Quote:
Originally Posted by OneHungLo
If you value this person beg them to stay away from Forex. They're better off just going to a casino. They always lose.
A good friend of mine ran a Forex brokerage (he's in a federal pen right now for stealing 30 million) and he would show me how much people lose consistently. For 20 years he watched all his clients lose all their money and he got sick of these clearing houses getting the cash so he started to eat the trades. A lot of the people he had trading with him did it over the phone so he started "book" the trade himself because they always lost. Well, the one time one of them made money..HUGE money, and wanted out. He ended up getting caught and the whole thing fell apart.
He just got sentenced 6 months ago. I've been in his office and seen it myself. Just avoid it.
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oh wow. gracias!
I will pass that on; she was wary to get into anything without having a basic grasp and she asked me about Forex. what I told her was a mild, uninformed version of what you wrote. uninformed as in, just seeing the odd article pop up every now and then so I'm not exactly an authoritative source
thank you again, super appreciated. in terms of where a newbie getting into the market can learn more, any suggestions?