Forex Trading

mlcouriers

Hi all a friend of mine has been putting money into Forex Trading. He has been using the Sangus Group who use Go Markets in Australia. He's been saying that he gets excellent returns of 1% per day which he compounds the interest. He also reckons that it can't lose. I can't find any information on there website except there terms and conditions. Is this a good way to make your money grow or shall I just use a Stocks and Shares Isa? Especially in this low interest environment. Many thanks. 

masonic

He's probably in for a rude awakening. A S&S ISA is a much more sensible option, although much depends on what you put in it!

Alexland

mlcouriers said:

He's been saying that he gets excellent returns of 1% per day which he compounds the interest.

Pah I would rather start with 1p and let it double each day to get £5.3m by day 30 which seems more likely to work. Whatever he is telling you is not to be trusted.

Another_Saver

mlcouriers said:

Hi all a friend of mine has been putting money into Forex Trading. He has been using the Sangus Group who use Go Markets in Australia. He's been saying that he gets excellent returns of 1% per day which he compounds the interest. He also reckons that it can't lose. I can't find any information on there website except there terms and conditions. Is this a good way to make your money grow or shall I just use a Stocks and Shares Isa? Especially in this low interest environment. Many thanks. 

This is a scam, your friend is an idiot, returns of 1% a day compoums that "can't lose" is impossible. Forex trading is buying and selling currencies. It is a zero sum game, there is no money to be made doing it. Anyone who says otherwise is lying, or has fallen for a lie*. The only people who get rich are the platforms - the one your friend uses probably just takes his money like a fruit machine, and then lets you play a pretty game with charts to make you feel like you're clever and "winning". His money is gone.

*there are some ridiculously clever (as in, don't even try to compete with them) people, computers, and finance professionals who engage in currency trading. This is necessary in order to have a liquid Forex market. They either make money from commissions, being a market maker, or high frequency/margin trading. The fact you asked the question proves you should not even try.

Do not do this.

Please.

This is not investing. Read the articles on the site about investing, and stocks and shares ISAs.

ARH_2

You could go down the races and bet on the favourite at 1-10 odds on, and come away with a 10% return. On day two, you could do it again. You'll reliably make 10% a day, right up until it's not reliable during week 2 or week 3, the favourite doesn't win and you lose everything.

TBC15

Get better friends, this one is an idiot.

mlcouriers

Hi thank you all for your replies. I wasn't sure if by using the broker in Australia he would be safe. I believe some of the market makers are not fca regulated. This would worry me in case anything happened. He says he's making money but the question is you will only know when you want to get your money out. I'm not sure what Sangus exactly does due to it being only a members website. 

jonesMUFCforever

On 'paper' your friend might be making a mint - the problem being is that you can never withdraw any profits as they will stop replying to you, the phone number you have will suddenly be unobtainable - then the realisation you have been conned and come on here to ask for help as how to get your money back.

AnotherJoe

mlcouriers said:

Hi all a friend of mine has been putting money into Forex Trading. He has been using the Sangus Group who use Go Markets in Australia. He's been saying that he gets excellent returns of 1% per day which he compounds the interest. He also reckons that it can't lose. I can't find any information on there website except there terms and conditions. Is this a good way to make your money grow or shall I just use a Stocks and Shares Isa? Especially in this low interest environment. Many thanks. 

Your friend is an idiot. He's going to lose his money. Whether this is a scam or whether he's really trading Forex.

Neil

Having been involved in the gambling and trading business for over 40 years (last 20 years specialising in Forex)  - I would recommend that nobody get involved in such schemes...if you are going to do it learn yourself .....99% of the stuff out there is scammy (sadly) ...they are there to take your money ....N

SoniaFraser

I think you should warn your friend that he is being cheated on by scammers.