𝐖𝐡𝐲 𝐈’𝐦 𝐀𝐠𝐚𝐢𝐧𝐬𝐭 𝐅𝐨𝐫𝐞𝐱 𝐓𝐫𝐚𝐝𝐢𝐧𝐠
Back in 2019, a friend visited me, and as we talked about ways to make money, he mentioned that someone was willing to teach him Forex trading for free.
I frowned at the idea. At the time, I had some understanding of Forex trading, thanks to my experience in crypto trading from 2017.
I discouraged him from pursuing it, but he was insistent and asked for my support.
I had a personal laptop I wasn’t using, so I lent it to him. I also gave him ₦50,000 as startup capital. That 50k in today's value is over 200k
About six months later, he returned the laptop. Till today, the ₦50,000 is yet to come back.
Fast forward to 2022, another friend excitedly told me he had started Forex trading. I bursted into laughter and said, “It seems like you now have enough money to play with Forex.”
By this time, I had spent significant time researching Forex trading.
If you’ve been following me for a while, you know there’s hardly any money-making venture I haven’t tried—Ponzi schemes, pyramid schemes, network marketing, day trading, you name it.
So, when I speak on a subject, it’s not based on feelings but on research and experience.
This friend of mine initially made some money from Forex trading, but I told him that I will remind him when he comes crying
Less than three months later, I asked him, “How far?” He admitted to abandoning Forex trading after losing both his capital and profits.
Between 2018 and today, I’ve encountered countless stories of people who lost money in Forex trading.
Now, my friends’ bad experiences aren’t the sole reason I’m against Forex trading.
The real issue is this: most Forex traders are losers.
Don’t just take my word for it. Ask ChatGPT or research the success rate of Forex traders. It’s super duper low.
This isn’t unique to Forex; the same applies to Futures and even crypto day trading.
These endeavors are extremely risky, and only a microscopic percentage of people succeed at them.
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You’ve probably heard statements like:
“People who lose in Forex don’t know how to trade.”
“Forex is only risky if you treat it like gambling.”
“Beginners lose because they lack experience.”
While these claims hold some truth, they ignore a bigger fact: even experienced traders with 5+ years of practice still suffer devastating losses.
So, why invest your Time, Energy, Attention, and Money (TEAM) into an endeavor with a high downside and a low upside?
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Some people compare Forex trading to professions like medicine or engineering but this comparison is flawed.
In fields like medicine or engineering, the more time and effort you invest, the better you become, and the more value (and income) you can command.
Forex trading, on the other hand, offers no guarantees. You could spend five years learning and still end up a big l0ser.
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Some say it is like business, where you make profit and loss but that again is flawed
An avid business owner or entrepreneur doesn't make l0sses as much as Forex traders do.
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A Better Use of Your TEAM
As a young person, your TEAM is your most valuable asset. Focus it on pursuits with high potential for growth and compounding returns over time.
Learn skills that reward you for improving. The better you become, the more opportunities you unlock, and the more money you earn.
Forex trading guarantees none of these benefits.
Lastly, I’m not writing this to convince Forex traders to stop trading—I honestly don’t care about them.
This is for you—the person considering what to do with your life to make money. My candid advise; flee from every appearance of Forex trading.
Thank me later.
#moneylessons247
