What is Forex Trading? Trading Forex Useful or Waste of time and money?
Earnings Online Forex Trading: Useful or a Waste of Time and Money?
Build a career in Forex trading – have you heard that? If you have visited various community techs blogs such as Techtunes or TunerPage, then you must have seen various articles written by different writers related to this type of Forex trading. Many people also promise that with Forex trading you can become a millionaire very fast. But how credible or true are such promises to ordinary people like you or me?
A few days ago I tried to find that practically for a few days. Today I am going to discuss my experience with Forex trading as a person who has no knowledge of Forex and whether I would recommend it to others and why not. But now you may ask when I have no idea about forex trading
Why am I talking about this Forex Trading?
The reason for discussing this is that ordinary people like me are more attracted to seeing alluring ads and tutorials on Forex. For example, if you see any such tutorials and ads that you can definitely earn one thousand dollars per month by investing only 10 dollars in Forex trading, then you must click there at least once to see what it really is. But if you are already a professional forex marketer, then you must not be excited to see these.
Here I will share my experience from the point of view of a common man who started forex trading with the dream of earning lakhs of rupees by seeing the ads of Forex trading even though he did not know anything about it before. Although I did not try Forex trading with the intention of earning millions of rupees. You can say that I have written this article and tried it with the aim of doing some research on forex trading sites. So let’s do a little forex trading!
Signup and deposit Fx Trading
The first step in starting Forex trading is to sign up for a so-called trusted Forex trading site using your email and password. I first searched to find out which is the most popular and most visited site or service for Forex trading. After a lot of searching on YouTube, various tech blogs, and Google, the site I finally found is called IQ Options. I saw that this forex trading site is one of the most reputable forex brokers and it gets over 10 million traffic every month!
According to their policy, to start forex trading you need to deposit a minimum of 10 10 using their available payment methods. Then you can withdraw all the profit you will make by trading these 10 dollars. A great straight forward deal, isn’t it?
I thought so too. So I deposited 10 in my account with my MasterCard. Although here as payment method they support Skrill and a few other payment methods. However, this is what I used because credit cards are the most hassle-free.
Then I noticed that they were so keen on deposits that they did not use any confirmation message or any OTP before charging my card. As soon as I selected the card details and deposit amount, they charged the card without any confirmation (which is somewhat suspicious and insecure in case of the online transactions). However, in many cases, it is considered normal to omit this thought. Now it’s time to start trading using these 10 dollars.
Let’s start forex trading
When I went to their original trading screen, I saw that a line was moving from left to right, just like the line shown on the human heartbeat screen in the hospital, rising a little after a few seconds and then going down a lot. After a few seconds, it is seen that the line is going down and after a while, it is going up by jumping up a lot. As far as I know, this line indicates the market for several types of currencies.
It was impossible for a person like me, who had no idea what forex trading was, to know exactly when this line would go up and when it would go down. I can’t say how much forex trading experts know about this, but I can say that neither you nor I understand whether this line will go up or down after 2 seconds.
However, the line did not go up or down, why is it so important factor? Because this line is the core of Forex trading, on which your entire Forex trading career depends if you have ever thought about building a career with Forex trading. However, we do not know anything about forex trading. We have started all these in the hope of earning lakhs of rupees just by watching Forex ads or listening to people’s mouths. So what do we do?
In this trading screen, you will see basically 2 buttons on the right side of the screen. Green Call Button and Red Put Button. Here you basically need to select a certain amount of dollars from your wallet to call or put. Calling means you are saying that this line will be at the top for the next 30 seconds or 1 minute of trading time. At the top, you will be at the point where you click on the Call button. Every time the line goes below that point in the middle of trading time, nothing comes and goes. If that line rises above your set point even 1 second before the end of trading time, you will get a good amount of profit.
Suppose, if you make a call for 1 dollar out of 10 dollars you have deposited and if the line is above the call point as you say, then you will probably get another 50 cents or 1 dollar more profit on that 1 dollar and your calling dollar will remain. However, if the line goes below your call point at the end of the trade after you call, you will lose the entire 1 you call. The more dollars you call, the more profit and the more loss depend on your luck, much like a lottery.
And the Put button is just the opposite of Call. Here you are setting the dollar in the Put option which means you are saying that at the end of the trading time this line will be below the point at which you put it. If somehow the line goes above your put point, you will lose all the dollars you set. As far as I understand, the main point of this forex trading is to be what you expect it to be. If you select that the market will go up, then the market has to go up. And if you set that the market will go down, then the market will go down. If you don’t do everything you want, you will lose a lot, and if you don’t, you will gain a lot. The thing is, it’s like gambling.
First I made a Call 1 call on the green button 2 times, i.e. I selected that the market will be above the point where I put the dollar just before the end of the trading time. And the first 2 times the market went up as I said and I increased the account balance from 10 10 to 14 14 in the first 10 minutes. Then the second time I called and put, I lost a good amount twice and within 1 hour my account balance came down to 7 7 again.
This is normal because I don’t know any market strategy or techniques and I have no idea about these. I was just doing what a normal person would come to see in an ad for Forex trading. However, in 2 days I made my account balance over 20 20 with Call and Put. Quite a good amount of profit, right? About 200% profit on deposit. Now all I need to do is pay out or withdraw these dollars. Let’s talk about withdrawal!
Withdrawal process of Forex
Very happy this time I went to the withdrawal section of the account. I went there and saw that they had written quite clearly that I would not be able to withdraw any dollars from here until I had verified my account. What kind of justice?
The big question here is when I can’t withdraw my earnings until the account is verified, why didn’t they tell me before depositing 10? Withdrawing money is one of the most important parts of Forex trading. So I should have been the first to say that I can’t withdraw money until my account is verified. However, I took matters into my own hands and gathered everything I needed to verify the account. In this case, it is my international passport. Fortunately, I had an international passport. So I took a picture of it and sent it to their support team for verification.
Exactly 2 minutes later they rejected my passport and said the reason was that the picture was not high quality. I don’t know how a company’s verification team verifies a document in 2 minutes. However, they said they needed a high quality scanned copy of their passport to verify. This time I did that. I scanned the passport very nicely, sharpened the photo with Photoshop, and then sent the scanned copy back to their support team. The size of the scanned file was more than 9 MB. Then you can think that the picture was sharp enough. However, this time they rejected my passport.
This time the matter seemed quite suspicious to me. Because, I have used my same passport to have a bank account, verified the Facebook account, verified the Payoneer account, also verified the Skrill account. So they have no logic not to accept this passport for verification. However, every time they showed different reasons, they rejected my passport about 5 to 6 times. When there was no other reason to show, they just said that something is wrong with the document which is really ridiculous.
Overwhelmed by the verification problem, I wanted to discuss the matter with them in support or live chat. However, every time I chatted with their support agents, they asked me to submit another document or to submit a clearer copy of this document. For about 1 week I have been submitting a copy of my passport and they have been rejecting it. And every time they give a message in support of them, each of their agents says the same thing. And that’s it –
Eventually, I gave up hope of verifying my documents and sent them a request to withdraw my dollars without verifying anything. Although they said they would not process any payout requests until the document was verified, I made a payout request to see if they would reply. But what they did was put the request in processing status and did not approve or reject it. And did not even refund my dollars to my account. It’s been about 3 months, they are still processing my payment. So far they may not even know where the dollars I have deposited are!
This was my personal experience with Forex trading. I don’t know how professional forex traders make millions of dollars, and most importantly, they verify their accounts using a passport from any planet. However, I have only tried this one trading website and most probably the most popular trading website. I don’t know how to do that on other trading websites. However, as far as I have heard, most forex websites cause such irrational problems with user verification.
I hope I can explain why you should not fall into the trap of forex trading, even if you are guaranteed to earn millions of rupees. Yes, so don’t even think about trading Forex, there is no need for you or anyone else to be as ignorant as I am. Although I did it for research purposes only. Anyway, I ended up here today. I hope you like today’s article. If you have any questions or comments, please let us know in the comments section.
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