The truth for youths about Forex business

It's important for young people to be aware of the realities and risks involved in the financial markets. I appreciate your personal testimony and the emphasis on the need for knowledge and education.As someone who's also looking for ways to make some extra cash, I've been considering giving MT4 Forex brokers a try. It's encouraging to hear that, with dedication and proper training, making money in the stock industry is possible, albeit difficult. I agree that investing in knowledge is crucial before entering the battlefield of trading.
 
keisangora said:
That's where differences lies. This makes world run otherwise wouldn't.
It's like theft is very high risk too in this world but some people dare to do. To faki someone's wife ,having an affair with school girl is also risk still some courageous guys dare to do.
Kuna jamaa yupo mpanda aliniambia kuwa alikamatiwa baiskeli yake na ikiwa na mkaa unachukulia na maliasili Kama Mara tatu ivi. Mara ya nne Askari walipokutana naye ilibidi wacheke na wamuache. Akachukuliwa baiskeli Mara nne!!! Ilinifanya nikawaza mno.
Pia in Chinese there's no separate symbol for opportunity and risk since palipo na opportunity Kuna risk na ziko direct proportion.
Ila sio kuwa nakushawishi Mana Ile risk appetite na tuna differ na Ni maamuzi sahihi ukijijua hii ndio Noble in life kukijua wewe Ni Nani na unaweza kufanye Nini na Ni kipi huwezi fanya.
Umalaya pia Ni risk Kama ujambazi ama kuuza mirungi bangi na dawa za kulevya Ila Kuna watu wanazifanya kiasi kuwa wako comfortable in their careers. Since they've practiced it millions times until it has become their second nature kuwaambia kuwa waache hawawezi Mana imekuwa Tabia imeota ngozi.
Bruce Lee " I fear a man who has practiced one kick 10000 times but I don't fear a man who has practiced 10000 kicks once"
Yaani ogopa mtu aliyefanya kitu kimoja miaka na miaka mpaka anaweza kukifanya akiwa Ile subconsciously level.

Mfano daktari akafanya operesheni ya kichwa tu Mara alfu moja huwezi mlinganisha na anayejisifia kuwa mie Nimefanya operesheni 2000 karibia sehemu zote za mwili.
Nakumbuka Niko shuleni nilikuwa nafanya zoezi la Fizikia ama hesabu topics fulani hata vitabu Aina tano Ila topics moja. Kuna muda nikikuona swali najua kuwa litaishaje mpaka smt jibu najua. Kwa primary namwambia mtu jibu ndio nakuonyesha njia.
Ogopa advocate aliyesimamia kesi za kifisadi alfu moja na aliyefanya kesi alfu tano za Aina tofauti.
Ogopa mwalimu aliyefundisha topic ama somo moja zaidi ya miaka kumi anajua kila kitu kuhusu somo lake na anajua kuwa huyu mwanafunzi akaelewa.
Ogopa mtu uliyeishi naye na kulala naye zaidi ya miaka 50 unamjua kuwa leo akashiba leo hajashiba ama anaumwa bila ya kukuambia.
Yaani specialization Ni nzuri mno kuliko kuwa multipurpose. Chagua masomo matatu ama matano kufa nayo bado inatakiwa uchague topics zako za kujidai na sio kuwa uonekane una uwezo mkubwa kwa kujua kila kitu.
Mana huwezi ukavitumia vyote simultaneously kwa maisha yaani uwe unafundisha civics English Fizikia hesabu na jiografia.
Usipande farasi wawili at once utachanika msamba. Usipende mke wa jirani yako Mana upendo ama nguvu itaisha kwa mkeo/familia yako.
Tamaa mbaya,ukitaka kuwa Engineer wa majengo na at the same time unataka uijue road nje ndani Ni ngumu mno Mana wakati upo kwenye road Kuna energy ama nguvu fulani itakuwa imechukuliwa na majengo.

Mfano why sie blacks hatuko vizuri kibiashara Mana huwa tuna options kibao za kuishi mbali na biashara ama kazi za kuajiriwa hivyo tunapokuwepo hapo hatuzifanyi like is "life or death thing" utamsikia masanja hata ivyo Nina mashamba yangu na ng'ombe kibao home ivyo sitegemei hili duka tu. Anavyouza ama anavyoliendesha sio kwa 100% kiupendo ndio Mana mteja akizingua ama boss akizingua naye anayezingua badala ya kushuka chini kwa boss wake.
You've to be hungry than being hungry. Unaweza ukamsotea demu unayempenda akiwa olevo mpaka amalize chuo umuoe Ila huwezi sotea fani yako ujifunze ndani hata ya miaka 5-10 Ila Sasa yenyewe unataka ikulipe kesho tu isipokulipa unaachana nayo.
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Akili kubwa hii, big up 👍

lakini mbona inashauriwa mtu uwe na streams kadhaa za kipato..ukikomaa na specialization uta loose kwengine, just my 2 cents ila nakubaliana na wee kwa upande mmoja
 
Hey guys! I stumbled upon this forum thread while doing some research on forex trading, and I wanted to share my thoughts. As a young adult in my early twenties, I've been intrigued by the idea of entering the forex business. It's true that there are success stories out there, but it's equally important to acknowledge the risks involved. It's crucial to educate ourselves, start small, and be patient with the learning process. Finding a reliable mentor or joining a community of like-minded individuals can also be beneficial. I'm taking an in-depth look at Immediate Connect, a platform that helps you trade cryptocurrency.
 
keisangora said:
You're battling against yourself na sio big companies. Usiwaongelee watu kwani hauoni Usain bolt wapo wangapi duniani. Kuna mwingine alikataa kuwa hakuna binadamu wa kukimbia 100m kwa 9.52seconds.
It's impossible untill someone done it by Nelson Mandela. Unajua kuwa watu wanashinda maabara kufanya tafiti mpaka wanajisahau kula Sasa unao huo moyo Ila najua Kuna demu mzuri unampenda ama ulimpenda ulikuwa tayari kuji sacrifice usile umgonje aje,ama yeye ale. So na wenzako wanayafanya hayo hayo unayofanya kwa demu kwa vitu wanavyovipenda.
Unajua Kobe Bryant Kuna tizi alikuwa anapiga usiku kucha Aki shoot mpira kwenye basket sema huwezi jua.
Unaelewa desire ama unajua kuitamka. Sio rahisi but it can be done so usiwakatishe watu tamaa Kama umeona Kama kwako imeshindikana.
It is our fear that stops us from conquering our wildest dreams. You know the clichés, as
well as I do. Face your fears, live your dreams
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''It is our fear that stops us from conquering our wildest dreams. You know the clichés, as
well as I do. Face your fears, live your dreams''

Umetisha sana Mkuu
 
I totally agree with the advice to invest in KNOWLEDGE! Forex trading isn't a "get-rich-quick" scheme, as some might claim. It takes time, dedication, and a solid understanding of the market's complexities to succeed.
I can relate to the struggles mentioned in the post. I've been in the forex game for about 5 years too, and I've faced my fair share of ups and downs. Learning from mistakes and developing a robust trading strategy is key.
As for anyone starting in this business, I've heard good things about Quantum AI - the trading tool. It might be worth exploring to enhance your trading experience. But remember, always do your research and trade responsibly!
 
Tape measure said:
The popularity of the international forex market has made it the largest financial market in the world. According to a 2019 BIS report, the daily volume of forex traded amounts to $6.6 trillion. Around 3.5% of the total turnover was retail in 2013 as per a report by BIS.

The internet has facilitated retail forex trading such that anyone from anywhere can engage in the trade. However, this seamless access to the market guaranteed by the internet has created a rat-race for traders among forex brokers. Today, scam forex brokers use every form of gimmick to hoodwink ignorant individuals into trading and investing in the forex market in the guise of an easy path to wealth.

The African continent has seen massive growth in the number of retail online forex brokers in recent times. Currently, there are an estimated 1.3 million active forex traders on the continent and the number is growing rapidly by the day. This is coming at a time when there are no regulations for retail forex trading among many countries on the continent.

Currently, only Kenya, South Africa, and Mauritius have regulations guiding online retail forex trading. Tanzania like many of its continental counterparts does not have. The absence of regulation is one of the many risks and challenges faced by retail forex traders in Tanzania.

Forex traders and those intending to participate in the international forex market should first understand how the forex market work. Forex is the exchange of one currency for another for different purposes. Most retail forex traders participate in the forex market with the aim of profiting from the price difference in currency pairs at the end of the trade.

In reality, forex trading is not as forex brokers and their marketers make it to be. It is much more difficult and complex. This article will discuss three truths about forex trading.

1. People Lose Money in Retail Forex Trading
Many individuals, especially newbie/beginners forex traders, believe they can make a fortune off forex trading. This belief stems from the aggressive marketing gimmick of online retail forex brokers. While it is possible to earn money and even make a living from forex trading, the odds are stacked against you.

When you trade a currency pair let’s say USD/EUR, you are betting on the USD to rise against the EUR. However, someone in another part of the world is betting on the EUR to rise against the USD. Your success depends on the failure of that person.

According to financial analysts, around 65 to 89 percent of forex traders encounter losses in their trade. The stats for CFDs is even higher with an average of 74% losing out on trades.

2. Forex Trading Requires In-depth Training and Education

The international forex market is the most liquid financial market in the world. Price movements in this market happen at a pace only highly skilled and professional traders can handle. One cannot master the complexities of the market within a short period of time.

In recent times, some brokers with sugar-coated tongues offer short training aimed at providing traders with instant proficiency in trading in the forex market. This is not true. To master the art of forex trading, you must give yourself knowledge and practice over a considerable period of time

The knowledge and understanding of the technical intrigues of the market are not one a neophyte can master on a weekend or a short course. It can take years to fully grasp the nitty-gritty of the market and become a professional. Even at that, the volatile nature of the market makes it immune to any form of professional handling.

Also, forex trading has a motley of technical registers peculiar to it. Terms like leverage, pip, spread, forex pair, margin, bid/ask price, etc., must be properly mastered if one is to avoid the mistake of losing his investment.
However, many forex brokers now provide demo accounts and other forms of investor education that aim to train and educate new forex traders.

3. There are scams in Forex Trading
Like every other venture, there are scams in forex trading. These scams range from nefarious, unregulated brokers, to those who make forex seem like a get-rich-quick scheme, hackers, etc.

As per findings by broker research firm Safe Forex Brokers, there are so many scam brokers that target the general public in East Africa with their HYIPs in the name of forex trading. If you are a Tanzania based trader involved in forex trading, you must ensure your broker is regulated by top tier regulators such as UK’s Financial Conduct Authority, Cyprus’s CySEC, Australia’s ASIC, etc. A broker having a license with one of these regulators can be considered safer than a broker that is not regulated or is offshore regulated.

This is an important step because online retail forex trading in Tanzania is not regulated. It is not illegal per se. That is your trade and invest at your own risk without local government protection. Trading with a broker that is not regulated or regulated by some fewer rigid regulators is highly risky as they can run away with your investment.

Also, you should avoid those who make forex trading seem like a Ponzi scheme where you invest and get guaranteed return. Some go as far as deceiving novice traders that they can provide some robots that can facilitate trade and deliver consistent profit. This is absolutely wrong and you should be careful.

Trading with an unknown unregulated broker can open you up to hackers who might steal your important private data such as credit card numbers, background information, etc., and use such to steal from you or scam you.

Conclusion
Forex trading is not all gloom and doom. You can earn a good income from the market if you practice & follow strict risk management. However, you should be careful, well trained, and educated about the fundamental and technical analysis of the forex market. You should also have a defined and tested trading strategy. Learn as much as you can about risk management.

Also, do not enter the forex market with funds you cannot afford to lose. Forex trading as said earlier is not a Ponzi scheme where you invest and get paid back without risks. As said earlier, the chances of you making a profit are very low since most retail traders lose.

Also, remember that if you are making a profit means that another person is losing. If your broker is a market maker, then if you are making a profit then your broker is losing. So, a bad broker is incentivized to make you lose.
You can earn income through forex trading but remember that the chances are very low. You must know how you apply the truths about forex trading.
Credit: The Citizen News Paper 22 March 2022-Tanzania.

I found this information is worth sharing particularly for youths who are struggling to improve their living standard and on their way practice different things unknowingly, they are more desperate and suffered from unemployment challenges. They have been easily manipulated to get rich quickly with no basis and right education in the finance business.

My testimony I have been in this currency exchange business industry for about 5 years now, I joined then stopped then joined and stop for many reasons including frequently money loss, and all the time I burn my trading accounts for reasons such as poor risk management, greedy, too much emotional, and poor analysis all my blames go to the one who introduces this business to me and let me believe it was a get rich quick business.

After 5 years of practicing giving up, giving up, practicing live trades, giving up, practicing demo contests, giving up practicing demo accounts, and reading books and relearning books. Finally, I understood making money in the stock industry is very possible, very difficult, and very challenging and on top, it only requires time for self-training and practice before entering live trading. OTHERWISE, YOU HAVE FAILED BEFORE ENTERING THE BATTLEFIELD.

Lastly, for anyone who ever gets interested in doing this business now or future my advice to you is to invest in KNOWLEDGE. Please GRADUATES do not run for any business you hear from motivational speakers, use your education and available resources to RESEARCH ONLINE and try to find the truth, pros, and cons. It is very ashamed for educated persons to get scammed by the international markets while they are mentally fit and could have reasoned in advance.

When you see an advert like invest from 10$ and starting making money while asleep my friend that is not forex, maybe a Ponzi scheme forex is a highly risk business a capital of 10$ is nothing, is like putting a piece of rice in a sack.
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Ngoja nikuweke sawa kaka hizo statistics ulisema hapo juu zinahusu international foreign exchange Market ambapo inajumlisha Hedging foreign exchange market, arbitration na Speculation.


Tatzo watu wanaosema wengi kitaa wanatrade forex huwa wanafanya speculation ambayo hii n kamari Gambling na haipo regulated hapa Tanzania. HII NI KAMARI WAKUU n makisio ya future exchange rates without setting exchange rate with a third party.

lakini Hedging ipo regulated kabisa na n very common in multinational companies
ukishika Arbitration haina loss kabisa n always profit..


TATIZO UELEWE UTAPIGWA NA SPECULATION AD UNAKUFA WE UNAIITA TU FOREX
 
Marazone_kid said:
ide

iseme
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Utafundishwa ama ukitaka kuipata gold utajua namna ama Cha kufanya ili uipate,if you're really need it, otherwise utaishia njiani.
Hii Ni sawa na mvuta bangi aambiwe chimbo la kuuza bangi,ama mwizi afundishwe how kuiba.
Once you understand the destination of the TRADING journey then if it worth your energy you can spend that reach there
 
When it comes to the Forex business, here's my take. It's a high-risk game that promises quick gains, but it's essential to understand the complexities involved. I've personally dabbled in trading and found that using AI trading software, like Ethereum Code, added a new dimension. It helped me analyze data and make more informed decisions. Just remember, there are no guarantees, so start small and learn the ropes before diving in deep.
 
Your personal journey in the industry is quite the rollercoaster, but your perseverance and the lessons you've learned are truly valuable. Education and knowledge are undoubtedly the key players here, and your advice to do thorough research and invest in learning is spot on. Also, that point about the difference between forex and get-rich-quick schemes is crucial.While my response is a bit tardy, I hope it resonates with others who stumble upon your post. And speaking of investing, have you checked out AI routing for professional day traders? It might offer some fresh perspectives and tools for navigating the forex landscape. Here's the link, just in case: blackeaglefg.com.
 
It's awesome that you're shedding light on the truth about forex trading, especially for the younger generation. The allure of quick riches can be seriously tempting, but your insights hit home about the real deal. The forex market is like a wild jungle where only the well-prepared survive. Your journey of learning, giving up, and relearning speaks volumes. It's true, there's no shortcut to success here. It takes guts, grit, and most importantly, knowledge.
 
Your testimony echoes the importance of investing in yourself before investing your money. The lack of proper education can lead to unfortunate outcomes, and I completely agree that graduates should harness their education to navigate this terrain. Also, you've highlighted the pitfalls and scams that exist, and it's crucial for newcomers to be cautious. It's easy to get swayed by promises of overnight success, but as you've pointed out, success in this field demands dedication, strategy, and a good dose of realism. Thanks for sharing your wisdom and experiences. It's a wake-up call for those who think trading is a walk in the park. Remember, as you continue your journey, tools like Quantum AI could offer insights and support in this dynamic arena.
 
Moja ya maswali ambayo yanawatatiza watu wengi wakitaka kuanza kujifunza forex trading ni kuwa ajifunze kwa nani, na je kweli huyo mtu anayetaka kujifunza kwake amefanikiwa kwenye ambacho anataka kujifunza. Watu wamekuwa wengi sana mtandaoni wakijinadi kuwa wao ni trader na wamefanikiwa sana kwenye hii biashara kumbe ni uongo na kujiingizia kipato kwa njia ya udanganyifu.Hapa nimekuletea mambo muhimu yakuzingatia kabla hujatoa pesa yako kwa mtu yoyote ili akufundishe forex trading au akufanyie shughuli yoyote inayohusiana na trading ikiwepo Signal Services au Account Management;

1. Experience / Uzoefu .

Kabla yakuanza kutaka kujifunza kwa mtu yoyote yule anza kwa kutafuta uzoefu wake sokoni. Unaweza kutambua uzoefu wake kwa kumuuliza yeye mwenyewe, kuuliza kwa watu, kuangalia ukarasa wake wa mitandao ya kijamii na njia nyingine ambayo utaweza kuitumia ili kutambua uzoefu wake. Hii itakusaidi kufundishwa na mtu ambae ana uzoefu wa kutosha sokoni na pia utaweza kuepuka makosa mengi ambaye yeye atakuelekeza kutokana na uzoefu wake.

2. Profitability Consistency / Muendelezo wake wa kupata faida sokoni.

Huwezi kujifunza kwa mtu ambae hapati faida hapo ni sawa na kuongozwa na kipofu au kufundishwa hesabu na mtu ambae hesabu alipata F. Na ili kujua kama mtu huyo anapata faida anza kwa kumuomba historia ya akaunti yake. Historia ya akaunti yake iendane na muda ambao amekwambia kuwa anapata faida. Mfano amekwambia mimi nimekuwa nikitengeneza faida kwa kipindi cha miezi sita (6) basi hakikisha kuwa akupe historia ya miezi sita ya akaunti yake ikionesha faida. Chakuzingatia hapa haijalishi mtu anauzoefu wa muda gani sokoni bali tunaangalia anatengeneza faida kwa muendelezo kwa muda gani kwasababu anaweza akawa ana uzoefu sokoni wa miaka minne(4) lakini akawa ametengeneza faida kwa muendelezo kwa miezi 8.

3. Eyes Proof / Ushahidi wa macho.

Kukutumia tu historia ya akaunti yake kwenye simu kuwa anatengeneza faida haitoshi nenda mwenyewe ukajionee kwa macho kuwa anatengeneza faida. Siku hizi kuna App fake za mt4 & mt5 so mtu anaweza akaedit mt4 & mt5 akionesha kuwa anatengeneza faida kumbe anaishi kwa hela za kufundisha.

4. Recommendation from Others / Mapendekezo kwa watu ambao walifundishwa nae

Lazima utafute angalau watu kadhaa ambao walifundishwa na mtu ambae unataka kujifunza kwake au mwalimu ambae alimfundisha ambae unataka kujifunza kwake. Hii itakusaidia kupata mrejesho chanya au hasi kwa ambao walipita mikononi mwa mtu huyo na pia kujua kama kweli ni mkweli au mbabaishaji. Watu hao unaweza kuwapata kwenye ukurasa wake wa mitandao ya kijamii (Watu ambao wememfollow) au kwa kumuuliza yeye mwenyewe watu ambae amewafundisha.

5. Personal Commitment / Utayari binafsi

Kabla yakuchukua hatua na maamuzi yakutaka kujifunza hii biashara lazima kwanza wewe mwenyewe uwe tayari kwa kujitoa kwa hali na mali. Utayari wako ni wa muhimu sana kwani itakufanya kusonga mbele licha ya vikwazo na changamoto utakazo kutana nazo na kuweza kupata matokea chanya. Kumbuka tulikuwa wengi darasani, tukafundishwa wote na mwalimu mmoja lakini tukapata matokea tofauti kwa hiyo lazima utia juhudi binafsi ili kuweza kusonga mbele.

Mwisho

Gharama ya malipo kwa ajili ya kufundishwa forex trading haina maana anayekufundisha ni bora au utapata matokea chanya. Wapo ambao watataka gharama kubwa lakini hawatakupa kilicho bora. Wapo wengi ambao wanafundisha kwa gharama nafuu na kukupa kilicho bora. Nakutakia mafanikio mema katika safari yako ya trading.
 
1. Keep it simple, Choose one trading pair focus and master it.

2. Experince is everything, reading books won't get you any invaluable skills. keep trying and failing till you get there( use demo account) or real money which is way better to keep you in check.

3. Choose one strategy and tune it to your liking; risk reward ratios, risk management, entry & take profit zones e.t.c

4. The most important take away lesson I learned with forex is " It's always you vs you"
 
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