There’s lots of money in the forex market and lots of competition between forex brokers. Some of these brokers try to get customers by presenting forex trading as a game. I find this quite problematic.
Barack Obama on one side of the ring. Queen Elizabeth on the other. Just make your bet on the boxing ring / forex market. I picked Obama and he won of course. The ad showed me that the dollar gained against the Pound and that I instantly made $1122 dollars. I just need to fill a small form and the money is mine…..but wait…
This was of course an advertisement to a forex broker. Nobody makes money instantly. After registering, the people that fill the form will need to open an account, deposit money, and usually trade in a specific volume before getting this bonus that was promised in the ad.
In many cases, the trade volume that these traders need to make causes them to burn out their account. The bonus that the ad promised them never reaches their hands. I won’t mention the broker behind this ad, but I’m sure that some of you know what I’m talking about.
Even if this is totally legal, I find these advertising methods quite problematic. Presenting forex trading as a game in which you instantly win money by placing a bet on one side is very problematic.
Lots of traders lose money in forex. Good traders need to educate themselves before making profits from forex. When you deposit a significant amount of your own money into a forex account, this isn’t a game.
Barack Obama on one side of the ring. Queen Elizabeth on the other. Just make your bet on the boxing ring / forex market. I picked Obama and he won of course. The ad showed me that the dollar gained against the Pound and that I instantly made $1122 dollars. I just need to fill a small form and the money is mine…..but wait…
This was of course an advertisement to a forex broker. Nobody makes money instantly. After registering, the people that fill the form will need to open an account, deposit money, and usually trade in a specific volume before getting this bonus that was promised in the ad.
In many cases, the trade volume that these traders need to make causes them to burn out their account. The bonus that the ad promised them never reaches their hands. I won’t mention the broker behind this ad, but I’m sure that some of you know what I’m talking about.
Even if this is totally legal, I find these advertising methods quite problematic. Presenting forex trading as a game in which you instantly win money by placing a bet on one side is very problematic.
Lots of traders lose money in forex. Good traders need to educate themselves before making profits from forex. When you deposit a significant amount of your own money into a forex account, this isn’t a game.
Editors’ Picks
EUR/USD extends its optimism past 1.1900
EUR/USD retains a firm underlying bid, surpassing the 1.1900 mark as the NA session draws to a close on Monday. The pair’s persistent uptrend comes as the US Dollar remains on the defensive, with traders staying cautious ahead of upcoming US NFP prints and CPI data.
GBP/USD hits three-day peaks, targets 1.3700
GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.
USD/JPY bounces off lows, back above 156.00
USD/JPY is starting the week markedly on the defensive, sliding back toward the 155.50 area where it has met some decent contention for now. The move lower in spot follows FX intervention chatter after PM S. Takaichi scored a landslide win in Sunday’s election..
Editors’ Picks
AUD/USD gets ready to punch through 0.7100
The intense sell-off in the Greenback underpins the solid performance of the Aussie Dollar on Monday, motivating AUD/USD to add to recent gains while challenging the key 0.7100 barrier, or fresh YTD highs, at the same time.
EUR/USD extends its optimism past 1.1900
EUR/USD retains a firm underlying bid, surpassing the 1.1900 mark as the NA session draws to a close on Monday. The pair’s persistent uptrend comes as the US Dollar remains on the defensive, with traders staying cautious ahead of upcoming US NFP prints and CPI data.
Gold picks up pace, retargets $5,100
Gold gathers fresh steam, challenging daily highs en route to the $5,100 mark per troy ounce in the latter part of Monday’s session. The precious metal finds support from fresh signs of continued buying by the PBoC, while expectations that the Fed could lean more dovish also collaborate with the uptick.
XRP struggles around $1.40 despite institutional inflows
Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.
Japanese PM Takaichi nabs unprecedented victory – US data eyed this week
I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.
RECOMMENDED LESSONS
Making money in forex is easy if you know how the bankers trade!
I’m often mystified in my educational forex articles why so many traders struggle to make consistent money out of forex trading. The answer has more to do with what they don’t know than what they do know. After working in investment banks for 20 years many of which were as a Chief trader its second knowledge how to extract cash out of the market.
5 Forex News Events You Need To Know
In the fast moving world of currency markets where huge moves can seemingly come from nowhere, it is extremely important for new traders to learn about the various economic indicators and forex news events and releases that shape the markets. Indeed, quickly getting a handle on which data to look out for, what it means, and how to trade it can see new traders quickly become far more profitable and sets up the road to long term success.
Top 10 Chart Patterns Every Trader Should Know
Chart patterns are one of the most effective trading tools for a trader. They are pure price-action, and form on the basis of underlying buying and selling pressure. Chart patterns have a proven track-record, and traders use them to identify continuation or reversal signals, to open positions and identify price targets.
7 Ways to Avoid Forex Scams
The forex industry is recently seeing more and more scams. Here are 7 ways to avoid losing your money in such scams: Forex scams are becoming frequent. Michael Greenberg reports on luxurious expenses, including a submarine bought from the money taken from forex traders. Here’s another report of a forex fraud. So, how can we avoid falling in such forex scams?
What Are the 10 Fatal Mistakes Traders Make
Trading is exciting. Trading is hard. Trading is extremely hard. Some say that it takes more than 10,000 hours to master. Others believe that trading is the way to quick riches. They might be both wrong. What is important to know that no matter how experienced you are, mistakes will be part of the trading process.
The challenge: Timing the market and trader psychology
Successful trading often comes down to timing – entering and exiting trades at the right moments. Yet timing the market is notoriously difficult, largely because human psychology can derail even the best plans. Two powerful emotions in particular – fear and greed – tend to drive trading decisions off course.