Forex Trading College.....any experiences

ljohns

..........

droopsnoot

I have no personal experience of this, and on the face of it the word "trading" does sound an alarm bell and, like you, I'd probably think that the only people making any money here are the "college".

If you trust them, though, the trustpilot reviews all seem good: https://uk.trustpilot.com/review/www.tradingcollege.co.uk

Bradden

Did you mean to post this twice?
Forex trading college- any experiences? — MoneySavingExpert Forum

ElefantEd

If you google forex returns you will see that you might get 1% return (per month, apparently) on your investment. So he would have to have £100,000 to gamble (sorry, invest) to even get the £1000 back, or, lets say £10,000 for 10 months. With the risk that you will lose some or all of it before you make any money, which would make it impossible to even break even. It doesn't seem likely that a beginner would be lucky enough to start by winning enough to cover future losses. And I would bet that unless you have a large amount of money to put into this, there will be admin costs that will cut into profits (or indeed, losses).

Disclaimer: I have no experience whatsoever at forex trading except for buying holiday money at the Post Office, but it just strikes me as being highly implausible that this is anything other than a device fro extracting £1000 from people who are desperate and/or gullible (with apologies to your husband, but did he do any research before he signed up to the course?).

mjm3346

10 reviews on trustpilot all 5 star - 5 reviewers have only reviewed them, all the others are in single figures for the number of reviews.
As you can buy 10 reviews (5 star and verified) for about £35 they potentially wouldn't have needed to have spent much on them and that's if they didn't get staff to do it (if they were not genuine).

Charles_Foxtrot

It is practically impossible for the average person to make any sort of long term profit in forex. It’s too complicated and you’re betting against mega investment banks that literally have super computers dedicated to automated trading. These courses tend to pitch options and futures trading on a margin, which is even riskier. 

PierremontQuaker03

Charles_Foxtrot said:

It is practically impossible for the average person to make any sort of long term profit in forex. It’s too complicated and you’re betting against mega investment banks that literally have super computers dedicated to automated trading. These courses tend to pitch options and futures trading on a margin, which is even riskier. 

100% this. It is extremely difficult to make money from trading. I have no experience of forex, but I have been trading shares for 5 years or so. Yes, I have had some wins - which I have cashed in, but some bad losses, which I can only hope they will recover (I call these my long term holds ). I get plenty of adverts on youtube about forex trading, but all's they want to do is flog you a course, as the owner has become a muli millionaire. He basically says if I can do it - you can also. But there isn't room for many to succeed, as super computers are always one step on ahead. I am not bitter when I say trading shades and forex is completely rigged as the amount of banks being fined shows they are not playing by the rules, the amount of politicians (especially in the US) are millionaires as they have insider information. My only advice is risk what you are willing to lose and get in and get out - take the small wins, as when they have your money nothing is guaranteed.

GadgetGuru

I have experience and echo the above. You need to invest a LOT of money to make good returns. With a small trading account you make small wins. It tempts you into pouring in your savings in order to trade larger for the bigger returns. I did just that and ended up losing all the profit I had made from 6+ months of trading within a few minutes. It's stressful and soul destroying. Not as easy as the online videos make it out to be. 

I felt much better when I stopped trading a few years back. Less stressed and more 'free'. Not looking at my charts every few minutes etc!

I stopped after seeing many of my trading friends lose big just before covid. Some lost £60k+
I know someone who remortgaged his house to recover his trading account, and then lost all of that too. It can completely destroy you within a matter of hours. 

I'm not saying this to put you off - just ensure you have a good risk management strategy in place, and above all else, do NOT risk any more money they you can afford - in simple terms, only load a trading account with money you can afford to lose. 

One question to ask yourself. If these traders selling these courses make millions from it - why bother selling courses?? I mean, if you're making so much from trading, selling cheap courses makes no sense to me?.....I certainly wouldn't waste my time...

LunaLater

He’s thrown that money away.

If he goes on to gamble your money on the FX markets he’ll quite likely be throwing that money away too.

There’s no “method” that anyone’s teaching that is expected to return a profit in trading foreign exchange.

Scorpio33

I used to work at a hedge fund that specialised in investing in FX on a macro level.

I would say to keep away. Just don't do it. Unless you can afford to lose millions learning.

tetrarch

This is stupid and dangerous.

The Forex market is a game that balances the outcomes of news vs opinion to derive a current value.

IF there is a way to reliably make consistent profits then this method is ALREADY built in to the system and the really smart guys would be taking the money.

IF these systems generate returns based on luck then the ONLY people that win are the people that have your £1,000 and the platforms that make money off the frictional costs of delivering the trading system (bid/offer, financing etc)

Regards

Tet