More threads by Blackbook

Blackbook

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Feb 2, 2022
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Many years ago I knew a few people who traded small FOREX trades and seemed to do really well at it. I often thought about having a go and using some of the platforms they mentioned. I never did and have always kind of wondered if I should have.

Flip forward a few years and out of the blue I was contacted by what I can only assume is an affiliate scam. Basically this young dude says follow his daily trades on the FOREX market and make £100's per day for a little work but no real thought and no payment.

I was not at all interested as I've seen a lot over the years but out of curiosity I connected with him on WhatsApp and it was basically a system where he tells you what trades to make (same as him) and he was claiming 87% of trades were profitable! Basically you signed up to an App called MetaTrader4 (from what I could tell this was genuine), make a minimum deposit of £350 ($500ish) and start following his trades and get rich. I assume he would get an affiliate payment from the app/platform. Wonder if anyone has seen this kind of thing before.

More to the point does anyone here trade FOREX (NOT CRYPTO) successfully or otherwise and what tips you would give someone who was interested in getting involved in a small kind of way. Is the concept of ForEx trading still a thing?

Just interested!
Iain
 

VirtualGlobalPhone

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lain, Like learning full Math and then writing exam is same as mastering the business and then putting all money , is the only way forward. When one realizes this they neither take chances or bet in business!!!!

The difficult part is you have to find the syllabus all by yourself , cant copy some one else nor refer.

Think about it.
 

Blackbook

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Feb 2, 2022
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VirtualGlobalPhone

I get your point but maybe you missed what I was saying. At no point was there any interest in his 'follow me' approach, I just found his "pitch" intriguing and wondered how he was making money from it.

I was really asking if there is scope in 2022 to make a bit of money in small trade Forex and if there are any decent platforms or automations that exist. I thought a recommendation from someone might go better than me just searching Google.
 

VirtualGlobalPhone

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Blackbook , let me help you in another way. If you get intriguing and wondered , that's the good to spare your attention.

This is just like based on Title / punch like of a book. Time and money have to be spared for reading or listening to audio book is the cost one pay. Reasoning and action based on what one understand should result into action.

But unfortunately most , read a 280 character and burn the entire trust, time and money on half baked hope with action.

Standing apart, prepping will help to stand firm and strong in the business.

Hope this will help you.

Best wishes.
 

Dora Wi

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Aug 19, 2020
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Hi Iain! Forex trading is still a pretty popular business and copy trading is also a thing that a lot of brokers offer - a successful trader can enable others to copy their trades in turn for some extra income. If you want to copy someone's trades, you also get the chance to look at their previous trading results to determine whether you are happy with them. However, there are some red flags in what happened to you:
  • first of all, legit traders won't go around contacting people randomly on different platforms
  • "87% of trades are profitable" does not mean anything, it is not a reliable indicator of success. With poor risk management it is possible to win 87% of your trades and still lose money overall. Moreover, this also needs proof such as a visible track record on Myfxbook, for example.
I know you said you weren't considering taking this person's offers but I thought these are worth mentioning since it's important to learn to spot scammy offers if you want to dabble in any kind of financial trading.

All in all, it is possible to do forex on a small scale but it's not easy money. I would recommend you to gather some knowledge and practice on a demo account first. There are some good free online courses which can be great starting points, such as BabyPips and Forex Military School.
 

Blackbook

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Feb 2, 2022
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Thanks Dora Wi.

You are correct, there is no way I was taking this persons offer, but I was interested as an info monster as to how he was monetising it.

I am still reasonably interested in having a play with Forex but the truth is I am not much of a Gambler. If anyone has advice I would be interested.
 

Dora Wi

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Aug 19, 2020
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Thanks Dora Wi.

You are correct, there is no way I was taking this persons offer, but I was interested as an info monster as to how he was monetising it.

I am still reasonably interested in having a play with Forex but the truth is I am not much of a Gambler. If anyone has advice I would be interested.

I think it's important to note that gambling and trading (speculating) are not the same things. When it comes to gambling, you are betting on a random, coincidental chance of winning. Speculating, on the other hand, is based in factual information and analyses of price movements, so - even though no one can predict where the market goes next - you have control over certain factors and there are ways to manage your risks of losing money.
Some useful beginner resources I can recommend is free online courses (BabyPips and Forex Military School are pretty good), the website Investopedia if you want to google specific terms, and a book titled Trade Your Way to Financial Freedom by Van K. Tharp which covers a lot of the basics and offers a great mindset.
Also, many brokers offer demo accounts where you can try out trading with virtual money once you have started learning things theoretically.
 

Blackbook

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Feb 2, 2022
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I think it's important to note that gambling and trading (speculating) are not the same things. When it comes to gambling, you are betting on a random, coincidental chance of winning. Speculating, on the other hand, is based in factual information and analyses of price movements, so - even though no one can predict where the market goes next - you have control over certain factors and there are ways to manage your risks of losing money.
Some useful beginner resources I can recommend is free online courses (BabyPips and Forex Military School are pretty good), the website Investopedia if you want to google specific terms, and a book titled Trade Your Way to Financial Freedom by Van K. Tharp which covers a lot of the basics and offers a great mindset.
Also, many brokers offer demo accounts where you can try out trading with virtual money once you have started learning things theoretically.

Thank you Dora Wi appreciate the info
 

MozzTakasi

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Sep 26, 2022
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I think it is possible as a strategy. However, it would help if you understood that any strategy involves some risk, so you still have to take it. I can’t say I used this strategy, and I probably won’t. But when I want to try something new, I only have to rely on making this decision and take responsibility for it. There are many things I did in the past which made my income smaller and brought me a lot of problems. However, I never gave up. It is important to understand that you don’t have to give up after the first failure, and everything will be better. I also use tools like an economic calendar and reliable sources for trading news.
 
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GObuda

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May 27, 2021
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Forex trading in small transactions is as profitable as it was. By a couple of percent, you can make money on stocks by constantly buying and selling. The only thing you have to pay attention to in this case is what kind of brokerage services you use. For example, I always recommend my broker from plus 500 to everybody, because it has very good conditions for trading. For more information I would better advise you to read reviews on plus 500 on the topbrokers website, because there is information about this company.
 
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Aug 24, 2022
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It's fantastic to hear about your success with forex trading, especially in small transactions. Earning a couple of percent by consistently buying and selling stocks can indeed be a profitable strategy. Your emphasis on the importance of selecting the right brokerage service is spot on.
 

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