Is Forex Trading Foolish?

Currency trading, if you believe the online promotional promise, is a way to a fast, easy fortune. 

But it’s a gamble with pathetically low odds of long term success.  Virtually every investable asset class is a far better bet, whether it’s real estate, stocks, bonds, oil — even gold.   In Asia especially, currency trading is a crazy rage of false promises, tickling the gambling bones of those looking for “get rich quicker promotions” but it’s also a feast for the banks.

They’ve taken to conning regular folk.  And the practice has to stop. 

It’s unethical and, in my view, corrupt. 

I’ll be challenging a rep from one of these exploiting banks later this week, in defence of a friend who was led into one of the bank’s darkest lairs.  My article, touching on this personal story, is published on the Assetbuilder website, titled, World Banksters Hitting New Lows.

Please click the link to read the article.  

Andrew Hallam

I’m a financial columnist for Canada’s national paper, The Globe and Mail, as well as for AssetBuilder, a financial service firm based in Texas. I’m also the author of Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School and Millionaire Expat: How To Build Wealth Living Overseas. My mission is to educate, motivate and inspire people on basic retirement planning and best practices for investing, using evidence-based strategies. I'm happy to comment on your questions.

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3 Responses

  1. User123 says:

    Hi Andrew,

    Read your article and must say that is very unfortunate, though not all may be lost. If DBS is anything like firms here in the US, there is a good chance that your friend can terminate her contract prior to said date, or "made whole" upon expiration (as if trade never happened). Firms tend to have rules in place to avoid misrepresentation of products and/or suitability guidelines. In this case it seems her money was invested without regard to suitability (prior trade experience, risk parameters etc).

    In my experience, some investors have successfully been reimbursed by simply making a written, formal complaint and placing it in the right hands. Might be worth a shot.

    Hope this helps.

  2. ssssgibbs says:

    As usual Andrew well done!

    It's a shame that everyone seems to be after the almighty dollar at the expense of the little guy (so to speak).

    Thanks for all your work.


  3. Arvind says:

    Hi Andrew,

    My wife-to-be recently got me a copy of your book as a gift and I must say it is one of the best gifts ever! It has helped both of us clear up our confusion of investing which led me to procrastinating for over 7 years to putting my money in index funds.

    I was very confused about the different views I was getting from friends, colleagues to all the various get-rich-quick schemes out there in the papers. I was involved in Forex and paid about $3K to attend a course without any refunds.

    I must admit there were times when what I was taught worked but in the long term each time I took a step forward and I ended up taking two steps back when the market reversed on me.

    Reading this article has really opened my eyes and made me realize why I find myself back to square one each time I took a step forward. Thank you so much and its time i moved my money into indexes.

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