Forex trading is a Fools Gold chasers dream if only Fools Gold were worth anything! FIVE out of SIX traders LOSE their entire FOREX account before the first statement arrives!
It’s a very poorly, if at all regulated, dirty business in which the “Book-Makers” (FOREX Houses) make it seem easy to trade and win but in reality, the average trader has almost no chance whatsoever to succeed trading FOREX. I find it fair to only share my own personal experience(s) in this rip off FOREX market with you. This way we don’t misconstrue any facts.
Due to the nature of my business, professionally analyzing and trading economic markets, I have had the privilege of traveling across the globe visiting many of the worlds trading exchanges along the way. I have a vast wealth of experience and knowledge in this industry which I’ve developed over my past 39 years of analyzing and trading markets. I have wrapped all that knowledge and experience(s) and use it at my OMNI Online Trading Academy every day.
So this is only one of my hair raising experiences about the FOREX rip off markets(s). During one of my more active years in trading bank to bank currencies (FOREX), I had domiciled several decent sized accounts ($25000.00 US$ and higher) with Credit “Aggregate” Bank of London who was executing FOREX trades for me while giving up some of my larger business to Credit “Lionsgate” Bank (names have been changed on purpose) which is actually from France but operates it’s offices out of London. For several months I had traded FOREX successfully with my current European arrangement, however the buy & sell fills were always horrendous and were never reported as “filled” to me until the banks themselves either got out of the trade with a tiny profit (the spread) before offering me bid / offer prices or worse than that, what I later came to learn, they NEVER EVEN ACTUALLY BOOK THE TRADE AT ALL !!
That knowledge of not even booking the trades at all (Bernie Madoff ring a bell here?) was spewed out to me one night while I was in London with several of my account executives on a very alcohol fused outing (warm pints of beer in uncountable amounts). One of my drunk account executives, purposely not named, we will call him “Bigis Dickis” at some point leaned over to me, obviously forgetting I was a large institutional customer on a visit from the USA and mistaking me for a local pub crawler who he no doubt brags too drunkenly when I’m not here, whispered into my ear… “And you want to know the best part of this FOREX gig… Most of the time we don’t even bother to book the assholes trades (referring to their customer base, present company included) because we have algorithmic statistics to prove that between 87 and 91% of all trades entered into by these assholes LOSE. Period! EVERY DAY!.
We never have to worry about paying out to too many traders at once because almost no account wins. In fact, on most days we don’t even bother to put the trades into the system! We simply send the assholes their losing statements. We pay the small amount of winners that day and transfer all the money from the losers accounts into the house account. If there ever is a day where an unexpected event or disaster happens in the market and we see 90% of the crowd win, we will shut operations down that day and reopen the doors the next under a new name! We even have other company names with outfitted offices already set up and ready to go. It’s the easiest money in the world! We not only allow but urge them them open and fund the accounts with credit cards!”
Needless to say, the next morning the Managing Directors who were over my account executives got a livid call from me demanding a meeting that very morning. It was 6:00 am and I was still in my pajamas in my hotel room (when will they hear about the Air Conditioning invention) when I placed that call. I was incensed! Without offering to many details, if you know me you can imagine, I was screaming at the top of my lungs face flushed bright red at the entire management and staff. The words used in the very heated exchange are not proper fare for public eye. I left London that very morning with bank wires going back to the USA from every account I had in Europe.(both customers and my own). This is only one of several horror stories I have seen throughout my 39 years when it comes to the rip off FOREX markets. I strongly urge you to trade your currency trades on a U.S. exchange where orders are most definitely placed into the live market and regulation is as tight as a drum.
Stay safe! Train, mentor and learn from Oscar Carboni, an honest proven seasoned pro. For more stories, facts, trading tips, tricks & techniques join me NOW in my live trading room at the OMNI Online Trading Academy.
