2010 has been a horrible year for the
hyip industry, with
Genius Funds being scam, and also
GNI,
NanoMoneyCorp, to be the biggest ones having collapse. With plenty of other hyip programs claiming to be trading in
forex, today, I will give you my opinion and research that you need to know about
forex. Forex is not a game, where you just invest money, and you get a return of your investment. This is never the case. Forex is one of the most riskiest investments you can make if you do not have the knowledge and expertise to trade with currencies. In my earlier post, I gave you
Alternatives to Hyip Programs and now this is the extension on my post about
managed forex trading. Now, I will give you an example on how forex is similar to investing in stocks, and also
arbitrage trading, not the way admins perpetrate it as.
1. When you earn, someone loses!
Yes, you heard it right. If I invested $100,000 into a the US dollar being stronger than the Euro, for example, and my investment goes up by 10%, someone else , who bet against this call ( invested that the Euro would be stronger than the US dollar) will lose 10% of his investment. This is how
forex, stocks and arbitrage trading works! This is why there is no such thing as
risk free trading, or investment!
When you lose someone earns, when you earn someone loses!
2. Forex For Newbies
Staying on top of the latest news about the global economy is key on finding which currency will earn you money. For example, if the US economy is weak, expect its currency will be weak, which equals less purchasing power. A great site to learn about forex, and get educated is
Babypips. They have some of the greatest articles, and definitely helped me and will help you understand all the technical terms and graphs with forex. More specially, it is their BabyPip School, that will help you learn the essentials of forex education today! You can read it
here. They talk about terms like Fibonacci Trading, Elliot Wave Theory and much more!
3. Where to Invest in Forex
Now, we always are fooled by admins, who steal designs from other sites, or basically grab a cheap template from a design site, and are deceive they are a million dollar company! Now, I will show you some sites that I think are some of the
best online forex sites available to invest in.
eToro - Forex Platform.
eToro is one of the leading Forex companies in the world and offers up to $1,000 first deposit bonus! The eToro platform is simple and user friendly : even the most novice trader can easily learn how to use it and learn how to
trade forex by using the platform! And of course we charge absolutely
zero commissions on all forex trading activity. I personally think etoro is a great platform for new investors, as it is very user friendly, plus, you can try a practice account to get familiar with the website, and also
investing in forex.
Marketiva
Claiming to have over
800,000 serviced users, 450,000 unique and live trading accounts, and more than 3.8 million live orders executed each month, Marketiva is one of the most popular over-the-counter market makers in the world.I personally think they are a solid established site, and you can use your Liberty Reserve cash in it!
FxOpen
FxOpen is another great site that also comes with a free practice account to familiar with forex and also their software. They have accounts where you can invest as little as $1! Now this is something that is good for people who do not have a lot of money, yet want to profit from the fluctuation of currencies. Also, they have Managed Forex Trading Account, which is probably what all of you want when you try to invest in hyips. There will be people who will manage your money, but for a fee. This is exactly like how Mutual Funds work, where you invest your money into their funds, and they manage it for a free.
4. Further Reading
If you want more info on
Forex, and if you want to read more, I will give you some ideas if you are confident, and have more risk tolerance, for a potential of making a living on Forex. Again, as I said before, it is
very risky, and will not guarantee you money. If you want to know how some people made money automatically, there is a software called a forex robot, and although I do not know if it works, what it does is make you money automatically, by trading by itself.
There is a website
here that explains it. They have made ''
2,546.70% NET Profit since January 1st, 2009 (441 days)''. No one can confirm this, but one reason may be because of the financial downturn, and they have seized the opportunity to the fullest by using the forex robot to find undervalued currencies, and ride it out to the recovery of the economy.
Another site is
forexautomoney. It is a membership site that gives you signals on currencies that could potential gain you money. I think it is very promising, and for the cost of a starbucks coffee what do you gotta lose? All you need is a computer and having internet access to the website, and it will give you tips and advice on currencies, where they claim, they have made over 100% from the click of a mouse.
Check it out today!
Elitect , an
elite currency trader seems to be a new site, which has a better presentation, and because it is new, might work better. They show you a video, which I think makes them more trustworthy.
I hope got an idea what Forex trading is really about, and not what hyip program try to make you think they can invest and give you profit everyday. You must have knowledge, and if Forex was so easy,we would all be stinking rich! Remember, knowledge is power!
Disclaimer : The reviews is just my opinion and experiences with the actual website, I do not endorse any program I posted here.Please understand the risk and invest at your own risk.