There’s lots of money in the forex market and lots of competition between forex brokers. Some of these brokers try to get customers by presenting forex trading as a game. I find this quite problematic.
Barack Obama on one side of the ring. Queen Elizabeth on the other. Just make your bet on the boxing ring / forex market. I picked Obama and he won of course. The ad showed me that the dollar gained against the Pound and that I instantly made $1122 dollars. I just need to fill a small form and the money is mine…..but wait…
This was of course an advertisement to a forex broker. Nobody makes money instantly. After registering, the people that fill the form will need to open an account, deposit money, and usually trade in a specific volume before getting this bonus that was promised in the ad.
In many cases, the trade volume that these traders need to make causes them to burn out their account. The bonus that the ad promised them never reaches their hands. I won’t mention the broker behind this ad, but I’m sure that some of you know what I’m talking about.
Even if this is totally legal, I find these advertising methods quite problematic. Presenting forex trading as a game in which you instantly win money by placing a bet on one side is very problematic.
Lots of traders lose money in forex. Good traders need to educate themselves before making profits from forex. When you deposit a significant amount of your own money into a forex account, this isn’t a game.
Further reading:
- Forex demo account – My page that concentrates are the articles about the importance of starting with a demo account before putting real money in.
- Forex demo account for technical analysis – the best use of a forex demo account.
- Forex trading isn’t easy money – A previous article about the problematic perception of forex trading being easy money.
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