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Please guys... Is Forex trading or any other instruments really worth spending your time on?
Is forex market really profitable as people use to say?
Is there really forex guru?
Can i rely on it as something that can earn me some income at the long run?
I need an honest answer please.
The honest and clear answer is NO. You can't depend on anyone or even any system, EA or MAM/PAMM or signal service etc to make a passive monthly income as usually it is advertised by the forex brokers or service providers.
All such systems or services ultimately make money for the system developer or service providers while wiping out the balance of the retail trader now or later. This is the hard truth and many traders may disagree on this point, but I am saying this after more than 15 years of trading experience with unlimited trials and errors with unlimited highly sophisticated automated trading systems as well as manual trading system and because of some fundamental facts:
1.Forex market is designed for retail traders to loose so that the lost money will flow to the big players pockets who deal with few million USD to Billion USD and they usually make 2% to 5% per month which is also not guaranteed all the time. In this process, the retail forex brokers, signal providers, PAMM/MAM providers play a role in attracting traders to invest and loose ultimately once they have made enough profit. It is portrayed in websites that 95% of traders loose, but I can say that it is almost 99% of traders who loose and only 1% make might be making profit and also, not consistently every month or every year etc.
2.Irrespective of whichever strategy a trader uses the forex market adjusts itself to make it a zero sum game so that the strategy will either permanently fail or give a huge drawdown to wipe out the balance.
3.Forex trading is not a job. It's a risky business and so those who manage to survive in the market, then they sometimes make money in few years small or big depending on their risk taken and the markets and provided if they stay away during bad markets whether months or years, but there is no guarantee to make money consistently every month just like salary or passive income etc.
So all the fancy advertisements in various websites are just to accumulate enough buyers or investors before they wipe out the balance and then, change the EA name or service name etc and repeat. That may sound very hard for many forex traders, but that is the forex game!!!
One laptop, or even a tablet, and a good internet connection is all that we need to trade on Forex. The minimum requirements for the MetaTrader 4 or 5 platform are what most average grade old computers can easily handle. It is all you need for starting trading on Forex. Also you can find a list of great instruments on https://fbs.com/. I also find something interesting and handy for Forex on this website. It helped me a lot when I was a novice, and it is helping even more now that I am an experienced trader.