Frenday.com

By Kristian Jackman on Nov 2, 2009 | Reply

Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words “Forex” and “lose” to see this is the consensus.
Forex is what we call a “zero sum” game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the “bets” in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.
Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.
There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.
Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty.
I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.

By Joe on Nov 2, 2009 | Reply

Hi there,
I would say eliminate emotion and Your ego as these are probably the two biggest enemies you’ll run into. You won’t have to worry about the competitors in the market, you have to watch yourself. Making an emotion trade is just plain gambling. When you have problems with your ego, you start to try to prove something(to someone else) and usually end up showing off. They’re both losing strategies.

By Suzane P on Nov 2, 2009 | Reply

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By Texas JR on Nov 2, 2009 | Reply

Forex is a scam.
They don’t even buy/sell the currencies for you, they just simulate trades, and as most people lose, they pocket all the money you lose (bucketing).

By Carlos G on Nov 2, 2009 | Reply

Making money in forex requires a lot of homework. Most people lose money because they get convinced that this is easy and throw their money in and hope for the best. This is a recipe for disaster.

By Ted on Nov 2, 2009 | Reply

Losing all of your money.