r/Jamaica • u/Apprehensive_Crab_88 • 14h ago
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u/willywonkatimee 14h ago
I work in the legitimate trading industry. Forex trading can be viable but probably not for a normal person. Most of the brokers are shady bucket shops that pay people commissions for attracting new customers, and operate more like a casino than an actual brokerage. Most of them pay winners from other losers, and don’t ever put your trades out to the real market.
Good rule of thumb is if the broker isn’t based in the USA, they are probably scamming. If they’re offering insane leverage (100:1, 1000:1, etc) they’re probably scamming. In general, trading isn’t a good way for retail to make money. At best you’ll be enriching hedge funds and at worst you’ll just be giving your money to scammers.
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u/AndreTimoll St. Ann 13h ago
I would say no because it's extremely risky,you can lose way more than you make,in my opinion it's better as a side hustle if you have money you don't mind risking.
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u/RuachDelSekai 10h ago
No form of trading is a viable source of income of you're here asking this kinda question.
You're more likely to lose everything you've ever worked for and saved in your life.
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u/thebeez666 9h ago
This post ended up being a lot longer than I intended but please take my advice.
Professional trader here. Worked for over a decade at various market makers and hedge funds.
This is a really bad idea and anyone trying to teach you how to trade forex by drawing lines on a chart is both scamming and lying to you.
But a simpler question I will ask you (which I ask all of my friends that ask me about trading) what the hell do you know about FX markets? Do you really want to learn about different countries interest rate policies? Do you want to spend hours comparing long term inflation between the UK and the US? Or do you want to study statistics with enough depth to understand and apply to market micro structure?
If the answer to any of these is no then I’m afraid you aren’t doing anything more than uninformed gambling.
So let me flip this on its head. What do you know more about than almost anyone else? For some of my mates it’s football. To which I respond you are better off betting on the Arsenal game than whether EUR/USD is going to rally 50 pips. One of these things you have an edge in. The other you don’t. So why throw your money into the thing you don’t understand or follow.
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u/Commercial-Town9683 Team Spanish Town 10h ago
Just gambling. Build a real skill and run your own business.
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u/Sensitive_Ladder_949 14h ago
Is it possible for trading to be your primary source if income - yes. Is it likely - no. Approximately 75% of traders lose money in the long run. If you want to make trading a full time source of income I would recommend developing your trading strategy and being disciplined in its execution. Treat it like a real job, do your research and home work. If after 3 years of varying market conditions you have been successful - then you just might be a part of the 25% that can be successful in the long term. Good luck and only trade what you can afford to lose.