Forex

Business
1

Wadau,

Hardly a day goes by without someone posting a " forex" thread where you can become ghetto fabulously rich in no time. Sorry to burst your bubble, but issa scam!

Here’s why :

  • “Forex trading” is the new social media pyramid scheme. What will happen is that someone will sell you their trading platform for monthly fees. Just like those fellas who sell “academic writing” accounts.

  • Forecasting based on available data is basically gambling, especially by these internet microtraders. You can make some money, but you can also make money gambling in a casino or Sportpesa, no difference.

-Any competent and honest fx trader would not encourage anyone to start trading in fx because of its highly speculative nature. Most legitimate fx traders are not even trading with their own money. You must understand your limitations and risk profile when making diversification decisions.

-Niggas, save your money and forget rich quick schemes. Slow, steady, and consistent institutional investments e.g. mutual funds are more sustainable.

-If you’re a risk taker and love the adrenaline rush, I’d recommend commodity futures-cocoa, wheat, oil, soya beans, sugar, etc They’re much more straightforward and less easily manipulated. Precious metals are also a great hold to preserve wealth.
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2

I quit the forex game when I realized how thin the margins were, and how useless leverage was. People make money in forex, but only the very skilled traders. It takes years to become a skillful trader. When you get into that space, just know that you are competing against someone with immense resources at their disposal, algorithms and bots to give them an edge. You will need a lot more than luck and hard work to win consistently.

3

That’s a very good point actually.

I was trying to educate another villager in another thread about this but he was too stubborn, nikasema sawa tuu, he’ll live and learn.

No human can compete with algorithims with trade speeds of microseconds. In any case, most trading ni “kazi ya mkono” and have been largely automated in major stock markets. It’s not a sustainable occupation.

4

Some traders actually make good money. But they are very few compared to hose who lose. You find like 5% make money from the 95%. Those 5% are George Soros and other hedge funds with huge resources for research and the best minds.

5

Exactly.

That was my third point above. You also reinforced my point about sustainable investment through pooling capital.

6

Had a arguement with a guy here a few months ago. How can your annual returns clock 5000% when the best hedge funds average 15-20%. Hopefully not many people fall into forex. You can actually make money in securities. Just not forex. And they never post live trades. That they can’t give away their secrets or account info may be displayed.

7

Maximum respect fellow. I find you will conversant with issues … all rounder . Kula like yangu

8

Fixed

9

Thanks boss. Just giving back to the community. :wink:

10

Wacha za ovyo mzeeiya.

11

You resemble your avatar

12

@Alchemist ebu come kiasi en give your insight… I personally learned about forex this year and the urge to to make a quick buck made me dive into the live account. I doubled my account within two weeks en blew in it in two days. How we deal with the emotions is what separate boys from men in the forex market. That is a mojor lesson I have learned so far.

13

Strategy, working on your psychology, and taming your greed is all you need. Izo stori za thin margins ni upuss of highest degree.

14

Would you ever go back?

15

Part of the reason I find people are already defeated is their own self fulfilling prophecy and seeking information that reinforces their own view point.
How much knowledge did you seek before failing?
Forex sio spotpesa.
Email Ali Khan Sachu and enquire. Above all, mind your company, negative people will drag you down to their pits of despair.

16

Most Algorithm pundits are the ones peddling those lies.

17

This is the most hilarious part of your writing. You think the big traders at CBOT, CME, NYMEX do not manipulate the markets you listed? You think in those markets algorithms aren’t involved? You think a coffee chart is any different from a EURUSD chart?
Lack of knowledge is not an excuse. You have some good points and you might be surprised I find them heading in the right direction. However, your knowledge of the subject matter makes you biased.

18

Why should he not go back? 99% of all traders blow their first acc within the first few weeks. Without blowing, you won’t learn to tame your greed.

19

This discussion is so timely. My childhood friend is encouraging me to start forex trading. I am therefore this for more information to help me make sound decision

20

I think Forex is not for everyone. Just like teaching, medicine, art, and any other profession are not for everyone. You need a certain mindset to hack it.
I have seen with my own eyes, a group of traders here in Nairobi, turn $10k accounts into hundreds of thousands, in less than a month.
Their principles are something you won’t hear ‘gurus’ mentioning. To them, the financial markets are their play ground, and indicators are just child’s play.
Not everything is black and white. Some of it is gray and Gold.