Forex is a scam.

Discussion in 'Forex' started by KINGOFSHORTS, Feb 3, 2010.

  1. People who trade forex are really trading against the house. The house will set the payout probability so they have the edge.

    Forex is more of a Casino type game, look at what a Forex trading platform looks like. No different than those electronic gaming setups at casinos.

  2. thank you.

    we need more people like you to expose crooks in this industry.

    Forex crooks are very powerful, they even got CNBC to sponsor the 1 million dollar contest with currency trading as part of it.

    Next, you should expose those stock brokers who front run customers, like Scottrade. Those brokers route customers' orders to their own market makers, not to the exchange directly.
  3. Retail off exchange currency trading or Forex (business like any other business) does not have an actual exchange each forex dealer is an exchange by itself. They take the opposite site of the customer position (sell or buy) or if they choose to, they can hedge that position with somebody else, like a bank. They all have algorithms that they use to create a hedge so regardless how good the public trades, they would always make money. In conclusion, does anybody know how to beat them at their game?
  4. Occam


    I'd say the way best is to only use brokers that don't make a habit of trading against their own clients, a practice usually termed "internalization" in the listed equities world. (Just a word of warning, the practice of trading against one's own clients is often euphemized with the term "price improvement".)

    I don't know much about retail forex, but there are certainly equities and futures brokers that don't internalize.
  5. Wow. which bucketshop is that from? You're right, it looks like a slot machine. Love the sumo wrestler representing the Yen.
  6. If you want to really trade Forex trade Futures. it's the only fair shake.
  7. kingofsh...

    From the mouth of a person who doesnt understand the forex market or conjures up accusations from looking at a few forex bucketshops platforms, you sure dont impress much.

    Ive had an MB Trading acct(over 2 yrs) using metatrader and im not seeing all the BS you're talking about...
  8. If the 10:1 gets through that'll be the best thing to happen to the retail forex trader.

    Remember, wealth is accumulated slowly. Using 100:1 leverage is screaming take me to the cleaners.
  9. Haha, what a great subject. Down the largest financial market in the world.

    Forex is just forex. Everyone knows the name of the game. If you are going to say forex is a scam then you might as well say casinos are a scam as well.

    Everyone knows the nature of the game, and it's their choice of going into it or not. I just advise forex traders to do their homework first before going into the market. But what are you proposing with this subject?

    Also, if forex were to go to 10:1 leverage in the US, it would kill the market. Retail traders would flood overseas. I think this is a very dangerous proposal and should totally be dropped. It's not going to help anything except ruin the forex business in US and in turn hurt our country more economically compared to our overseas competitors.

    Ridiculous, I think.
  10. Yea, i believe all government mandates that "protect" traders are asinine. If grandma wants to use 200:1 on her mini account let her go for it. The worst is the PDT.
    #10     Feb 4, 2010