Who can you trust in the forex market?

May 26 2012

Photo by Vova Krasilnikov on Pexels.com

Who can teach you to trade

Why would seemingly normally intelligent people want to join the institutional participants of a market so huge, that their influence is insignificant. I am talking about untrained people becoming retail forex traders, leveraging their hard earned savings to take a punt on the US Dollar, Japanese Yen, Ozzie or whatever.

Why do they join, is it the fear of missing out ? Is it the dream of making quick easy money? I think it’s because online trading sites have made markets so accessible, with influencers selling aspirational lifestyles of material wealth, which are only measured by personal success in acquiring cash, houses and sports cars.

Well it is a good thing for retail brokers as they are well rewarded, with some of the aforementioned goodies, but not so good for about 80% of retail traders who lose all their cash.

If you go into financial markets with no idea of how markets function, you will be parted with your money in a flash, and only have yourself to blame. So wipe away those tears and get a financial education that will equip you with the skill set to be a trader.

Trust me I’m an Introducing Broker!

I believe strongly in the freedom of choice in life, but please don’t learn from anyone who has a vested interest in your performance or trading volume. Beware of friendly IB’s that have the perfect set up and system. They are not your friends. IB’s are not investment managers, they are marketers and sales people, the more you trade they more they make.

Retail Brokers have no concerns about who becomes an IB, as they are purely driven by volumes. They take no responsibility to who introduces you or trades for you. Your loss is your problem

Brokers I believe will sooner or later have to take some responsibility as to who represents them, and how their introducers conduct their business.

There have been too many scandals in Forex and the brokers always say that is was nothing to do with them.

So my message to all you wannabe forex traders is to learn from someone who has actually traded in financial markets and has a decent knowledge of fundamental and technical analysis.

You need to have a strategy that you can easily understand and stick with. Please try to learn properly and not just give your money to someone else to trade for you. That will only end one way, badly.

Lots of people claim to be forex mentors and experts, very few have actual real financial market experience.

https://8dragonstrade.com/about/\

To learn about getting a forex education contact us at support@8dragonstrade.com

Published by Neil Callard

Forex Trader and Educator. 30 years trading experience, of which 20 years was market making in major currencies in large international financial institutions.

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