Is forex a fcking scam or what?

K

Karacter

Ok guys this is whats up. I have an account with Oanda, and I don't have anything to complain with them. They are solid. Admittedly I have not made any profit. But the real question I have is, I've been lurking countless forums trying to find reputable forex brokers. Even the review sites are being called scams, such as forex peace army. So I just don't understand, are there any reputable brokers that you can rely on?

Please suggest me some..

Thank You.
 
I don't think Forex is a scam at all. If you can trade you can trade. Doesn't matter what the instrument. I think the problem is people open accounts with next to no money and lose it pretty fast. So their conclusion is that the game is fixed.

Also, you rarely hear of people saying "I make so much money"...most people come on here to b*tch.

Trading isn't easy. It takes a lot of mental discipline and hours of study to even get to the point where you can break even.

I trade every instrument. Prop equities, futures and forex. I actually time forex the easiest because of the nature of currencies to trend. I trade at FXCM and have never had any issues with them. Their dailyfx websire is by far the best source for forex analysis...and it's free for live accounts (may even be free for demos....not sure.)

Anyway, trading takes a lot of discipline and hard work. You get out of it what you put in.
 
all fx brokers regulated in N America and 'Europe' are as reputable as any other
company doing business, in fact more so considering the stringent regulations
and requirements governing fx brokers particularly in N America

complaints of whatever reason account for something like 0.001% of fx traders
most often complainers can never provide documented proof of their complaint
'stop hunting' is a fallacy of those who don't know they're doing or how to trade

those not understanding what's basically an OTC market may prefer trading futures
account min $2,000 , $500 daytrade, $3,500 o/n free charting/order entry software

overview: http://en.wikipedia.org/wiki/Foreign_exchange_market

"are there any reputable brokers that you can rely on ? Please suggest me some.."
fx - Oanda, FXCM, Alpari, GAIN, etc, etc
futures - AMP, Mirus, IB, Lind-Waldock, etc, etc
http://www.elitetrader.com/br/
 
Quote from Karacter:

Ok guys this is whats up. I have an account with Oanda, and I don't have anything to complain with them. They are solid. Admittedly I have not made any profit. But the real question I have is, I've been lurking countless forums trying to find reputable forex brokers. Even the review sites are being called scams, such as forex peace army. So I just don't understand, are there any reputable brokers that you can rely on?

Please suggest me some..

Thank You.
More...

There are scams here and there, but you're mostly seeing how losing traders blameshift their woes to brokers, system sellers, etc. Do your due diligence and you should be fine.
 
The trading I was wondering about on Forex is, a constantly profitable trader will be an overall loss to the Broker.
Do they slow your feed or use some other method to have you move to another Broker?

Any Broker(s) that don't mess with your trades?
Wallace how has Oanda worked out for you?

Good trading to everyone!

GS
 
Too many idiots on here.

If you trade thru an ECN broker (like IB, MB Trading, Dukascopy) then you don't need to worry about taking profits away from them. Why is it that you whiners always blame the brokers. If you can't make money in forex then you should get out of this business! PERIOD !!! :mad:
 
IB is great for forex quotes and execution, charting software however is not the best but definitely legitimate and good spreads during regular hours.
 
Forex Brokers operate as bucket shops. They have x number of dollars on each side of the market that you purchase from them. They make money by the number of trades you make so it is in there best interest to keep you satisfied with there service.

I have an account with Oanda, FXCM, IB. For spot FX I would recommend checking out FXCM for good spread, execution, reliabiltiy. I don't recommend Oanda except for the absolute beginner. You can trade minimum lot size but spreads are terrible and price quotes and data feed aappear to be "buffered".
 
Quote from gtor514:

Forex Brokers operate as bucket shops. They have x number of dollars on each side of the market that you purchase from them. They make money by the number of trades you make so it is in there best interest to keep you satisfied with there service.
More...

So by your definition GoldmanSachs, E-Trade, Ameritrade, etc., are all bucket shops since they also primarily make money off the number of trades you make!
 
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