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Making Money Flipping, Investing, You Name it. Letís discuss other ways of making money!

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  #23  
Old 07-10-2008
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If you can cope with stress then go for it. As for the investment it only costs $250 for a mini accout which makes you $.95 cents per pip and standard account which requires a initial investment of $2,500 and makes you $9.50 per pip. In a day 10-20 pips can easily be made if you do the the RIGHT procedures. As I recommended before for a forex newbie go and read the ENTIRE free course babypips.com has to offer and then invest your money. Babypips teaches you all the basics and will get you to making some money in the forex. So you can easily make $100-200 every day in the forex and as I said with the right moves. Trade only the USD/JPY as it is easier than other currency pairs to trade.
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  #24  
Old 07-10-2008
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This would be a funny thread if it were not so tragic. I was a registered commodity broker for 4 years in 90's.

I can tell you that these forex cos are bogus scams. $250 to open an account and trade currencies? BS, BS, BS, BS. The only legitimate regulated currency market for individuals is in Chicago at the merc.

Here are the initial margins to trade currencies in a legimate account

EC (euro) $3,105 (initial) $2300 (maintenance)
JY (yen) $3,300 (initial) $2500 (maintenance)
CD (canadian) $2,160 (initial) $1600 (maintenance)
BP (Pound, UK) $2,025 (initial) $1600 (maintenance)
AD (Australia) $2300 (initial) $1600 (maintenance)

I can say with 100% certainty that these forex cos are bogus.

Open an account with Lind, Mann financial, Ira Epstein, or any other honest commodity broker and trade the currencies if you want. But leave the forex scams to crooks.
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Don't really know how you are saying what you are saying because I've been trading with forex.com for almost 9months and I've always put a withdrawn request and I always recieved my money in 3 business days into my bank account.
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  #26  
Old 07-10-2008
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I do not believe the trades are real. They may pay out for a while but the trades are not real, I think they act as a "Bucket Shop". Unregulated markets like forex (and stocks, up until the1930's, plus gold "brokerage", coins, etc..) have a history of Bucket shops.

The bucket shop is like a bookie for those that cannot afford the real deal. They take advantage of the fact that 98% of their traders will go tits up within a year. Not only do they take commissions, but they are on the opposite end of each trade, and eventually every one of their traders will bust.

Needless to say, this is amazingly profitable for the forex cos.

If you are on any affilliate programs, the forex offers ALWAYS the highest paying, $200 -300 per acquisition. They can afford to pay that much for new customers, because they have a 98% chance of taking every penny invested in the account.

There is no legitimate forex market that will let you trade on an $250 account. Real forex trades are either done on an exchange (the CME, margins listed above) or done on an interbank network (minimums around $100k).
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more on bucket shops

-----http://en.wikipedia.org/wiki/Bucket_shop_(stock_market)------

Bucket shop is a brokerage firm that “books" (i.e., takes the opposite side of) retail customer orders without actually having them executed on an exchange.[1] These brokerages are also often called boiler rooms.

Bucket Shop is a specifically defined term under the criminal law of many states in the United States which make it a crime to operate a bucket shop. [2] Typically the criminal law definition refers to an operation in which the customer is sold what is supposed to be a derivative interest in a security or commodity future, but there is no transaction made on any exchange. The transaction goes 'in the bucket' and is never executed. Without an actual underlying transaction, the customer is betting against the bucket shop operator, not participating in the market. Operating a bucket shop would also likely involve violations of several provisions of US federal securities or commodity futures laws

Last edited by The_Cynic; 07-10-2008 at 02:50 PM.
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  #28  
Old 07-10-2008
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Bucket shops are common in the finance biz.

even Morgan Stanley recently go busted for running a bucket shop on silver investors.

Morgan Stanley to settle class-action lawsuit | Reuters

---The suit, filed in August 2005, alleged that Morgan Stanley told clients it was selling them precious metals that they would own in full and that the company would store.

But Morgan Stanley either made no investment specifically on behalf of those clients, or it made entirely different investments of lesser value and security, according to the complaint. ----

They took their clients money, told them they had bought silver, and morgan stanley just pocketed the money. Then to add insult to injury, Morgan Stanley charged them money for storage of the nonexistent silver.

Those forex trades are not real.
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  #29  
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I don't know how you say that the trades are not legit because the all the trades I made and I made a profit on I did get paid for those. They only charge 2 pips on each trade so that doesnt hurt me. The $250 is for a mini account that is the bare minimum you have to invest to trade but for a standard account which gives you tighter spreads the minimum is $2,500. Also on a standard account the spreads are tighter. The forex has been about 20% of my income and and I've been doing this for 9 months so I can honestly tell you this company forex.com is no scam.
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--- However, the term came to apply to other types of scams, some of which are still practiced. They were typically small store front operations that catered to the small investor, where speculators could bet on price fluctuations during market hours. However, no actual shares were bought or sold: all trading was between the bucket shop and its clients. The bucket shop made its profit from commissions, and also profited when share prices fell.

The terms of trade were different for each bucket shop, but bucket shops typically catered to customers who traded on thin margins, even as low as 1%. Most bucket shops refused to make margin calls, so that if the stock price fell even momentarily to the limit of the client's margin, the client would lose his entire investment ---

Sorry I don't mean to go overboard on this but, these bucket shop operators really piss me off. because of their crimes, they make it a thousand times harder for legit commodity guys to get clients
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  #31  
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Yes I understand what you are trying to say that some companies are bucket shops comitting crimes but forex.com is not one of those companies.
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  #32  
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The trades are not real. The forex company is on the other side of the trade. They are running a "bucket shop" on you.

It is very common, even Morgan Stanley did it to their silver clients. When I was a commodity broker we shared the floor of our building with a Gold Investment company, that was running the same style of scam.

do me a favor and just google "forex scam"
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  #33  
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Forex scam - Wikipedia, the free encyclopedia
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  #34  
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I don't want to have a argument with any one. I started this thread to tell people of my experience of the forex and to tell people of the company which I used to trade the forex with. I have had a good experience with forex.com and I have not had any problems withdrawing the money I earned. If these company really was a fraud then why do they give me the money I make?
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  #35  
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1st off there is no way in the world that you can legitimately trade currencies on a $250 account. Any broker who takes that small of an account is a bucket shop.
End of story.

They may have paid on your winners because they are running it like a pyramid, or maybe they are setting you up to ask for a larger deposit. Just because they paid you a few times does NOT make them legit.

Even if they ran your trades straight, they would still have a 98% chance of taking all your money because of the attrition rate on trading and their commissions.

Sorry man a $250 forex trading account is not legit. never has been and never will be.

If it sounds too good to be true, IT IS.

Last edited by The_Cynic; 07-10-2008 at 04:47 PM.
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cynic who cares if it is a "bucket shop" or a small company not a quote unquote regular trading company. You should know that money speaks louder then words and if he is making money then their is nothing to complain about, I think I might just join up when I get some time. Make me some of that money baby!!!
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It pisses me off because I used to be a legit commodity broker, and forex scammers just give the whole business a black name.

Plus this John seems like a nice enough guy, I don't want him to suddenly put a big chunk into that account and find out that it is gone tomorrow.
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I never put more than $250 in my trading account. I just build the $250 to $1,500 and then whatever I made after the $1,500 I kept as profit. As long as forex.com pays me what I'm due I'm good if they don't then we have a problem and then I will see them in court. But so far in my 9 month experience I have put a withdrawl request and then 3-4 business days later I had money in my bank acccount. I have been paid about 14 times to be exact.
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$250 accounts are run from bucket shops ONLY. They are not legit trading accounts. Don't get me wrong, I wish you well. Thing is, that account is not legit and it will end badly if you stay with them.

Take your profits, close that account and open an account to trade the yen dollar spread at lind waldock, Ira Epstein or Mann Financial or any other legit commodity broker. Those accounts are insured up to 1/2 million and all funds are segregated.

If you have a legit account with one of those, you will not wake up one morning to find that forex.com has gone away. Good luck
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Well I'm gonna be quiting the forex simply because there is to much stress involved. I will quit as soon as my ebay business reaches 100%.
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  #41  
Old 07-11-2008
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I knew someone was going to ask that so let me clarify. I mean get atleast 10 stable ebay accounts with atleast 25 feedback on each account and get some more cc with some high credit limits so I may by more inventory. Also want get atleast 50-75 back up accounts or even more. By the way does anyone know how people get cc with limits of like 100k?
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read your posts with interest john and cynic. i would say on balance that babypips is a great site to learn the basics. as long as you didnt trade out of your depth and put all your eggs in one basket. maybe a bit like a saturday flutter on the horses here. quite harmless if you just kept it reasonable. i checked out the site and was impressed how well it was laid out and how interesting it is to see how trading works in currencies. amazing insight. the school is a very good idea. but no way would i trade out off depth there. guess a lot of people enjoy it and imagine themselves as good traders. maybe if you did managed to make a bundle ( if thats posible ) then go get a ligit broker and get honest advice and assurances.
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  #43  
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Quote:
Originally Posted by John14789 View Post
Well I'm gonna be quiting the forex simply because there is to much stress involved. I will quit as soon as my ebay business reaches 100%.
They is no such thing as 100% with ebay.
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  #44  
Old 07-12-2008
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Hah hah very funny!
What I meant to say is that I want to create about 50-75 backup account in which I'm going to use 10 and keep the rest as just backups. Then I want to make a few cc with high credit limits so I may buy more inventory. That is what I meant by 100%. Yes divine I do underantd there is no such thing as 100% with eBay.
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