This is only partially true. In most CIS countries, Forex has a bad reputation as currency trading is widely considered to be a source of easy passive income that doesn’t require any skills from a trader. It is no wonder therefore that many inexperienced and gullible profit-seekers fall for this and lose loads of money as a result. That is why words like “trading on Forex” trigger mainly skeptic reactions, such as:
1. Binary options: make $1,000 a day by simply hitting Buy and Sell – really?
2. “Magic” automated robots: just download a script on either a free or paid basis, sit back and watch $1,000 a day flowing into your account without effort – rather doubtful.
3. PAMM accounts: same as robots but with a human touch. Let the best minds of the financial world manage your funds and make you tons of money – you want me to believe that? Indeed, as a newbie trader you may someday come across really savvy and knowledgeable money managers but while you are looking for one, you are almost sure to send 90% of your savings down the drain if you happen to trust your money to scammers, Martingale advocates, or sticky-fingered speculators.
So, losing your money is just a matter of time if you’ve picked one of the options described above. Almost all of these methods have a negative mathematical expectation and in essence have nothing in common with real-life trading.
They’ve become popular due to aggressive marketing and a mindset of naïve ignorance: people who want to make money from air normally get air in return.
While these pathetic profit-making strategies tend to raise a strong suspicion worldwide, they are still unbelievably popular across the CIS.
My strategies are real. They are used for real-life trading, and they bring me profit.
See my trading results in these reports for October, March, July.
In the section called Indicators and Signals I describe trading decisions in full detail. I also provide links to relevant study materials. These will make it possible for you to trade Forex on your own.
My personal groundwork in technical, wave, and fundamental analysis enables me to choose a strategy that has the most chances of a positive outcome. In addition, my trade descriptions do not just end at that. In comments I also publish further trading recommendations for bringing a potentially losing position to a breakeven point, or booking profits.
Companies with an established reputation do not need to do that. Brokers earn from spread. The more trades a client makes, the more money the company gets. In rare cases, market quotes listed by two different companies may slightly vary by a marginal degree. This problem can be solved by choosing a broker that offers fixed spreads.
Trading on Forex is what I do and like. It’s all about the idea. In this respect, my blog is not much different from blogs about cars, fishing, or hiking.
Yes, my educational articles and recommendations are free. Start from browsing through the Forex for Beginners section, open a demo account with a brokerage company, and then start trading. Feel free to ask me any questions about trading any time.
Remember to check the blog regularly. There are useful materials published almost every day and a community of traders who are eager to help.
Do not trust websites that post broker reviews. From reading forex-related forums, I’ve realized that half of these web pages with rankings make profit by generating negative feedback and then deleting it for money, while the other half belongs to brokerage companies and therefore cannot be objective. You will never find a single company that everyone likes. When you choose a broker, consider trading conditions and the duration of its existence in the market. You can read my article where I’ve compiled my own broker rankings.
