The truth for youths about Forex business

Tape measure

JF-Expert Member
Nov 26, 2015
1,972
3,509
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.
 
Na ndio ushindi wa maisha ulipo ukiweza kucontrol mind basi maisha hayakushindi tena.

Natamani nifanikishe hii kitu but i don't know how!🤔
It takes desire and courage. If the desire is there you'll find a way Ila duu kwa kweli watu wafeli hii kitu kwa nje Ni nyepesi kinyama sema Sasa actions sio Kama inavyotangazwa.
 
kutoboa forex mzee ni shuhuli, your battling against big companies
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
 
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.
surely,in written manner is very easily, yet in reality(practicing) is much difficult than we are thinking!!!Additional point:Those deposit huge have great change than Beginners
 
kutoboa forex mzee ni shuhuli, your battling against big companies
The man who says it cannot be
done should not interrupt the
man doing it.
- Chinese Proverb
he
fight
is
won
or
lost
far
away
from
witnesses
-
behind
the
lines,
in
the
gym,
and
out
there
on
the
road,
long
before
I
dance
under
those
lights.
- Muhammed
Ali
 
Haya mataka taka yanajua kufilisi ukiyakimbilia mutwe mutwe
Virtually every endeavor—playing a sport, building a house, jackhammering
a street, running for political office, or performing a surgical operation—
requires a plan before you get started. A contractor wouldn’t even start to dig
the foundation for a building without having blueprints. Before every game,
the coach of your favorite sports team drafts a game plan and presents it to
the players. A surgeon has test results, MRI imaging, and a surgical plan
before making the first incision.
If you want success in the stock market, before you do anything, you
should develop a plan. The how of your plan resides in a series of concrete
guides for action. Most investors, though, have no real plan. Or, worse yet,
they have a poor plan based on faulty notions and unrealistic ideas about
investing. They get a tip from a broker or they hear something on TV, or
maybe someone who supposedly knows somebody tells them that a stock is
going to take off. And just like that, thousands of dollars are on the line,
without a tangible plan.
How smart is that?
 
Na ndio ushindi wa maisha ulipo ukiweza kucontrol mind basi maisha hayakushindi tena.

Natamani nifanikishe hii kitu but i don't know how!🤔
Trading is serious business with real money on the line. Why would
you go into it without a well-thought-out plan of action? Yet, most people
do. The ease of entry into the stock market—no license or training required;
just open a brokerage account and go—may give people the false impression
that trading is easy. Or, perhaps they think their odds of succeeding without
much thought are far better than they really are. Whatever the reason, I’ve
seen people invest $100,000 in a stock with less research than when they buy
an $800 flat screen TV. They’ll commit thousands of dollars to a stock
because of a tip from a friend of a friend, without spending much time if any
on research and planning. Greed takes over, and all they can see is the upside,
without much thought about the downside or if the unthinkable happens!
 
Virtually every endeavor—playing a sport, building a house, jackhammering
a street, running for political office, or performing a surgical operation—
requires a plan before you get started. A contractor wouldn’t even start to dig
the foundation for a building without having blueprints. Before every game,
the coach of your favorite sports team drafts a game plan and presents it to
the players. A surgeon has test results, MRI imaging, and a surgical plan
before making the first incision.
If you want success in the stock market, before you do anything, you
should develop a plan. The how of your plan resides in a series of concrete
guides for action. Most investors, though, have no real plan. Or, worse yet,
they have a poor plan based on faulty notions and unrealistic ideas about
investing. They get a tip from a broker or they hear something on TV, or
maybe someone who supposedly knows somebody tells them that a stock is
going to take off. And just like that, thousands of dollars are on the line,
without a tangible plan.
How smart is that?
Hapa unazungumzia known assessed losing risk ya 65 to 89 percent.
Assessed chances za success ni 11 to 35 percent.
Its high risk business to me!!!
 
Its high risk business to me!!!
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.
 
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.
Kwa hiyo wale 65 to 89 percent wanao loose wanafanya kosa gani? Kati ya watu 100, 65 hadi 89 wana loose.

Hawana planning?? Hawajui motivations za risk ulizotaja?? Wanafeli wapi??
 
Kwa hiyo wale 65 to 89 percent wanao loose wanafanya kosa gani? Kati ya watu 100, 65 hadi 89 wana loose.

Hawana planning?? Hawajui motivations za risk ulizotaja?? Wanafeli wapi??
Umesoma kuuliza swali na sio kuelewa. We listen to answer somebody who's talking but we don't listen to understand. That's our human nature. Study market and yourself. Ishu kubwa ujisome wewe Mana wewe ndiye variable in market vingine viko constant havibadiliki wewe unabadilika so jisome na ujijue in deep hili sio suala la kitoto kujisoma. Na kujielewa. Basi nisichoshe akili yangu
 
Umesoma kuuliza swali na sio kuelewa. We listen to answer somebody who's talking but we don't listen to understand. That's our human nature. Study market and yourself. Ishu kubwa ujisome wewe Mana wewe ndiye variable in market vingine viko constant havibadiliki wewe unabadilika so jisome na ujijue in deep hili sio suala la kitoto kujisoma. Na kujielewa. Basi nisichoshe akili yangu
Hata ujisome vipi bottom line the risk is high. Heri ingekuwa hata 50-50.
Ila kongole kwa encouragement. Big up.
 
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.
Do brokers really loose money when a trader wins in the market or it depends with the type of a broker?
 

Similar Discussions

4 Reactions
Reply
Back
Top Bottom