Forex Complaints – Forex Academy

There are a lot of complaints when it comes to forex trading, and we mean a lot. Many of them are completely legitimate while others are based on a single opinion or something that someone may have experienced. Whatever the complaint is, there will surely be ways to get around it or to help out to prevent those things from happening again in the future. It is because of this that we are going to be looking at some of the most common complaints that we hear about forex and the reasons why those complaints probably should not be happening.

It’s Too Hard

Forex trading is not hard, complicated yes, but not hard. We say this even with the knowledge that the majority of people that trade will lose money. People seem to put the term hard on everything these days, forex is not hard, it just takes time, and that’s for some people what makes things hard. Yet in reality, it is not hard at all, all you are technically doing is placing a trade, choosing whether it goes up or down and that is it, it is incredibly easy and quick to do. Yet people refer to it as being hard because of the amount of time and effort that you need to put in in order to be good at it and in order to know which way you should be placing your trade. Yet it is still not hard, it just takes time, time does not make things hard, hard shoulders mean that it takes a lot of effort in order to do the thing that you are trying to do, and that is playing the trade, which we have already discussed, is actually very simple.

People simply do not want to put in the time that it takes in order to be a better trader, they just want to get on with it and that is a mistake. If you try to place trades blind you will make losses, those losses will of course make it harder to make profits, but again, that does not make trading hard, it simply means that you need to put in more time, not more effort.

It’s All A Scam

Forex trading is not a scam, if it was there wouldn’t be over a trillion dollars being traded every single day. Forex is basically just a way of exchanging foreign currencies for each other. It has been happening for hundreds of years in one form or another and will happen for hundreds more. Businesses are run off of it and if it was a scam, the majority of businesses that we have today would have disappeared a long time ago.

We have to admit that within the forex trading world there are a lot of scams, but these are from individuals, people who are setting out to try and take your money. These are the people offering ridiculous Reuters on your investments or certain brokers that have been set up to be predatory, trying to milk money out of you. It is important to know that those are individuals and not the industry as a whole. The industry is completely legitimate, you can do it yourself, go to a foreign exchange shop, buy some currency, hold it for a while, and trade it back, you are doing the same thing on the markets, just in a more convenient way and for more money. Fores is not a scam. It wouldn’t be here if it were, it is as simple as that.

It’s Not for Individuals

Many years ago this would be completely true, you used to need millions of dollars before you could even consider trading on the global forex markets, this made it so that only the biggest businesses and institutions could take part in the markets. These days though, this is certainly not the situation that we are in. These days anyone can trade, all that it takes is a computer or mobile phone, an internet connection, and a balance of as little as $10. That is all that you need to trade which is ridiculous and incredibly accessible. There are no more excuses available for it not being easy to get into. You can go from no account to your first trade being placed in the matter of about 10 minutes with some brokers. There are millions of people trading from their bedroom at home and things will only continue to get easier.

It Takes Too Long

We mentioned above when we discussed forex being hard that it takes time, this is true, but it certainly does not take too much time, if you are finding that it is, then that is something that you as an individual are doing wrong. Actual trading, placing trades, and the analysis for each individual trade does not take a lot of time, this can be done in a few minutes up to 30 minutes, which should be more than enough time to place a trade. What can take a while is the initial learning, but that does not mean that you need to do it all at once which for some reason is what a lot of people try to do. When you try and cram in all your learning into one session then yes, it will take a while and it will be boring. Instead spread it out, learn one thing a day, do not bog yourself down with books and reading for hours at a time. If you spread it out, it will still take the same amount of time in regard to actual learning, but it will be far less boring for you and don’t feel like such a chore or that it is taking up so much of your time.

Those were some of the more common complaints that we see about trading forex, as you can see, the majority of them are simply not true, in the past there may have been a little more relevance to a lot of them, but as things have progressed they are becoming less and less an issue, but they are still things that people like to complain about.

There are a lot of people that like to complain about things when it comes to trading. Some of them are genuine complaints, while others are pretty funny to look at and are clearly made up in order to try and justify the reason why they have lost some money or to cover up their misunderstanding of what it is that they are actually doing. Today we are going to be looking at some of the most hilarious complaints that we have heard about trading forex.

“It’s Fake!”

One of the best that we have heard and we have heard it quite a few times is the fact that there are people out here that are claiming that forex trading is fake. That the entire system that we use is fake, something made up by some people in order to take all of our money. That million of traders are all falling for something that isn’t even real. You can probably tell how silly this is, and yet people still complain about it. They complain that forex even exists.

While we can see their point of view when it comes to certain things, like the people promising ridiculous income or the fake brokers, calling the entire industry a trillion dollar industry fake is just a little on the absurd side. Normally when there is enough proof out there to clearly show that something is real, the people claiming it to be fake often stay quiet, but when it comes to forex trading, they like to be vocal, which ultimately just ends up making them a spectacle to be laughed at.

Look on social media, you will constantly see people telling others to stop because it is fake, completely ignoring the fact that the people they are telling to stop are actively trading the thing they are calling fake…

“My Strategy Was Right…The Markets Were Wrong.”

There are some very stubborn people out there, some that seem to think that everything that they do has to be right. This could be a form of narcissism where someone is completely on their own side, they know best and they are right. We see people basically telling us that the strategy that they have used is right, the trade that they put on should be a win, but it ends up losing. Is this their fault, no, a good strategy will still have losses, no matter how good it is, but when you start to blame the markets, saying that the markets are wrong, it just gets silly. The markets are not wrong, they never will be, you are trading the markets, the markets aren’t moving for you If your trade loses, it is not the jets fault, you just put on the wing trade you need to accept that, but that is something that a lot of people do not seem willing to do.

We have seen the complaints of someone asking why the markets didn’t move up. They had placed a trade and it should have gone up. They just couldn’t accept the fact that he did not control the market.

“My broker scammed me!”

We Have to make it clear – for some, this could actually be true. There are some very underhanded brokers out there that are created for the simple reason of taking your money. Yet we see people shouting about being scammed by some of the major brokers, the biggest and most trustworthy brokers. When in reality, they just traded badly and lost their money, but of course it is not their fault, it is the brokers fault, using foul play to take their money. If you are to ask them for evidence of this, the only thing that they can ever show you is their blown account or some losing trades, which only confirms the idea that they traded badly, nothing to do with the broker. They very very rarely have any proof that the broker did wrong, making their excuses and complaints pretty pointless and worthless.

People have complained about brokers calling them up and asking for more money. They have then paid them, only to never see the money again. We are not sure how you can complain about that. If that happened to us, we would be keeping our mouths shut out of embarrassment.

“There is too much info out there.”

There is a lot of information when it comes to forex trading. The good news is that you do not need to learn about all of it. In fact, you probably don’t even need to know even 5% of it in order to be a very successful trader. There is loads of stuff when it comes to trading that we know very little about, that is not a problem. Yet some people come into trading forex thinking that they need to know everything, that if they do not learn it all they won’t be able to be successful. They see all the information that here is and decide that there is too much, complain about it and then leave. Yet they do not want to listen to the answers given to thm which clearly tell them that they don’t need to learn everything, instead they simply want to complain rather than actually giving it a proper go.

One of the best complaints we’ve read was when someone claimed to have spent hours learning everything they can, but they still didn’t understand what a PIP was. When asked if they had looked it up and they simply answered no, stating that there was too much other information clouding their ability to find the answer.

“It costs too much.”

Trading forex costs a lot if you lose, that is the simple fact behind it. Some traders are fixated on using just one or two brokers that they may have used before or that were recommended to them, these brokers may require a larger deposit in order to start trading with them, but not all brokers do. There are some very good brokers around that allow you to open up an account for as little as $10, making it very cheap and very accessible. Of course you won’t be able to make much with that amount and it is easy to lose it, so it is recommended to have more, but the opportunity is there and it does not cost much. Some brokers also offer larger than usual commissions or spreads, something that you should avoid, but you can certainly find ones that offer low deposit limits, low spreads and recent commissions. Yes it costs money to trade, and the more money that you have the more you can make, but it is certainly not costing too much to trade at all.

We have seen complaints from people saying they need $10,000 to open an account and that they are being charged $20 per lot traded…The solution is simple. Choose another broker, there are enough of them out there.

Those are some of the complaints that we hear quite a lot. Some of them are legitimate, however, they are more often than not blown vastly out of proportion, to the extent where they just become ridiculous and you can’t do anything but laugh at them. We are sure you have heard some of them and we are sure that you will hear them again, that is just the nature of people and forex trading.