Has anyone used any Online Forex system?

(9 Posts)
Broomey Sun 22-Apr-12 23:52:33

Hi am looking for ways to make a bit of extra money.....something with minimal effort. Ive been looking around online and read a bit about trading in Forex. Many say its easy but it looks pretty complicated. Looks like it would be a great way to invest a bit of spare money though if I can learn a bit about it.

Has anyone done this online and can share any comments?

Thanks

CogitoErgoSometimes Mon 23-Apr-12 09:50:20

I have no experience of it but just wanted to say be very careful of any scheme that promises extra money for minimal effort. If you want to invest spare money, take professional advice and consider all the risks.

Broomey Mon 23-Apr-12 23:22:35

Ok thanks for your advice Cogito
This was the thing I was looking at www.facebook.com/MakeAForexFortune/app_197602066931325
It looks interesting....could be worth a shot to try a couple of hundred £ and see how it goes

youngermother1 Mon 23-Apr-12 23:50:21

No, No, No - forex trading is a zero sum game. (for every 'winner', there is a 'loser'). at best you will break even. see here. The best(??) have over 60% of clients with losses.

DiddyMary Tue 24-Apr-12 02:31:10

Even if it isn't a scam I'd stay well away.
a) You say "Many say its easy but it looks pretty complicated." If you don't understand it, don't do it.
b) If their method is so good why are they sharing it rather than just using it to maximise their income?

Broomey Tue 24-Apr-12 22:58:38

Thanks all for your advice. I might leave it alone for now, but watch this particular method I saw for a while to see if this guy makes money. Might start doing a bit of research on the subject too....as I really don't know anything about it....

Alad Sun 29-Apr-12 23:03:22

It's a scam. You will loose everything.

iyatoda Sun 24-Jun-12 22:33:10

I have done this before with GFT. You need nerves of steel and know a thing or 2 about the markets. And also Kenny Rogers advise is good to listen to. This was in early 2007. Bad time really that was when the markets crashed big time and the £ fell from £1 to $1.86 to £1 to $1.50 or so.

Decided to go into it as DH's friend was making btw £300 - £500 a month from it (not a lot, but at the time was a lot to me). I had dreams of doing this full time so imagined making about £3000 a month once I learnt the rules.

I decided to deal in $, euro and yen. Big mistake. the time difference meant I had to wake up at odd hours to check what the mkts were saying in Tokyo, America and Europe.

I started very small though and opened account with the minimum which was about £150 or so. My £150 soon became £500 and I was really optimistic and doubled my investment. Then the crash happened. I was on the losing side. I should have walked away then but decided to invest more to recoup what I lost and lost even more. In total I lost about £2,500.

I am glad I did it though as I am very risk adverse and it was the riskiest thing I had ever done. But it is a gamble in the end.

Alad Thu 19-Jul-12 19:16:57

I've a Friend who is an independent fx trader. You will loose your money. There is money To be made but it's hard and dominated by the big banks

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