26 Comments

  1. Excellent article and thoroughly informative. I don’t have any personal experience with FOREX but it’s always good to know what is out there and what to look for and avoid. Thanks for sharing you knowledge.

    • Hi Dev,

      Thank you for dropping by and for your insights. My desire with this website is to give people as much information and choices as possible and I recognise that it may not be for everyone. I’m glad that you found some aspects useful and I wish you success in whatever you do.

  2. Hi Chuka

    Excellent post! Very informative, I learned a lot here in your post is really thorough overview for forex trading. The most I’d like are your giving a legit broker to guide, for those who want to invest here in forex. You also give specific amount to start the account for every broker, I think that is very important to know. Well done! Thanks for sharing!

    Cheers
    Eric

    • Hi Eric,

      Thank you for your kind feedback. I am delighted you found the information useful. There are so many brokers out there and some are not credible. I felt it important to give people as much information as is applicable as a basic guide.

      I wish you success in what you do and hope that if you ever wish to trade Forex, that the information here gives you the basic knowledge.

  3. I have never done a forex trade before and this article is an eye-opener! Given the risks you mention due to the high volatility of forex, to only trade with the money you are willing to lose is indeed very sound advice. Very informative article. Thanks for sharing.

    • Hey Sandeep,

      Thank you for your feedback. I am delighted that even though you’ve never traded Forex before, you understood the article. Thank you for dropping by and I wish you all the best.

  4. Ryan

    Chuka thankks for this, I truly think there are no coincidences in life and your post is proof of that! I recently was “offered” a position as a Forex trader for a company called Maverick trading, have you ever heard of them? Any feedback? They seemed to be requiring quite a bit of start up capital and I didn’t know if that was industry standard and if it wasn’t, what was?

    • Hey Ryan,

      This is incredible and I am so glad to be of service. I have not heard of this company but then there are thousands of companies offering trading opportunities in one form or another. Trading, like online business is filled with scams as well as good companies. Sometimes it can become a minefield.

      Have you had training in Forex trading and if so, how proficient are you? If you are not, is this company going to offer you training? Remember that the first year or two after training, success can be hit and miss. If this company is asking for high startup capital, what is it for? Is this a brokerage? To answer your question, I need more information. Whatever you do, be careful before parting with your money. There are no guarantees in trading.

      You can message me privately so I can answer specific questions. I wish you success.

  5. Brandon

    Hi Chuka, wow – thanks for this informative post! Really great job. I have always been interested in Forex trading but never actually took the giant plunge to give it a go, mostly because I didn’t want to deposit any money.

    With the help of your article I can now boost my confidence and actually try it out 🙂

    Thanks for this info.

    • Hi Brendon,

      Thank you for dropping by and for your feedback. I’m glad to learn that you are interested in Forex trading. As I mentioned in the blog, it’s always better to start with a demo account while you are learning. Eventually you will have to set up a live account with real money; your money. But hopefully before you get to that point, you would have gained lots of knowledge, skills and confidence.

      I would never advise anyone to part with money to any company promising them the earth. Likely to be a ponzi. Always good to research and ask lots of questions.

      If I can be of assistance, PM me and I will do my best to answer honestly and point you in the right direction. I wish you success.

  6. Very great article to read from someone who knows what they’re talking about! How long have you been with your broker? I would think a good one would really be key. Also, if you get good at judging where to invest over the years what do you think you could realistically earn on your investment?

    • Hi Sam,

      Thank you for your questions and your feedback. I have moved brokers a bit as I gained experience and decided on what works for me. At present I use two brokers and I’ve been with them for 4 years and not planning to move unless they suddenly go down in customer care and become less competitive.

      With regard to earnings, once you learn the skills, gain knowledge and confidence, your earnings will depend on how much money you have. For example, if you have $500 in your account, because good practice demands that you don’t use more than 1% of your capital in any trade, it will take you a long time to make say $200 compared to someone who has $5,000 in their account.

      One of my mentors recently showed live examples of how he nearly made $100K from $10K account in one year. It required a lot of discipline and skill though.

      I wish you success in whatever you decide to do. If you need further assistance, do not hesitate to contact me.

  7. Chuka, I am excited I found your site. I have always had an interest in FOREX, but was afraid to lose the little I could sacrifice. I truly appreciate the candid discussion. You “make no bones” about sharing the good and the bad. I must say, that I am once again motivated to learn about FOREX trading.

    I totally agree that we should only invest what we can afford to lose. I especially like the fact that it is a 24 hours opportunity and will fit perfectly in any life. Thanks for taking the time to share. I love your site. It is for keeps.

    • Oh I’m so excited for you Josephine. Forex is fun when you know what you are doing and the secret is to learn from those who are actually trading. Not from armchair teachers who use illustrations from big trade setups that would have been, which they never traded of course.

      When you are ready, do your research properly and if you need more information, message me. I wish you all the best.

  8. Great article! My husband and I were just talking about this as the econcomy in our city is not doing well. A number of friends have been trying to encourage us to use online software for trading and promising to make big money. More than likely it’s a scam but your article came along at the right time! Thank you for being honest with your personal story and not glamorizing it!

    • Hey Jen,

      Thank you for your kind feedback. I couldn’t live with myself if I knew the truth and not share it because trading can be quite emotionally charged and stressful. Without the right information and skills right from the start, the losses can be significant, which is unfair.

      I’m glad the information here has helped you to go into trading with the right information. About all, do your research to assure yourself that you are doing is right for you. There’s no such thing as legitimate easy money.

      Good luck!

  9. Great site, I am always scouting for ways to make extra income and it was very interesting reading your reviews…easy to read and understand and I left the site feeling well informed.

    Thank you!

    Antonio

    • You are welcome Antonio. My desire is to share as much insights as possible into creating multiple sources of income. I am glad you found some useful materials here. I wish you success in whatever you decide to do.

  10. I appreciate this article’s emphasis on the discipline required to invest in Forex markets. It’s a very time demanding interest with stress levels way up in the red…. Good information here and a friend who knows tells me your recommends are good. (She’s how I know you’re spot on with that discipline you mention.)

    Doubt I’ll get into myself tho’ – I don’t think I have what it takes 🙂

    PS. May I say this?… You’ve been trading for 10 years? Then I hope you made a killing when Brexit was announced! Musta been a fun time for the traders.

    • Hi Cat,

      I appreciate your frank feedback. If I couldn’t tell people the truth as I knew it, then this post would have been pointless.

      During and post Brexit, the market was very volatile and although there were good set-up and opportunities, it required a great deal of care and analysis to trade, as well as reducing the trade sizes. Otherwise it would be either gambling or attempting to catch a falling knife, as my mentor would say!

  11. Chuka
    This is an interesting article, I for one am also very interested in forex trading but feel that most of those companies just want to do you in, they sell themselves so well and promise you the sun and the moon, however, all the information and explanations on your site is exactly what I would want from a company with a forex platform.

    Great article Thanks

    • Hi Filichia,

      Thank you for your comments. Yes, if all the companies provided you with all the information to help you, Forex trading will be straightforward. I must say though that being a regulated market, a lot of them are doing better in being open and transparent. Like everything else, you get the scammers who simply want your money, in return for nothing.

  12. Thank you for a detailed article on Forex. I obviously heard of it but didn’t know very much about it until I read this. I knew though that you have to invest some money in this before you get started. Obviously you have to spend money to make money. Thank you for the brokers you have listed. If I do go down this path then I will sure look into these.

    • Hi Owain,

      Thank you for your feedback. The truth about Forex is that it is not for everyone. But to get started, you don’t need to start trading with real money although you have to spend money to get properly trained.
      Its simply another way of creating multiple income streams and especially those who are considering retirement.

      Thank you for visiting my site and I wish you success in what you do.

  13. There’s an amazing amount of knowledge and experience showing in this article, Chuka!

    I have never been involved in the trading industry myself, but I can tell from what you write, that it’s the typical pitfalls of extremism one has to watch out for, and lack of information about the people one is working with….

    In this, it reminds me so much of the signs of ordinary scams, except with more professionalism and slyness…..

    I can well imagine you as a consultant or advisor in this line of work….

    Keep up the great stream of information!

    Greetings,
    Therese

    • Hi Therese,

      Welcome to my website and thank you very much for your comments and feedback! As you know, online business is fantastic but has many pitfalls. There are scams in almost every online opportunity because these scammers tap into people’s vulnerabilities, chiefly making money quickly. It’s real and it’s unfortunate. My interest is to show people how to create multiple sources of income safely.

      I appreciate you stopping by and wish you well in what you do.

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