I don’t have any links anymore with brokers – apart from sponsored posts where they pay for them. Here’s why.
Most people lose money Forex trading because the brokers WANT YOU TO LOSE MONEY. Why do you think they give you free “training” and a trading platform. They teach you to use indicators that WILL LOSE YOU MONEY.
Let me give you an example. RSI, they use the terms “overbought” when RSI is greater than 70 and oversold when RSI is less than 30, the truth is, even a cursory examination of the charts will tell you this is not true and more often than not the currency pair will keep going (and sometimes very fast) in the direction of the RSI!
How do Brokers get money from you
1. Spread – so basically before a trade can go into profit you have to “pay the spread”, which can be calculated by subtracting the BID PRICE (sell price) from the ASK PRICE (buy price).
2. Trading against you – if you lose all your trades guess what brokers do, they take the other side of your trades!. (Not all do this but many do).
3. Suddenly increasing the spread to knock your stop loss. If you set very tight stop losses don’t be surprised if the broker will at some point suddenly increase the spread to take your stop.
Even “Self Help Sites” are there to Self Help you lose money
You’ll be surprised to find that a lot of these so-called “Independent” sites actually are tied to brokers and take your money for training to help you lose money!.
How do you become one of the 10%
Firstly – believe nothing. Learn yourself. I have built my MagiTrade forex trading system simply by learning myself. Please Contact Me on this site if you are interested in using it. The screen shot on this post is actually from that system.
Nothing is Free.
You’ll learn if you are starting to work with Bitcoin and Crypto that because it’s unregulated you get made some fabulous offers. For example “Double your BItcoins“, why would any one do that? They wouldn’t do it with cash in the street?
As long as you remember these things you CAN make money with Forex.