Forex traders are fraud victims.
I knowthat this video is going to be a little bit controversial but I'm here not tohelp everyone but to help those people who have good intentions and who want toinvest in themselves to further their own education, that way they can improvetheir lives and I can tell you that I have never met a profitable forex trader.
And that should be relatively substantial because I graduated from anIvy League university and I worked on Wall Street and completed billions ofdollars worth of transactions.
Here's a pitch book when we sold Metals USA toApollo which is a private equity firm and this deal closed for $880 Million dollars.
I worked at Morgan Stanley, CIBC World Markets a few M&A boutiques and I can tell you that you are welcome todisregard the message I'm telling you if you want to try to turn $5,000 into $5million but I have never met a profitable forex trader now there are afew caveats to that.
the forex industry it's ripe with fraud becauseyou have a substantial counterparty risk meaning because forex is relatively unregulated you can then go and start up a bullshitexchange like the guys like from Meir Barak or some of the other ones and youwill lose all your money I mean you've seen this happen with a lot of the BSexchanges with like crypto currency / cryptocurrency and and other things where there wasliquidity crunch and people could not take all their money out.
And thishappens quite frequently with some of the fly-by-night exchanges that areopened up in like the Canary Islands etc But I can tell you that you have nostatistical advantage in trading Forex and not only will you not turn $5,000into five million dollars but you will lose all of your money especiallybecause there's substantial leverage and yes I know that leverage works on bothends but I can tell you again I've never met a profitable forex trader and all ofthese people who claim to make money by using technical analysis and by tradingForex they are fake gurus they trade simulators they do not post legitimatetraining statements they don't show you live screen recordings frominside their account that shows all their filled transactions.
And yeah I meanthat's about it if I traded Forex I would go bankrupt I mean looksame thing with day trading if I day trade it I would lose all my money if Iswing traded I would lose all my money there's nothing special about me it'sjust that what I teach my strategy and the discipline that I have developedenables me to be a profitable trader and if I traded forex I would lose money.
But I know that a lot of people are notgoing to listen to me so I just want to tell you that if you do decide to tradeForex I highly recommend that you use a legitimate broker you can useinteractive brokers InteractiveBrokers.
Com Also it should tell you something that a lot ofthe legitimate brokers like eTrade thinkorswim, Schwab, Fidelity I don't think that they offer forex trading andthe reason is that almost everyone who trades forex loses their money I do knowthat interactive brokers does permit forex trading and interactive brokers isa legitimate broker so if you want to just dabble in forex tradingand you don't want to take the counterparty risk of not being able totake your your money out then I would highly recommend not trading Forex atall but if you do decide to disregard my advice and you can trade withinteractive brokers you definitely don't want to open up a account with one ofthese fly-by-night brokerages because once you deposit your money into thatthere's a high probability that you're not going to get any of your money back.
So again I've never met a profitable currency trader and all these people whotrade and claim that they've been able to turn like five thousand dollars intofive million they're frauds and they're scam artists the only way that you canbe successful and the only way that you can be successful make consistentprofits in the stock market is by selling option premium and that's prettymuch it.
If you don't like my style then that's totally cool you can learn fromtastytrade.
I'm a better trader in my opinion then tastytrade I believe thatmy returns are much better mostly because they tell you to trade often andthey sell premium indiscriminately predicated upon high implied volatility.
I don't agree with that I think that there are A+ opportunities and Bopportunities and C opportunities and even if a C opportunity has a highimplied volatility then it doesn't make sense for you to trade that anddisregard your perception of that opportunity solely based upon thatparticular underlying having high implied volatility.
But hey if you wantto learn from tastytrade that's totally cool.
Selling option premium is the only way that you're gonna make consistent moneyin the stock market.
Currency traders they don't make good students becauseyou guys are looking to make like 300% a year.
For selling options, ifyou want to earn consistent money, you're going to earn around 30% to 60%every single year.
If you want to be consistently profitableas opposed to being poor then you need realistic expectations you need to putthe work in you need to practice your craft you need to be methodical andfanatical about improving and if you can do that then you will learn a legitimateskill that you can monetize and utilize in order to make money in the future.
Butif you want to day trade or swing trade or trade Forex then you're going to loseall your money and you're going to waste your time.
So again this is David Jaffeefrom BestStockStrategy.
Com you can go to BestStockStrategy.
Com and enter inyour email address and receive $400 worth of free training materials thosefree training materials are better than anyone elses' paid materials.
Please likecomment share and subscribe to this channel if you have any questions leavea comment below I answer everyone's comments and I'm here to help you so Iappreciate your attention.