Forex 'masters' get rich from your commission, not from trading forex

[makapaaa]

[h=1]DEAR TRS, FOREX 'MASTERS' GET RICH FROM YOUR COMMISSION, NOT FROM TRADING FOREX[/h]
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1 Nov 2014 - 8:42am





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Dear The Real Singapore,
I have this friend who has been doing very well in Forex. He kept boasting about how he got his rolax watches, his bank account with over 60k, and frequently showing how much he earn per trades in Forex.

I got interested as I am desperate for a quick way to earn fast cash. So I decided to approach him.

He started off by assuring me that if i want to join in the market of Forex, I should never ever pay money to attend those forex seminar. The only thing good about the forex seminar is the 'free' buffet, etc etc. And then, he goes on telling me that he himself had develop a 'Sure-win' method that is able to use in any kind of situation.
"Out of 10 times, confirm win 8 times!"

That was what he assured me.

So i got really interested and asked him when and how much am i able to start with. He told me that i need a minimum of 5k USD to start an account (that is to be registered under his account), $50 as an incentive for him as he use his time to open up an account for him, and also $200 for four lessons which he will teach me about the basics of forex, his 'secret' techniques, and real time market trading.

Without much thinking, I transferred him that amount of money the following day and he added me to this whatsapp group that had apparently 60-70 people in it and most of them opened an account under him.

So he opened an account for and i thought i'm all set and ready to go. I went on to initiate and ask him when is he free for a meetup to teach me. So he told that he is only available on weekends. (But the thing is, during weekends, the market is closed. So how the hell is he going to teach me real time market exchange?!)

I went on and meet him anyway. For 2 lessons, both on weekends, i had meet him. And until the end of the second lessons, he told me this "Okay, basically that is all you need to know. There is nothing else i can teach you on my end. Do you have any questions?"

At the moment i was super confused and i asked myself whether i had learned anything. Well, apart from the basics of the forex, which i already did some reading up, he did not actually taught me anything! Oh, and his 'Sure-win' method? Its kind of a bullshit theory. Basically he is teaching you how to gamble. "If this don't go your way, double the money and wait for the stock to go up/down."

I didn't confront him at the starting as i do not want to spoil this 'valuable' friendship. For the next few days, i tried to play with the market, and i realised that he's secret technique was actually bullshit. I began to lose even more money. When i became desperate and asked him for help, he replied me with short messages, telling me to wait for the market, wait for it to bounce up etc.

In the end, when i closed a few trades, i had made a loss of 4.5k USD. I began to feel suspicious about him and i dig some digging in the forex trader company that he had signed up for me.

Basically, what this forex company offers to users is that you will earn a certain percentage when you opened people's account under your own name. (That explains why he only accepts 5k and above. The more you open, the more you get. Simple.)




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Not only that, everytime your people play the market, he will get a certain percentage of commission as well.

So, just look at this, he gets a few percentage of your capital + $200 for 4 lessons ( 2 lessons at most) + $50 for opening up an account + commission for every trade you play.

Just image how much he will earn, afterall, there's 60-70 'Students' that fell into his trap.

Also, i managed to talk to some of the students he had. Most of them, i would say 85%-90% made a loss and decided to stop playing. And the only few who got either really lucky or they already know how to play really succeed and Lawrence Lim will start posting the winnings that they've made on Facebook and claim that it is his credits that his student had win,to tempt more desperate teenagers to join him.

The thing is, why didn't he post a picture of how many people have lost their money BECAUSE of him?

Morale of the story to all you readers out there:

Beware of such 'Sure-Win' money. Both you and i know that there really isn't any shortcuts in life that can make you get rich in a month time. And stop listening to people who said you do not need any knowledge to play forex.

That is definitely a LIE!

Forex can either make you earn a bit or make you lose everything.

You decide.

Singaporean that lost all his money
TRS reader

 

[frenchbriefs]

look the whole trading industry is a scam,it doesnt matter who is teaching u or what guru,statistically 90 to 95% of people who go into trading will fail,at the end of the day the only winners are the trading platforms,they get a commission for every trade watching u gamble ur money on the stock market.almost like the casino,when u bet $100 on blackjack or bacarrat,statistically the casino makes 1.2% to 2.5% everytime,thats $2.50 each time.....imagine u play 60 hands of blackjack an hour,the casino is making $150 profit PER HOUR from you.some casinos are even worse,like melbourne casinos,they rig the blackjack so dealer cannot bust on 22,blackjack pays 3/2,u are royally fucked.

that is why when anyone starts talking to you about trading or forex trading,stay far away from these people......im a poker player,poker players deal with odds all the time.....and 90% are losers?that is ONE SUCKERS BET.

 

[krafty]

i think this guy played big for a start, that's why he lost. remember the rule of the game, no one plays for free.johnny and jacky mentioned in the earlier thread that they buy blue chips and keep for dividend. i think it's better this way. i played small in forex and make little each day, if you have plenty of capital, you can hold your position for long.

 

[SgGoneWrong]

i think this guy played big, that's why he lost. remember the rule of the game, no one plays for free.johnny and jacky mentioned in the earlier thread that they buy blue chips and keep for dividend. i think it's better this way. i played small in forex and make little each day, if you have plenty of capital, you can hold your position for long.

Want to short aud in dec?
News reported New South Wales to catch forest fire in summer.

 

[krafty]

forest fire doesn't affect AUD,or maybe a little. i see it ranging at current level, no big movement.

Want to short aud in dec?
News reported New South Wales to catch forest fire in summer.

 

[johnny333]

I am an investor. When I buy a stock it is to keep for the long term. For a few quarters or years rather than for days or weeks. One of the reasons I left the Spore market was because my broker was allowed by the PAP gov't to charge a monthly fee for storing my scripts.

Malaysian & US broker don't charge $ for keeping my scripts & that is why I am using Malaysian & US brokers. In the US the discount brokers only charge a flat fee of less than US$10 to buy or sell shares. So whether you are you are buying/selling 1 or a couple hundred of shares it only costs $10.

The problem with FOREX is that it is not regulated. There are many brokers doing sneaky things behind the scenes e.g. using dealing desks, refusing to pay if you are winning, large pip spreads,.. etc. If you think the FOREX brokers in Spore are more honest you are mistaken

 

[krafty]

what do you mean scripts? and why local brokerages are not honest? please elaborate...thxs...:o

I am an investor. When I buy a stock it is to keep for the long term. For a few quarters or years rather than for days or weeks. One of the reasons I left the Spore market was because my broker was allowed by the PAP gov't to charge a monthly fee for storing my scripts.

Malaysian & US broker don't charge $ for keeping my scripts & that is why I am using Malaysian & US brokers. In the US the discount brokers only charge a flat fee of less than US$10 to buy or sell shares. So whether you are you are buying/selling 1 or a couple hundred of shares it only costs $10.

The problem with FOREX is that it is not regulated. There are many brokers doing sneaky things behind the scenes e.g. using dealing desks, refusing to pay if you are winning, large pip spreads,.. etc. If you think the FOREX brokers in Spore are more honest you are mistaken

 

[Seee3]

.....

The problem with FOREX is that it is not regulated. There are many brokers doing sneaky things behind the scenes e.g. using dealing desks, refusing to pay if you are winning, large pip spreads,.. etc. If you think the FOREX brokers in Spore are more honest you are mistaken

Long time ago I dabbled in forex and it was like what you have mentioned able. After all these years is it still like that? How about Philip Securities, are they the same?

 

[borom]

Everyone that I knows who goes into FX Trading at the personal level lost monies-including some who were previously very senior FX traders in big international banks.

How can an individual take on the financial institutions with their hundreds of international traders?

 

[frenchbriefs]

Everyone that I knows who goes into FX Trading at the personal level lost monies-including some who were previously very senior FX traders in big international banks.

How can an individual take on the financial institutions with their hundreds of international traders?

but u have tons of experts on sammyboy claiming that they all made a profit from trading.....yeah apparently law of averages dont work here.....95% failure means 0 failures.

 

[krafty]

possibly, i mentioned if you have capital, just hold. i think your friends in banks are not trading with their money and they aimed to take profit in a short time frame.
with the arrests of errant traders, the movement seems limited nowadays, not like last time.

Everyone that I knows who goes into FX Trading at the personal level lost monies-including some who were previously very senior FX traders in big international banks.

How can an individual take on the financial institutions with their hundreds of international traders?

 

[johnny333]

what do you mean scripts? and why local brokerages are not honest? please elaborate...thxs...:o

Years back when trading was fashionable everyone wanted to open a trading account with SGX,
What has happened since then Many of the punters have moved to the casinos:o Let's face it Spores financial market still can't make it. SGX is dominated by GLCs & many questionable companies. Investors like me have been driven out by all the extra fees that you don't have to pay in other markets.

My experience with the Spore trading scene is not current. Maybe someone with more current info can give an update

 

[johnny333]

but u have tons of experts on sammyboy claiming that they all made a profit from trading.....yeah apparently law of averages dont work here.....95% failure means 0 failures.

The question should be trading what There are safer things to trade e.g. equities, ETFs, options,... It is unlikely that prices will go to zero.

FOREX is dangerous because if the market goes against you, you can lose everything if you do not have stop losses in place.

 

[johnny333]

Long time ago I dabbled in forex and it was like what you have mentioned able. After all these years is it still like that? How about Philip Securities, are they the same?

I was not using a local FOREX brokerage. I was using FXCM. However I was talking to someone who was doing FOREX through a local company & she was complaining of "problems":o
She was tracking her trades & she was was certain that she was in profit, but the brokerage said that she was making losses

 

[syed putra]

Sounds like a con outfit to me. Why don't play forex with the money changer?safer.at least they give you some real cash in exchange for your inveatment instead of just figures on the computer.

 

[Leongsam]

Invest in your own abilities. It is far safer and the chances of success are far higher.

 

[Sinkie]

Lose money, call it a trap. Win money keep all to himself.........KNN

 

[SgGoneWrong]

forest fire doesn't affect AUD,or maybe a little. i see it ranging at current level, no big movement.

Do check back past yrs aud against sgd, it dropped during the fires.

 

[krafty]

seems like going up, but not much...it takes time, we shall see...:o

<img src="https://charts.mql5.com/6/111/audsgd-d1-oanda-division7.png" width="1350" height="452" alt="Chart AUDSGD, D1, 2014.11.01 23:35 UTC, OANDA DIVISION7, MetaTrader 4, Demo" title="Chart AUDSGD, D1, 2014.11.01 23:35 UTC, OANDA DIVISION7, MetaTrader 4, Demo">

Do check back past yrs aud against sgd, it dropped during the fires.

 

[frenchbriefs]

The question should be trading what There are safer things to trade e.g. equities, ETFs, options,... It is unlikely that prices will go to zero.

FOREX is dangerous because if the market goes against you, you can lose everything if you do not have stop losses in place.

it doesnt matter whether or not the thing goes to zero,if u make more losing trades than winning ones u are still a loser no?even if the losing trades is just $10,u just have to lose a little more than u win.when they say 90% of people who go into trading are losers in means 9 out of 10 will be losers thats the law of averages,thats the law of probabilities....doesnt matter what goddam thing they trade.just take any random person on this earth and the chance they will be a failure is 90%.90 to 95% trading industry?just one big fucking scam to scam the public.the only problem is everybody thinks they the 5 or 10% that are winners.to these people i ask them where is the proof?show me the history of all ur trades and the tally of all ur winnings and losses and commissions paid...show me u have a proven record....the sample size must be large enough at least 1 year of trading and at least 500 trades made......if u can even breakeven after all the commissions,500 trades thats $5000 to $10,000 in commissions in one year,ill kowtow and call u a pro.

iv seen really really smart people on forums,who can talk all kinds of theory technical or market analysis and read and study tons of books,but at the end of the day they still tell me they are struggling after 1 and half years.