If you’re on social media no doubt this year you would have seen ‘Forex’ traders ads popping up left right and centre.
Or even a direct message asking to join their trading team and make instant money.
Well here at Hubbllaa this is something we have looked into.
Is this a scam or can you really make money from Forex?
The truth is the lifestyle these ‘traders’ are showing on social media draws people in. They will post pictures of their luxury cars and watches. Or on their 27th Holiday of the year (generally with a picture of a laptop, with the quote work from anywhere in the world)
I mean who wouldn’t want to make additional money each month?
So here is the long and short of ‘joining their trading Team’ you pay a joining fee, say £250.
The you will need £250 to open a trading account.
Once your all set up they will message you daily on which trades to take, all in the Forex market.
If your unfamiliar of what Forex is, its currency. So, you place a trade against a currency pair – for Example GBP /USD.
You are then either buying or selling against the first currency stated.
The trader you have signed up with will send you a signal – for example buy GBP/USD now. If the market goes up you make profit and if it doesn’t you lose money.
The thing is with the markets nobody knows what they are going to do, it is impossible. There is no formula to predict what the markets are going to do.
There are a lot of factors and signs people use to predict the markets next move but its 50/50 if you are correct.
So how are these traders living this amazing life? Truth is any traders wanting you to join their trading team are making all their money from ‘YOU’ and people like you.
Signed up to the dream of making extra money monthly.
They make all their money by people signing up for their trading signals, and the broker they tell you to go with they will also make a commission from.
Can you make money from FOREX and the stock market? Yes, but not like this.
There is no secret, there is no special system somebody has that means they will never lose a trade. There is no short cut to making £10k a month
Good traders really take the time to learn about trading and accept the fact they will lose trades.
If you think you can deposit £250 and then make £1,000 a month think again it’s not that easy.
Its gambling if you want to win big, you have to bet with bigger amounts. Also accepting the fact if your wrong you will lose money (more you bet more you will lose)
Don’t get me wrong some of these traders may generally give you good signals and you may make some extra money.
Our advice here at Hubblla is, if you wish to learn how to trade sign up to a course with a well-established broker.
These companies will not send you signals but they will offer training so you can learn and get familiar with trading.
Read books and watch Youtube videos, so much FREE education on Youtube
Once you have done all this open a free demo trading account, get use to the system and markets with fake money rather than your own.
Once you are confident and make the jump to trading your own money start small, take small trades.
Do not open an account and put your life savings in.
This year we have seen so much social media on Forex, so if you are thinking of trading please take our advice.
Thanks for Reading