You are right. There are quite a few scammers in the forex market who charge money for their training, but in the end they teach nothing except the well-known basics that you can find on your own in the free network. Or they sell supposedly profitable strategies, indicators or robots that in fact turn out to be unprofitable. It is also worth taking a responsible approach to choosing a broker, because your result will depend on its conditions and quality of execution. Therefore, I chose a regulated broker with a long period of work in the market and with favorable trading conditions in order to protect my investments and trade comfortably (for me, such a broker was fxopen).
I'm afraid nobody in this industry will teach you how to make money because there is no point to sell this knowledge when you can make much more profit from it. If this knowledge is available for sale then clearly the seller thinks to returns from selling it is higher than what he can make from it in the market.
Yes, it is unlikely that anyone will sell a goose that lays golden eggs). That is why I was always confused by offers to sell a "super-strategy" with a high percentage of profit, which would itself provide a huge income to its owner.
There is nothing to be confused about these are all snake oil salesperson if anybody has a strategy that works why would they sell it unless they want to retire, Yes sure for complex trading strategy one can learn from a source but if that source is seminar or online seller with Ferrari in the picture or a story saying " I was poor and now look I make millions" run away
Forex offers high liquidity, 24/5 trading, and leverage for greater profit potential. It’s accessible with low capital, but cons include high risk, volatility, and the potential for significant losses due to leverage. Success requires strong discipline, education, and risk management to navigate this fast-paced market effectively.
Forex Brokers are sometimes ( many times) Market Maker model Not exchange model so there could be conflict of interest + Counter party risk
You're spot on! That’s why I prefer brokers like Market101, who offer more transparent trading conditions, reducing those risks and making things much simpler.
Another positive aspect of this market is the low entry threshold, when, as a beginner, you can first open a small cent account for training or a small real ECN account for trading with instant execution (for example, with my broker fxopen you can open a full-fledged ECN account starting with just $ 100) after training on a demo account.
Major currency pairs, like EUR/USD and GBP/USD, are popular for forex trading due to low capital requirements. However, their relatively small daily price fluctuations can make them less ideal for day trading. They’re safer but less volatile for short-term profits.