Is Forex another HYIP scam?

Question

Has anybody, ACTUALLY made good money consistently after 2 months, IN HAND. In forex, or is forex simply being marketed as HYIP scam? If you've been ripped off,tell me too. Don't say what you heard, say your experience

I'll add this : I know NOTHING is inherently a scam, it's the hype of it that's marketing how much one can make in short time (that must be unrealistic to say the least)

Answer 1

No I haven't made any money with forex, but I haven't lost any either. It seems an area with more than its share of scams, so I thought I'd do some reading to figure out who and what was believable. I found two sites that helped.

One is http://www.forexbastards.com -- look for a page they have with readers reviews of Forex experts. The other site is http://www.compareforexadvice.com -- it's got a collection of interviews with forex experts asking them things like... 'What's a reasonable time frame to expect to make a profit in Forex?'

Trying to summarize their answers - A couple recommended that you get a demo account and make sure you can make a profit with that and secondly they made the point that whether it takes you four months to learn the skill or 18 months -- if you have the desire and determination you will learn the skill and then you will be able to make a profit and do you really care how long it takes you to get to that point or do you simply care about having the ability to make a profit?

As someone in another answer responded, forex is not a get-rich-quick scheme. Anyone who makes it seem like that is definitely running a scam.

So going back to my experience which you asked about -- I only opened the demo account based on the above advice two days ago. Oh, and I also am reading info on http://www.babypips.com to understand all the terms better.

Answer 2

Making consistent money after 2 months? Dont count on it. maybe 2 years, which is what it has taken me to make consistent profits..

Just because forex is marketed as being the biggest, or open 24 hours, or highly leveraged doesnt mean you should jump in head first. The bombardment of banners from brokers definitely hypes it up a bit but they want your business as a trader (they get a cut, much like a stock trading fee). Forex is not a scam by any means, its just another marketplace driven by supply and demand that can be traded to make a profit (buy low sell high, sell high buy low..). If your wrong in your decision as to which direction your trade will go, you will lose money. And conversely your losing trade will be someone elses win who traded in the opposite direction.

Consistent money can be made, but you must be prepared and have a plan. Its a game of probabilities, so develop a systematic rule-driven approach and test yourself out on a demo account. Much like vegas, but in this game you can actually tip the odds in your favor consistently. Too many people give up before they find a trading method that works. Check out investopedia.com for introductory information and Oanda offers a great demo trading platform at fxgame.oanda.com

Answer 3

Forex trading itself is not a scam.

The thing you need to be careful of is the wild claims of some shady marketers promising huge profits over night.

I am not sure what you mean by making "good money". What I consider good may be quite different than what you consider good.

I have been consistently making earning over 8% per month but I use a very conservative strategy and I am not looking to make a killing.

You do not have to pay $3000 for the courses you see advertised on late night TV. You do not have to pay for expensive software. You do not have to pay for signal services and news and data feeds. You do not have to give your money to someone else to trade for you.

Making a consistent, conservative profit by investing in the Forex market while reducing risks and taking a long term investment approach is quite achievable and it is actually pretty fun.

Best wishes for your success.

Paul
[e-mail]

Answer 4

Forex is not a scam but you need to learn the rules of the game and not be sucked in by forex companies offering software that always wins.....IT IS NOT POSSIBLE! If I had a software system that worked consistently do you think I would sell it to you for $200?
If you apply good money management, stop losses, use less than 5% of your capital on one trade and do not overtrade you may make money if you can ride your winners and cut your losses. It is a psychological game and requires incredible discipline and supreme mental strenght, if you can achieve this, you will win.

Answer 5

The FOREX market is very profitable. However, the scams are the software that helps you make the investment decision.

99% of investment software is BS. The best way to make money in FOREX is doing your own research.

Keep up with world events, familiarize yourself with the US fiscal policy, and the fiscal policy of the parent country whose currency you plan on trading.

I recommend reading the WSJ and Economist on a daily basis.

Answer 6

Is it a scam? No. After 2 months? No. Why is it that so many people think that is an easy way to get rich quickly? It's a skill that takes time and effort to develop and it's a highly competitive.profession. People jump in and start clicking and lose money and it's not their fault; it's a scam.

Answer 7

SCAM ! SCAM ! SCAM ! Slick marketers with mystery meat systems. I got ripped off once from this guy now he has created a new product out of thin air and back at it again! yes click bank will give you your money back but you will lose a lot more then what the stuff even cost. i lost thousands from his automated EA and bad advice ! he does not know anything about trading if he did he would not waste his time with affiliates , click bank and pretending to be a guru he would be quietly making millions in trading. truth is his money is made from SUCKERS LIKE ME AND YOU! who fall for this stuff thinking it will turn our lives and trading around ! it WILL NOT DO ANYTHING BUT MAKE YOU LOSE MORE MONEY !

Answer 8

best information about forex in : http://www.fx4c.com

Answer 9

Well, I was going to look in to this and found this




http://www.dpchallenge.com/forum.php?action=read&FORUM_THREAD_ID=644981