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Forex Trading Is Not For The Faint Hearted
from:Alan Maynard
There are lots of rags to riches stories about Forex Trading
making the rounds? Have you heard the one about the Manager of a
McDonalds restaurant in the City of London who got a tip from a
Forex broker, and two weeks later he drove into work in a brand
new gleaming silver Lamborghini?
My friend Jake heard a very similar story and was on the verge
of remortgaging his $400,000 flat and investing it all in Forex
trading. Luckily for him, I found out about his plans and I went
over to visit him. I dont want to go into too much detail,
but lets just say that Jake and I wont be talking to each
other for a little while.
I get really frustrated when people believe all the hype they
hear. Sometimes, I feel like bringing out the sledgehammer I
keep under my bed, and going out there to do some damage. Do you
think I am a raving lunatic? Id like to have a quiet word
with you then. Are you ready?
Seriously, I dont mean you any harm, but I think we need to
talk.
Forex trading is certainly one of the most lucrative money
making opportunities around. After all, seventeen years ago,
George Soros made $1.6 billion in just one Forex deal. This is a
very true story, by the way, but what is also true is that a lot
of money was also lost in that deal. And guess who lost a major
chunk of the money?
No not Warren Buffet. I am talking about somebody much bigger
than Warren. Try the Bank of England.
While George Soros was celebrating his historic currency trading
success, the Bank of England was on its knees, literally. Its
losses were estimated to be in the region of $1.3 billion. As a
result of this, the British Government was forced to leave the
Exchange Rate Mechanism (ERM). If youve heard of Black
Wednesday, then that is what it was about.
95% of people that take up Forex trading lose all the money they
invested. You have a chance of joining the 5% group of Forex
traders who are actually successful at trading. I can tell you
that the majority of the people that fail at currency trading
are those that bought into the hype. On the other hand, those
that succeed are the few that learn all they can about Forex.
I am not trying to put you off Forex currency trading, or scare
you to death. I just want to show you a different side of the
coin. I want you to have a balanced view of what is involved in
trading currency. That is why I have a series of articles
depicting the reality of Forex trading.
Ironically, I wouldnt have to be doing this if the Forex
industry would show a little more restraint in luring newcomers
into the Forex markets. What they dont realise is that the
whole industry will be much better off, if retail investors like
you and me were more educated about Forex trading.
Unfortunately, that is not the case. You will find it very
difficult to find objective and balanced information about Forex
currency trading. If you would like to read unbiased information
about currency trading then please check out my resource box
below.
About the author:
For more information and to claim 15 FREE Forex Articles just
follow this link you will
find lots of valuable information, for both newcomers and
experienced traders. look out for more articles from me soon.
Alan
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