Let me first explain, Forex is the exchange of foreign currency in hopes to gain a profit off the ups and downs. I thought it would be like the stock market…. oh, how I was wrong.
If you are reading this because you were thinking about getting into Forex, and you are confused. DON’T DO IT. Err to the side of being responsible. Most information you gather on Forex is based on a software or a site.
Reasons to not Start
There isn’t a real market. It isn’t like the stock exchange. The price you are seeing can be altered.
Most trades are done on margin. You are actually borrowing money for leverage. The money is made in what is called a PIP. A PIP in American Dollars is worth less than one penny.
With values so small it is hard to determine if the fluctuations you are seeing are caused by the real world trading, or if it is because the company you are using as a brokerage firm is just using this to line their pockets.
The Reason I got out of Forex
If the above reasons weren’t enough, to prevent you from starting… here is the reason I stopped. Since you are trading on PIPs everything is outside of your control. We can talk about candlesticks and trends… facts are facts.
I can sometimes guess which way the market might go based on a number or reasons. In Forex you can’t do that. Assuming your brokerage firm isn’t just lying to you.
But Drew I saw this video about a robot that accurately….
Yep, don’t care.
Most of these “Forex systems” “Forex Robots” are just scams. I hate scams… because even if just for one second they make me consider them… I hate them. If you think for one second you are going to blow up my twitter and sell me on one of them… think again.
Even if you tell me about this buddy you have that made a billion… I don’t care. Not trading Forex.
Thanks for Reading