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Posts tagged Forex
Intervestonline.com – The Top Ways to Make Money Online – They must be joking
Mar 12th
Whenever you do a search on Google for ‘How to Make Money Online’, you will see that intervestonline.com has the top spot in a results search. Their real tag line should be more like ‘How to Make US Money Online’. In my opinion, most of their suggestions are for sites and plans that are just utter garbage. You will note, several of the ones they promote heavily are ones that I have reviewed and found to be nothing but pure rip-offs. As usual, all that their site seems to be about is ways for them to cash in on referrals and the like by recommending these systems to people and trying to give them flowery, glowing reviews. It is no wonder to me that trying to find legitimate ways to actually make money online is nearly impossible these days. There are just so many obvious, blatant rip-off sites around that it is hard to find any of the decent ones. I am a little uncertain how to proceed with my blog here now. I could spend an eternity providing negative reviews of all the bad places, or maybe I should just change direction and provide only information on good methods and information on making money online.
Forex Nitty Gritty – Don’t Bother
Dec 2nd
Forex Nitty Gritty by Bill Poulos is an eBook, video based system to teach you the secrets to trading in the foreign exchange market. I don’t really have anything bad to say about this system, Bill does give you a lot of solid trading information and advice and doesn’t make any of the wild riches claims of so many of the other plans out there. But it’s not anything you can’t find elsewhere for less. Also, in keeping with all my previous posts, I am against forex trading as a way to make money online for the normal person.
Can you make money in forex trading? Yes, but it’s not easy, it takes a lot of study, dedication, discipline and a lot of capital to begin with. You are not going to make a pile of money with some ‘magic bullet’ trading robot or ‘secret method’ or by using a small amount of capital with 200 to 1 leveraging. Bill Poulos makes a correct statement in his video that the mistake that 90% of forex traders make is relying on other people’s advice when making trades. I agree, but I have an even better true statement, 90% of forex traders shouldn’t be trading forex to begin with.
You won’t find any link to the Forex Nitty Gritty here, if you are still interested in finding out for yourself, you can find it easily enough. But if you’re really dead set on diving into the forex market, why not buy yourself a good book on the topic first, and read it BEFORE you dive head first into the empty pool. Here’e one to start you off:
Forex Trading Secrets
Nov 26th
Forex trading secrets are everywhere. Countless webpages are dedicated to selling you their “guaranteed” successful Forex trading secrets and strategies. They are always chock full of exciting statistics, photocopied results and of course, raving reviews and customer testimonials. Well, I hate to be the bearer of bad news, but there are no “guaranteed” success methods, indicators, strategies or programs. As I have stated previously in this blog, yes, you can make money in Forex trading, it is possible, but I really don’t think it is something for anyone who doesn’t have years of experience in trading and intricate knowledge of markets should be involved in. The reality is, the chances that you will lose all your money invested far outweigh your chances for gain.
Let’s use a bit of common sense here. If after years of work, I finally uncovered some incredible secret trading method or strategy, do you really think I would be sharing it with you, or with anyone else for that matter? Why would I? I have seen several of the pitch pages offer weak reasons as to why they are doing that, and none of them hold water. Sure, I’ve just uncovered a secret that can make me virtually unlimited money, and I am willing to share it with you for only $29.95. Ask yourself why, if I can make a fortune in Forex trading, why would I be bothering to spend the time and effort to try to hawk an online plan for $29.95. The same sort of logic can be applied to just about all such information related to Forex trading. Why are they so interested in helping you? It’s like saying “hey, I just found an incredible gold field out here in the wilderness, I’ll sell you a map how to get here for only $29.95.”
Would you like to learn where the single greatest source of Forex trading secrets is located? Currently, based on search statistics, the largest mother load of Forex trading secrets is located somewhere deep in Nigeria, home to the world’s greatest internet scammers and con men. Does that surprise you? In fact, it should scare the hell out of you.
Forex Trading – Danger Keep Out
Nov 21st
Forex Trading is currency trading in the foreign exchange market. According to Michael Dunn of the U.S. Commodity Futures Trading Commission, currency trading has become the fraud du jour since 2008. Based on CFTC records, the average forex trading victim loses $15,000 $USD. Trading futures is an extremely risky business, where the chances of incredible losses is even greater than the chance for incredible gains. The North American Securities Administrators Association says that “off-exchange forex trading by retail investors is at best extremely risky, and at worst, outright fraud.”
To put it simply, if you are not an expert on currency trading, leverage, risk management, spreads, market timing and other market related concepts, you have no business in forex currency trading. Conversely, if you are an expert, you would know that you would be much better off doing any of these sorts of trades through a legitimate brokerage service on your own.
Keep in mind that futures trading is a “zero-sum” operation, where for every dollar made, somebody must lost that same dollar. Any money you care to risk in forex trading is going against experienced currency traders who have huge amounts of capital behind them (banks) and they have been doing this trading for many years. They spends all day long doing nothing but monitoring the currency market and trading, this is their job. These are the sorts of traders you are pitting yourself against. Who do you think has the better chance of coming out ahead?
How about many of the forex ads, where they promise 200 to 1 leverage in your trading. Do you think that is a good thing? Most reputable brokerages will never allow you more than a 10 to 1 leverage to keep you from losing all your money too quickly. With a 200 to 1 leverage, this means that if you invested $1,000 you are now trading effectively $200,000 worth of commodities. It wouldn’t take much of a market change for your $1,000 to disappear, at which point you get a margin call for the amount owing. Don’t have it? Well in that case they just take all your money and sell off your commodities immediately, you are all done, your $1,000 has disappeared in less time that it took me to write this page.
In summary, if you have a lot of money that you are really tired of owning, go ahead and throw it away in a forex trading scheme, or just take it all to the casino and bet it all on a single roulette wheel spin.