(For more, see How the forex "fix" may be rigged.) In May 2015, four major banks were fined nearly 6 billion for attempting to manipulate exchange rates between 20, bringing total fines levied on seven banks to over 10 billion. Platform or System Malfunction : Imagine your plight if you have a large position and are unable to close a trade because of a platform malfunction or system failure, which could be anything from a power outage to an Internet overload or computer crash. I want to share with you the truth about forex trading and the thought of get rick quick with forex. If you hate to lose or are a super perfectionist, youll also probably have a hard time adjusting to trading because all traders lose a trade at some point or another. In some overseas jurisdictions, leverage can be as much as 200:1 or even higher. Basically, find the way that works for you! Excessive Leverage : Although currencies can be volatile, violent gyrations like that of the aforementioned Swiss franc are not that common. All forex traders, and we do mean ALL traders, lose money on some trades.
For instance, many traders had tight stop-losses in place on their short Swiss franc forex frq positions before the currency surged on January 15, 2015. You should have at least 10,000 of trading capital (in a mini account) that you can afford to lose. Is forex trading a get rich quick scheme? This means that forex trades are not guaranteed by a clearing organization, which gives rise to counterparty risk. Can forex trading make you rich? Gcap ) and fxcm Inc. He will never tell you that you can become an instant millionaire. Forex trading isnt a piece of cake (as some people would like you to believe).
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