucket shop.

 

[ChocolateDigestive]

indeedy leopardo.

futures, stocks, bonds markets are not without their games it's just you want to avoid the numpty games to get through to the coal face init

Good post above from Chocmaster D.

The trouble is there's no central exchange. That's fine if you're big enough to trade with a real broker (so you're actually trading in the market) but most people will not be doing this. They'll be trading with an SB or a forex 'broker' who is actually on the other side of your trade.

Essentially, you'll be trading a made up internal market using made up prices. Most brokers / sb firms use a complicated formula for determining spot forex prices - the commonest method involves a roomful of monkeys drunk on Tennent's Super, flipping coins and flinging lumps of sh1t at a dartboard.

The bucket shop then takes theses prices and skews them to ensure you get robbed right down to the lining of your ass.

Trade futures instead, or make sure you're going through an actual broker, not a bucket shop.

 

[The Leopard]

indeedy leopardo.

futures, stocks, bonds markets are not without their games it's just you want to avoid the numpty games to get through to the coal face init

Well indeed.

There is enough to contend with without worrying about the broker stealing the fillings out of your mouth before you even get started.

 

[angelnish]

Forex is a place for traders; it's a place for business persons who don't see FX as an easy way to riches, but rather a business which you build consistently; on a solid foundation. If you don't see Forex trading as a business you're chances of success will be diminished greatly. So when you hear that 95% of Forex traders fail (I presume 95% do), I would say they fail because:

Naivety
Lack of common sense
They're out of their depth
They don't know what they are doing
They're crushed psychologically
They don't have a method
They aren't treating trading like a proper, genuine business

Jack Francisco , I am not agree with your some points means Lack of common sense, They don't have a method. Each trader know what is forex and due to this they enter in forex trading. So "Lack of common sense" is not suitable here. Each trader has a trading method. It may be that they choose wrong method or their method is not sufficient for making profit.

 

[strauss.steve]

Absolutely,it is a good business but if you know about the core principals and art to do this business.Without knowledge,do not try to engage your self in this business other wise it is a best way to earn money.