The cut throat world of forex trading
Thu, Jul 10, 2008
For the last several weeks I’ve been researching and practicing forex trading so intensively that even while asleep I’ve been dreaming about trading. I’ve been trading forex in demo mode every day, researching forex brokers, trying to learn forex with the idea in mind of opening a live account and spending my time trading currency in the foreign exchange market instead of wasting my time developing websites. After all, it’s possible to make more in a single day with forex trading than I am currently making in a month and I’m working upwards of 17 hours per day maintaining my website properties. At most each site brings in zero cents to $1 per month. Multiply that by the number of sites I have left and we’re looking at $20 per month. Yes, I have been working 17 hours per day for $20 per month. Although I probably should admit that the sites are built to sell and it takes some time before they can be sold; so I do make more once a group of sites is ready to be sold; but it is still nothing to write a book about.
With regard to the Forex trading business, until a few weeks ago I didn’t know anything about forex trading. Now all I think or talk about is forex trading; but I am starting to think I am getting caught up in something that I don’t have the know-how to do or the personality to endure.
From what it seems, forex trading isn’t really for people looking to make an honest living, whatever that means. I’m not so sure I’m convinced it’s more honorable to work yourself to the bone for 17 hours out of a 24 hour day to come out with ten cents per day if you’re lucky. I’m not even convinced it’s more honorable to give 8 hours of your time to someone else’s cause for $1500 per week than to dedicate your 8 hours to your own cause for the same amount of money. But some people are of the opinion that someone who makes $1500 easily, like sitting at their computer trading currency, does not deserve the same credit as someone who makes $1500 the hard way by getting up every morning and going out to work doing something they hate on behalf of someone else. Frankly that all seems a bit twisted to me; but as far as forex goes, I am starting to question whether or not it is really the way to go for me.
When you have the top brokers mixing and mingling on public forums trashing each other it gets to be nearly impossible to know who you can trust. It’s even questionable whether you should trust a company that would publicly slander a competitor on an Internet message board. There are forex brokers from top companies posting on message boards using Tonya-Harding-like tactics to discredit their competitor. Where’s the professionalism? Why aren’t they busy proving themselves and earning client confidence with their performance. Why do they interfere in every and any discussions they can find on message boards around the web? While they will identify themselves as being a representative of a certain firm, the fact that they would invest the time to scour the web to find places where they are being discredited and join these forums to address whatever matter is being discussed leaves one wondering how many of the comments posted in their favor are legitimate. It makes it impossible for someone trying to get information to know what’s an honest assessment of a broker and what’s a flattering comment that someone from the company made under an account which they intentionally did not link back to the company.
For the most part forex brokers are made out to look like money hounds who will zero in on every potential client like sharks after everything from a tiny sardine to a large swordfish; and when they go around trashing each other it makes it appear that indeed they will break a few knee caps if they have to in order to get their hands on the next sucker’s money before their competitor does.
And at the end of the day you are left with nothing but questions and no option but to go ahead and take a chance on a broker and face the consequences of that choice good or bad. Many people try one broker or another. If one doesn’t work they try another and keep going until they find a broker they feel comfortable with; but when you don’t have money to risk in the first place this is not an option. Then again, when you don’t have money to risk in the first place forex trading itself is not an option.
Tags: forex, forex brokers, forex trading
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