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/r/Forex Trading Community
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Is this guy trying to scam me? Should I report him?
This morning, I had a guy (UK) reach out to me (USA) on Instagram. No mutuals, no reason us to be connected. After a few short messages, here's what he sent to me: "I'm (name) and I work with a financial growth institute on Forex, I'm a professional Forex trader with 11 years experience where I'm able to achieve success where others find it difficult. ForexTrade is the fastest growing and easiest growing online trade very beneficial to everyone interested. It is trade made on Gold, Bitcoin, currencies, as well as cryptocurrencies (digital currency) and the stocks when there would be a rose or fall and it would be safe to buy or sell. You don't need any skill to do it because we are professional traders and account managers and study the stocks market and know when it's safe to sell or buy when favourable to your gain. Forex trading is one of the highest paid investment treasury in the world, it is a lucrative platform worth trillions of dollars and you can earn tremendous profits with good experience in Forex trading. Here you can make twice your investment, no experience needed. Let's say I start trading on Forex with $5000, I'm sure to get a profit of $15000 at the end of every week or 21 days at most." Me: "Cool, what's your role?" Him: "I offer trading account management services with tutoring where you'll be able to watch your forex live trading account progression with each day I manage and trade your account. I charge a 20% commission of the total profits I make trading on your Forex live account. I googled "Forex scam" and couldn't find too much online. I'm really suspicious for a few reasons:
A lot of what he says seems like stringing along buzzwords in an effort to wow me. "Bitcoin... as well as cryptocurrencies" But bitcoin IS a cyrptocurrency...? Also what even is a financial growth institute?
Why can't I find him on LinkedIn? That seems like an obvious place to be if you're trying to expand your network (and a whole lot more reasonable than Instagram)
If we "don't need any skill to do it", why do I need to pay him 20% commission? Surely I could find someone else who will do it for less or do it myself?
His Instagram says he has 8000 followers, following 7000 people. But his first post is from *3 days ago* and none of them has more than 80 likes. To me, it looks like he's bought most of his followers. Also just looking through a few of their profiles, none of them appear to be British.
He seems very certain of his ability to succeed. That certainty seems misplaced for a few reasons.
He has no reason to reach out to me. When I accepted his message request, I thought he had found me on Tinder or something. But no, he just saw that I'm military and I'd liked some pictures on a military page (which FUCK THIS GUY WITH A SPATULA if he's trying to scam fellow service members out of money).
So anyway. If this is a scam (which I am leaning toward yes), my follow-up would be:
Can I report him to Instagram? Will anything be done?
What else could I do? If he's actively targeting the military, I want to bring this guy down.
What are solid sources that has helped you the most in learning/gaining success with investing/trading? Stocks, real estate, bitcoin/crypto, forex, etc.
Hi I’d like to find out more from the community about which avenues have helped you the most in learning about different investment opportunities, and which ones you’ve had the most success in. Also, if there’s any mentors that have helped you a lot along your investing journey, and experiences that helped the most to learn from past mistakes and correct them. Would love to hear more about good areas to start for beginners in any of these topics, but also open to more advanced methods that are helpful. Thank you for taking the time to read and share your insights on helpful tips and guidance towards different investment opportunities.
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ELI5: Who pays you money when you "gain" on forex trading
I understand the basics of foreign exchange like exchanging money when coming back from holiday and the exchange rate moves favorably so you get more back than you might have expected. But from what I understand, you don't actually buy the currency when forex trading, so who actually loses out when you win?
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http://twitter.com/forex_in_world/status/1263356588305166336EUR/USD Analysis: Multi-week trading range resistance capped gains ahead of Eurozone PMIs https://t.co/QSm0xlBgom— FOREX IN WORLD (@forex_in_world) May 21, 2020
-I trade forex throughout the week (around 10) -Generally close them out before the end of the day Would this be counted as capital gains when I report or business income? Would this income make me ineligible for Canada emergency Student benefit?
If I gained an average monthly return of 6% trading forex and reinvested my profits each month, would that be the equivalent of doubling my capital each year?
Gaining 6% is the same as multiplying by 1.06 Gaining 6% (and reinvesting the profits) twelve times a year would then be the same as multiplying by 1.0612 = 2. Does that mean if I were to achieve 6% a month, I would be able to double by capital each year? $1000, $2000, $4000, $8000, $16,000, $32,000, $64,000, $128,000, $256,000, $512,000, $Millionaire. Also, how hard is it to gain a consistent monthly return of 6%? Is 6% a month a realistic goal by scalping every day, placing 5+ trades in a day?
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