Recently I’ve been doing a bit of FOREX trading myself and by keeping in line with this blog, where I teach people how to make money online, I’ve also been talking about my experiences trading in the FOREX (foreign exchange) markets and my results.
As expected, most people online that read my blog posts and even a few friends of mine keep asking me where FOREX trading is a scam.
This post should help answer this question, as I have experienced and had a lot of ups and downs with FOREX.
Let’s get right into it….
Is FOREX Trading A Scam?
Forex trading is no; not a scam although there are products out there teaching you how to make money with FOREX that are in fact; a scam!
Yes, the FOREX market, like the affiliate marketing business is full of scam gurus ready to take your money to deliver tidbits of information that may, or may not be useful to you.
I have read about FOREX and I have read the many issues beginner forex traders are having with buying into products and systems and turning out to be a total waste of time and loss of money.
If you are looking to find out whether a specific FOREX product is a scam or not, I do not have the answer for you (it probably is, though). What I would suggest you do is to find some solid reviews of what people are saying by typing in: “name of the product + review” in Google and see what comes up.
As for the FOREX market itself, again; no, it is not a scam!
The FOREX market is regulated by the banks and the governments of the currency you decided to trade (yes I know the government and banks are the biggest scammers out there) but let’s just keep that at a side for now as whatever issues they have, it’s an even playing field for all the people trading FOREX.
And yes, people are making money trading currencies online and on their smartphones. It’s a recognized profession and even huge companies and hedge funds dabble in the FOREX markets.
From my experiences, and I have to say that I am a newbie trader, I have lost money yes… but that has nothing to do with how FOREX works.
You make the wrong move, and you lose. Simple as that. Cruel I know, but that does not mean FOREX trading is a scam right?
In my previous article about the differences between the FOREX and affiliate marketing, I share some of my biggest losses and biggest gains and what my thoughts are so if you’d like to know more about my experiences with FOREX. Read this post right here!
What Does It Take To Make Money Trading Forex?
WOW, if I knew the answer to this question, well; I’ll be trading right now and not writing this.
Although there are strategies you can use to make good money with FOREX, there is no fool-proof strategy that you are guaranteed an income with.
If you are interested in FOREX and want to learn about it, I suggest you do that by getting yourself the free MetaTrader app and use the virtual $100,000 you’ll be given and play around with it.
Sure, do your research online, watch as many videos as you can on the topic and even (if you find a good one) buy a training product that you can learn from.
The surest way to fail at FOREX and lose money trading is by going in blind with real money just buying and selling currencies without a real plan or strategy in place.
People lose money at FOREX every day, even when they have a proven strategy in place but this should not stop you and it definitely does not make it a scam!
I find that even people that say affiliate marketing is a scam are usually people that have tried and not made any money with it, but people do make money with affiliate marketing and it has also been my business for the past 5 years.
BONUS: Is FOREX Trading Like Gambling?
This is also another question that comes up a lot and I as well have been wondering about since I began.
However, it dawned on me that no, FOREX trading is not like gambling unless you have a decent strategy in place.
If you do not know what you are doing, then yes you are taking a gamble that you’re bound to lose, but that does not mean FOREX is like a casino (where the house always wins).
Have a decent strategy in place, spend a few months trading fake money and then go from there.
I learned a lesson about FOREX that I always like to share when I talk about it and it’s this:
The FOREX market is going to be here next week, just make sure you are too!
I really hope this quick article has answered the question of whether forex trading is a scam or not.
Some may believe that it is, but from my own experiences, it has not shown that it is. Sure I have lost money, but it was more out of greed and my ignorance that made me lose it and not knowing how the market operates.
Thank you very much for reading my post. As always; I’d like to ask you to take 10 seconds out of your time to sign up to my email newsletter so I can send you:
- My free weekly online business advice that I publish every so often, you can see past posts here. +
- An invitation to try out my #1 rated online marketing training platform that will show you how to go from a complete newbie online to building your very own affiliate marketing business.
On that note, I’ll again invite you to read my post about the differences between FORX and affiliate marketing. I shared a lot of information on there from my personal experiences dealing with the two and I know that there is something you can learn from there.
Till next time.
Keep learning, start earning.