Thoughts on day trading (forex)
- Thread starter Angelina
- Start date
Yusuf Abdi Ali Rashid
King of Prussia
I don’t know, I spend the majority of my day betting on dog fights and pig races.
It used to be big thing on tiktok and social media couple years ago, all the people promoting it back to regular jobs now lol.
If its to good to be true probably is. Day trading is easy way to lose hard earned money, the success rate is 1-10% and those are probably rich people with inside info.
If its to good to be true probably is. Day trading is easy way to lose hard earned money, the success rate is 1-10% and those are probably rich people with inside info.
Don't waste your time day trading stocks or forex people that act as if they are making money from trading are making money from selling you courses that "teach" you how to trade. You are better off consistently taking parts of your pay cheque and investing in stocks, land, or other assets for the long term.
Trading (forex) is a scam. When was the last time you saw universities/colleges teaching people about it? These educational institutions would have been the first ones to teach people how to do it.
When you Exchange your Dollars for Euros is that a scam ???
People Who Never Traded Forex calling it a scam .. REALLY Trading itself is not a scam, there is fake brokers or fake trading systems people buy..
educational institutions do teach you how to trade in the securities courses.
How do they make their wealth then before selling their courses? I’ve seen a few who don’t sell courses but engage in signaling and post their accounts live.
I usually think stuff like that are scams btw.
But now, I’m a little torn.
A Mean Guy
Minister of Ajanabi Affairs
Anyone who actively sells courses on how to day trade is lying to you. Why would they share their secrets with you. It is widely known that more than 80% of all day traders lose money within the first 12 months. There is no such thing as a get rich quick scheme.
This is why I recommend all Somalis to be more financially literate, that way they can slowly build their fortune and easily spot scams. I had to stop my siblings and friends many times from getting into paid discord groups run by these so called "successful day traders" on instagram and youtube.
These influencer traders do not even make money from their stock picks.
99% of their income comes from gullible people who fell for their schemes. Pick any influencer that has an ongoing lawsuit and read the documents. They make huge losses.
Exhibit A: - RAGING BULL LLC
Spencer Cornelia on youtube has many videos on these scams.
Furthermore, hedge funds that are actively run by portfolio managers and quants couldn't even outperform the SP500.
S&P500 has beaten the hedge funds summarily with it returning a whopping 222% more than the hedge fund over the last 24 years. This difference becomes even more drastic if you consider the last 10 years. During 2011-2020, SPY has returned 265% vs the average hedge fund returns of just 60%.
Timing the market is almost impossible. There are too many variable involved that influences the fluctuation of stock prices.
Slowly build your wealth instead of thinking about short term profits.
lastly, READ FINANCIAL BOOKS, your future self will thank you for it.
@Angelina please don't fall for these idiot influencers, invest passively and slowly,
This is why I recommend all Somalis to be more financially literate, that way they can slowly build their fortune and easily spot scams. I had to stop my siblings and friends many times from getting into paid discord groups run by these so called "successful day traders" on instagram and youtube.
These influencer traders do not even make money from their stock picks.
99% of their income comes from gullible people who fell for their schemes. Pick any influencer that has an ongoing lawsuit and read the documents. They make huge losses.
Exhibit A: - RAGING BULL LLC
Spencer Cornelia on youtube has many videos on these scams.
Furthermore, hedge funds that are actively run by portfolio managers and quants couldn't even outperform the SP500.
S&P500 has beaten the hedge funds summarily with it returning a whopping 222% more than the hedge fund over the last 24 years. This difference becomes even more drastic if you consider the last 10 years. During 2011-2020, SPY has returned 265% vs the average hedge fund returns of just 60%.
Timing the market is almost impossible. There are too many variable involved that influences the fluctuation of stock prices.
Slowly build your wealth instead of thinking about short term profits.
lastly, READ FINANCIAL BOOKS, your future self will thank you for it.
@Angelina please don't fall for these idiot influencers, invest passively and slowly,
Last edited:
I would never in a million years buy a course. I was asking more so about learning trading myself via free info and if it’s worth learning and if it’s possible to make money. There are people who don’t even sell courses who swear by forex, hence I don’t understand where they are getting their money from.Anyone who actively sells courses on how to day trade is lying to you. Why would they share their secrets with you. It is widely known that more than 80% of all day traders lose money within the first 12 months. There is no such thing as a get rich quick scheme.
This is why I recommend all Somalis to be more financially literate, that way they can slowly build their fortune and easily spot scams. I had to stop my siblings and friends many times from getting into paid discord groups run by these so called "successful day traders" on instagram and youtube.
These influencer traders do not even make money from their stock picks.
99% of their income comes from gullible people who fell for their schemes. Pick any influencer that has an ongoing lawsuit and read the documents. They make huge losses.
Exhibit A: - RAGING BULL LLC
Spencer Cornelia on youtube has many videos on these scams.
Furthermore, hedge funds that are actively run by portfolio managers and quants couldn't even outperform the SP500.
View attachment 276188
S&P500 has beaten the hedge funds summarily with it returning a whopping 222% more than the hedge fund over the last 24 years. This difference becomes even more drastic if you consider the last 10 years. During 2011-2020, SPY has returned 265% vs the average hedge fund returns of just 60%.
Timing the market is almost impossible. There are too many variable involved that influences the fluctuation of stock prices.
Slowly build your wealth instead of thinking about short term profits.
lastly, READ FINANCIAL BOOKS, your future self will thank you for it.
@Angelina please don't fall for these idiot influencers, invest passively and slowly,
As soon as I get my hands on some cash I’m dumping in shitcoin
Prince of HS
VIP
What about tech boot camp courses? Do you think they are scams as well or there are legit ones?
No, because you get government funded ones and ones that provide reference for when you apply for jobs. They’re completely different. You actually learn the skills you’ll need on the job.
dekiteshim
Resident Eritrean | Ye's strongest soldier
It’s a scam for the most part
Odious Delirium
VIP
What do you mean?!?!Young man, you’re fast becoming one of my fav posters.
@Yusuf Abdi Ali Rashid is objectively and subjectively the best poster on sspot of all time
Generally speaking, the way most people trade forex is not permissible. I also recommend sticking with stocks, especially in these tech sectors:
- Software (including AI and Machine Learning)
- Biotechnology (including Genomics and Personalized Medicine)
- Computation (including Quantum Computing)
- Robotics and Automation
- Photovoltaic Cells and Energy Storage
- Data Storage Technology
- Augmented Reality (AR) and Virtual Reality (VR)
- Synthetic Biology
- Neural Interfaces and Neuroprosthetics.
- Learn and Observe stocks in these sectors if and when there is traction and your pretty much guranteed to get rich in the long term because of
Ive done it and lost around 500 euros. It was one of this multi level marketing schemes. It wasn’t a total scam but useless nonetheless. You should ask yourself why are you investing? Is it because for retirement later? To have an extra income? The idea of passive income is false, there’s absolutely nothing passive about it. It’s hard work.
If you want to save money for later, your best bet is to put 200 euros or so per month in an S&P 500 ETF. Pick one with the lowest commission rates, Vanguard is the best. Just put whatever you can afford and forgot about it. Depending on how long you’ve invested and your starting capital, that 200 euros a month can easily be 1 million in 30 years. The market will crash once every 10 years, keep investing, don’t panick. The only reason I am not investing in the S&P 500 companies due to religious reasons, those companies are not Islamically sound and they work with interest.
As for having extra income, look first at your personal finances. Can you cut your unnecessary expenses, like eating out and ordering foods?
This is one of the best podcasts I’ve listened to on personal finances. I also use to watch Dave Ramsey religiously
If you want to save money for later, your best bet is to put 200 euros or so per month in an S&P 500 ETF. Pick one with the lowest commission rates, Vanguard is the best. Just put whatever you can afford and forgot about it. Depending on how long you’ve invested and your starting capital, that 200 euros a month can easily be 1 million in 30 years. The market will crash once every 10 years, keep investing, don’t panick. The only reason I am not investing in the S&P 500 companies due to religious reasons, those companies are not Islamically sound and they work with interest.
As for having extra income, look first at your personal finances. Can you cut your unnecessary expenses, like eating out and ordering foods?
This is one of the best podcasts I’ve listened to on personal finances. I also use to watch Dave Ramsey religiously
There are sharia compliant ETFs if you don't want to invest in an index fund for religious reasons.
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