Topic we've discussed in the past but this one is the latest one I'm hearing about..daily.

"Forex"

Holy sh*t..why are some people just so stupid?!  Even after being shown all the sites about it being a scam.

Anyone have experience with this or other get rich scams..

or just keep watching people sink their time and fortunes into this crap?!

I'm constantly amazed at the stupid scams people fall for that are shocked when they realized it's all BS

well....some of them unfortunately seem to prosper.....look at Amway for example...people hope to get in on the ground floor of something in a get rich quick manner, because there simply are items and things that just launch with no idea that they'll actually take off like they do...hence is the environment of the internet and viral things nowadays....

Forex? Foreign exchange market? Risky, but trading in currencies isn't a scam it's just betting on the position of currency in the world market. I buy pounds with my dollars in the hopes that the GBP pound goes up vs the USD and then I sell the GBP for dollars...

But I guess you're talking about something else...?

No,  I'm talking about foreign exchange. This one is a scam though. How did you go about doing it?  Did you pay for software, books, seminars?

I was speaking in the abstract. But for a mortal you would probably want to used a broker. There is software like the stock ones that would let you access the for reals markets though.

Probably not something to do as a hobby as it's probably even more fiddly than the stock market. And as we've seen the world markets can be pretty volatile these days.

But basically once you fund it you're trading one sort of currency for others hoping to buy low and sell high just like a stock.

Buying/Selling Currency is a commodity, just like buying/selling corn, wheat, pigs, etc. It is a speculation game that you will make a profit. It isn't a scam at all. It is just a very risky form of investing your money. You can get rich quickly or go broke very fast. Just another form of high stakes/risk legal gambling.

"We are 'commodities brokers', William. Now, what are commodities? Commodities are agricultural products... like coffee that you had for breakfast... wheat, which is used to make bread... pork bellies, which is used to make bacon, which you might find in a 'bacon and lettuce and tomato' sandwich."

http://www.cftc.gov/ConsumerProtection/FraudAwarenessPrevention/ForeignCurrencyTrading/index.htm

There are some scams out there but not all are scams

Quote from: cupcake on February 16, 2012, 11:40:41 AM
"We are 'commodities brokers', William. Now, what are commodities? Commodities are agricultural products... like coffee that you had for breakfast... wheat, which is used to make bread... pork bellies, which is used to make bacon, which you might find in a 'bacon and lettuce and tomato' sandwich."

Mortimer?!?!?!

I've turned gold, cheese, sugar into hundreds of percent profit in 10 - 20 days a few times using commodity options.  Also been burned a few times.  Trading commodities and commodity options is definitely not a scam - but neither is it simple.  I spent several years studying it - its a fascinating subject.

The best way to learn trading commodities and options is to get some general education on the subject and then paper trade by using imaginary money and watching the market values.  Darn interesting - I do it every day.  Don't stick real money out there until you can consistently make "money" paper trading.

Quote from: zooom on February 16, 2012, 12:15:45 PM
Mortimer?!?!?!

Randolph

Quote from: WarrenJ on February 16, 2012, 12:18:56 PM
I've turned gold, cheese, sugar into hundreds of percent profit in 10 - 20 days a few times using commodity options.  Also been burned a few times.  Trading commodities and commodity options is definitely not a scam - but neither is it simple.  I spent several years studying it - its a fascinating subject.

The best way to learn trading commodities and options is to get some general education on the subject and then paper trade by using imaginary money and watching the market values.  Darn interesting - I do it every day.  Don't stick real money out there until you can consistently make "money" paper trading.

Whats been your most informative and reliable resource?

I'm sure you guys here have done your homework on this and have done it the intelligent way. Did you all have to attend mandatory seminars, buy a ton of materials and see a life coach to assist you?

I started out using a couple of Ken Roberts classes - a bit heavy on the life coaching end of things but there are some pretty useful techniques and processes in there.  Once you understand the basics, its easy to find market prices - Investors Business Daily is probably the best newspaper for it but there are endless sites online where you can get 10 minute delay commodity and option prices.  Commodity options are all I will mess around with.  Your only risk is what you pay for the option - no margin call at the end of the day which can wipe you out if you don't use stop losses or they don't get executed when they should. 

Trading commodity contracts is for people with deep pockets and no concern about risk - options can be just as profitable - sometimes even more so with quantified risk.