For most Americans, forex is one of many get-rich-quick schemes that were popular a year or two ago. The issue in the thought process surrounding getting rich quickly, with forex, in particular, is that the scam isn’t forex. The forex scams come from people who know they could make a quick buck off of desperate people more beyond their typical 9-5. The typical person’s greed is, without doubt, an overwhelming factor in the participation of such scams along with popular media influences lying about their “forex millions.” But for those who decided to take it seriously, a completely different prospect of life will be in your mind.
Understanding the forex futures market is like understanding that thing may go to shit, and it’s almost nothing you could do about it. The US Dollar index is the most important chart in an American’s life, and being able to see the fact that your dollar will be worthless within a short amount of time is a scary thought all in its self. Now think about this what if some large inflow of cash rushes the US dollar index in an attempt to manipulate the market that affects you in real life. Let go farther than this with corn futures if an influx of traders decides to put resistance on corn prices that keep that actual price of corn down and vise versa.
Unfortunately, it goes farther than this. An influx of traders can control the amount of corn a farmer could even grow to sell. What if this goes to something like water or oxygen? I mean it’s so many things you could quite possibly trade in the futures market. It’s always great to make money, but at what expense. Other than the moral standpoint, the US doesn’t really want its citizens doing too many outside-of-the-box activities, especially in New York. It’s only a handful of US-regulated brokerages and even less available to citizens of New York state. And don’t let me get started on crypto; how foul they do us New yorkers about the future. But that’s a topic for a different post.
Over the past two years, I’ve learned a plethora of different aspects of the financial markets, Despite taking a deeper dive into specific elements. Forex in the UK or anywhere else at that matter is the largest, most well-known market. US citizens didn’t really get into foreign exchange trading until around 2018-19, but it’s been here since the 40s or 50s. But the issue with us now knowing about the forex markets opens more risk than when only a financial professional would know about the forex markets. The “Forex millionaire” is the prime example of a US forex scammer.
Now let’s dig a little deeper into US “forex millionaires” and why this is one of the most horrible things those assholes could have done to people on the same plain as them. The broke leading the broke into deeper darkness is what you could call that. Looking at people like Jeremy cash will make someone think they could really leave their jobs and trade full time. If you haven’t read my post where I speak about “why you shouldn’t leave your job and trade full time, go,” check it out. I give a much deeper explanation as to why that’s a bad idea. Jeremy cash, in particular, will come up with a little half-ass get out your job quick money-making plan. Now that wouldn’t be an issue if the goal was more realistic. Most people just starting out shouldn’t be trying to take on the risk to try to make $100 USD a day. That’s not realistic. If you want to make a consistent $100 a day, your account would have to be at least 20-100 grand. Even two or three grand isn’t going to guarantee that you could make $100 a day, especially without knowledge.
A forex trader or any trader without knowledge is as good as a gambler. You might as well go to a casino and have some actual fun with your money for all it’s worth. Suppose you’re new to foreign exchange and really want to learn about what it really is and how you could make some money off of it. In that case, you have to be ready to read everything, weed out those with actual knowledge compared to those spewing bullshit, and face disappointment go back to the drawing board, and come back and apply just to face disappointment again. That’s real for anybody trying to get into forex, especially if you’re American. Because here is the biggest thing you need to look out for as an American forex trader, what brokerage you decide to use. An unregulated brokerage can take your money without any notice, and you can’t do anything about it. Once it’s gone, it’s gone. You can’t call any regulatory bodies to get your money back or even report the brokerage. All regulatory bodies could do is put up a warning stating the sight is fraudulent at best.
All in all, be very careful; most scammers in other countries think Americans are idiots. I mean, they have a good reason to think so. When you get past that and actually gain an understanding of global markets, the fear of under standing can hit you like a sack of bricks. How money-hungry and corrupt the system we’re forced to take part in. The best you can do is use the system to your own advantage. However, you may do that personally. I’ll leave you with this, the price of gas went negative last year, and I’m pretty sure that had a lot to do with greed and the global markets. Retail beware but don’t move with fear because the sharks are hungry and always looking to feast on weak souls.