Your Questions About Forex Trading Scams

Richard asks…

Is Forex trading a scam?

I have been trading for four years now and have pretty much broken even but have had my highs and lows. I recently read an article stating that when people in the 5% bracket that make big money in forex execute big trades, their broker actually runs a trade against their currency to try and force a loss.

Is this a common practice? Should anyone trading forex be worried about anything other than the insane amount of risk already involved?

kenspong answers:

No. Forex is not a place for amateurs. But plenty of amateurs try it, and when they lose, it appears to them to be a scam.

Sharon asks…

is forex trading scam?

kenspong answers:

The majority of amateur forex traders will lose money.

You are playing against seasoned professionals with supercomputers, privileged information, vast financial resources, and thorough analysis of geopolitical and macroeconomic factors. Do you really think you can consistently win against this opponent?

For example, your average high school football team would never dream of winning if they played the Denver Broncos, would they? Not without loads of training and time, and even then…..

That is the same situation you are in. Get yourself a lot of training and experience before you go into the forex field. Otherwise, the professionals will eat you for a snack and move on to others.

John asks…

Has anyone ever tried forex or currency trading is it a scam or is it almost impossible to make money?

honesty is very important TO ME I AM NEW TO CURENCY TRADING AND I HAVE ABOUT 500 BUCKS TO WORK WITH from what i hear forex itself is not a scam but other software associated with it any one with trading experience preferabLy two to three yeARS your inPUT in this would be very appreciative if anyone could HELP ME AGAIN I WOULD VERY MUCH APPRECIATE IT. ALSO I WAS WONDERING HOW MUCH TIME IT TAKES TO MAKE A PROFIT

kenspong answers:

It depends on how fast you can learn the forex trade. But initially a lot depends on luck. I have seen many lost money but I think you can improve your chances by following some prudent guidelines and jump in too quickly.

I have been trading as a sideline for 3 years. Made a bit but not much as I have been very careful and cautious. However, the last few months I have made more than I made in the 3 years before.

The reason is I started to use some of the new aids available in the market. I don’t actually use them totally as an autopilot kind of system but more to supplement my regular trading.

William asks…

Has any one done business with Peter Bain, at Forex Trading Secrets?

I am wanting to trade the forex currency market, but do not wish to get ripped off either. I am wondering if this system works or is it a scam?

kenspong answers:

Nope. But i did hear of it and it sounds like a scam

Carol asks…

who has had any experiences trading currencies on Forex Curreny exchange?

I am interested in entering the currency exchange market and would like to know whether or not forex is a genuine trader or just another scam

kenspong answers:

Currency trading is not a scam. But there are many people or syndicates out there trying to currency trading to scam novice. Here is an article about it:

Personally, I am a forex trader. I have been trading forex for years.

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