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Trading Forex Markets explained - What is forex? - Day Trading - Options - Forex for beginners
so this one is more wrong the lives of Forex I think a lot of the people again you want to draw on it you a good there huh you really want to go there right now okay let's go let's go I think a lot of no because I have something interesting the other day that I wanted to see what you were going to say so a lot of people are being drawn into the forex market you know Foggs is still a financial market that a lot of people would say oh it makes a trillion he has a trillion dollars and why would I not play would you say that your argument with Forex it's just along the lines of you know stammers or those people who really do you know invest in the knowledge and call themself money managers that just you know he's for us as a vehicle with you would you like what side are you on or you just guessed it altogether mostly you know I do respect that it's a financial market it's what I'm sorry you say money managers who use Forex as a fight I don't know any real money manager who's managing you know lots of money nobody advises a Forex Holdings for their clients you know what I'm saying that's nowhere near that's nowhere in the handbook that's one thing so that's that's one part and the second part is the biggest thing I see is the misinformation like if people are saying oh it's a four trillion dollar a day market like every obviously you know that's one reason why people get into stocks is it's so liquid there's so much money going through so it's saying why wouldn't you right that's a fair fair question and my objection to that is that it's not really a four trillion dollar day market yes it's a yes that much money goes through but that's not the people trading on platforms and that's banks that's governments that's literally government's trading between each other we'll go to the airport that's what I say when you go to the airport when you go from one country to another that's a forex transaction if you took dollars and you're in your and you want to buy something in Europe you can't give them dollars even if you give the cash register dollars what they do that money needs to be changed into the other currency so if you use your debit card in a foreign country your credit card although it's in dollars those dollars get swapped into whatever the currency is so boom that's a currency trader you see it okay so that's why it makes up four trillion dollars is because there's a lot of activity around the world and there's a lot of banks and companies you know think about it we look at filings for companies these companies are hedging their earnings that they get overseas with other currencies only way you could do that is by swapping currency so that's the issue I have because if you go look at the actual amount of money that gets traded in the retail market so like if we're on each right here when we trade stocks this is considered the retail market you know outside of institutions outside of banking outside of governments all that good stuff the retail market for forex trades less money than Apple does in a day think about that for a second there's less than anything is less than five billion dollars it's a joke it's a joke why because there's not that many on the retail market forex is tiny it and that's why there it's filled with scams literally every retail you want to know how small for X's on the retail market it's so small it's not even regulated everything is OTC everything is over-the-counter so this is my issue with it is there misinforming people and these people claiming they've made all this money on forex they have it they made it through commissions and feeds they made it like Jordan Belfort did by referring people to over-the-counter markets and what do you do you collect the Commission's up to 50% sometimes that sound familiar so that's that's the one part and now the second part I know people who are trading and this is what I say the people I know who trade Forex I it was funny Jonah and my girlfriend was her there's somebody else in the tea I think it was Kenneth they got I took them with me to LA one day they got they came to my garage I got to see this they met my mentor and they also one of my mentors friends this guy's a billionaire and he was telling me about four Tuzla cuz he was laughing about me he's like man I don't get how you make all this money and you're still paying your taxes like how he's like how I was like how come you haven't moved yet and you know it's talking with him and he trades forex he's an institutional trader he trades on an institutional level so one thing about that but this guy's moving billions only way it makes sense is if you're moving large amounts and then even if you are you're going against these types of people this guy if you knew I can't even disclose this I can't even say this on video what this guy knows and what he told me you know what I'm saying so think about it we react on like like you don't know the earnings of stocks you don't know when Apple's gonna come out that but the minute it comes out it's public information you could still respond forex how the are you gonna get ahead of a government I get a head of lobbyists get ahead of any sort of political agenda are you kidding me you can't there's no way every single time you're gonna be on the caboose of that with 50 other governments peoples and institutions ahead of that because they have literally hundreds of billions of dollars of vested interest in that you know 401 exactly that only way you like these guys have those interests and they're not even levered you see what I'm saying I'm talking to people who are trading billions of dollars on for it they say leverage what does that mean they are the leverage you know so that's where I come out yes it's a financial market and as a financial market it is legitimate you know what I'm saying this you if you want to say the stock market is a scam this in that no there's nothing wrong with it but only if your institution if you show me you're trading Forex to hedge your your company's business that brings in foreign revenue excellent you're doing it the right way you know what I'm saying if you're looking to take advantage of both the change in everything from property values to currency values to operate in a foreign country to protect your your interests here at home great you're doing it right you're not leveraging and you're doing it you're doing it right but if you're trying to allocate a portfolio towards day trading currency pairs you can't even hold that for 10 minutes let alone one day and you're following somebody who is directing you to a unregulated entity and they're getting come ask them what they get paid and that goes remember goes back to this whole affiliate lesson ask them what their Commission is you know that that's scary and guess what here's let me I could sum this all up with one very simple thing it's a scam if it is not FDIC insured simple as that if you don't know what that means you got some studying to do simple as that okay Brendon worked at a bank my brother works at a bank I deal with lots and lots of money I need insurance okay if etrade FDIC insured TD Ameritrade FDIC insured you were trading the NASDAQ and any of these these brokerages FDIC insured except for sure trader you see you go overseas that there's no that guess what sadly even the domestic forex brokers they're not all FDIC insured so if you're engaging in a financial activity that's not FDIC insured guess what it's a scam because if it wasn't you would have underwriters willing to insure that and collect premium cuz they are you know what I'm saying I would insure stock market Gamble's why oh you're selling me I just have to insure stock market accounts from the event that something happens outside of the ordinary nature and these people get gets scammed or take a loss that was not planned for no way and they'll pay me hundreds of millions a month to insure that I would take that in a heartbeat if I was an underwriter but why will they underwrite that for a 4x what do you mean you got trillions of dollars being traded how come insurance people are not jumping all over this you know what I'm saying think they don't want to insure that because they're like no no no no we know how this works that is an insurance persons nightmare but guess what that's a scammers dream especially overseas I rest my case