It was a sunny Saturday morning, and we were caught up in traffic somewhere in Johannesburg, South Africa. Sitting beside me was a forex guru whose invitation had been the reason for my journey to South Africa. As I stared around at the scenery in South Africa, I remembered a seminar I had attended many years ago on Forex. My dear friends, let me be clear, “Everything they told you about forex is a lie.” Let’s dig in.
“How I turned $50 to $2500 Trading Forex for the First Time” was the topic of the seminar. The hall was filled with approximately over 200 attendees, each paying a $50 entry fee for the seminar (meaning he pocketed over $10,000 for the 2-hour class). Just like me, most of the attendees were eagerly waiting to see his strategy and the magic he had used as a first-time trader to turn $50 to $2500 in a single trading day.
Seated at the last row from the back, our man of the moment stood up to a lot of applause from us as he walked majestically toward the stage to present his strategy and help inspire over 200 people in the hall to become millionaires. From his footsteps and his posture, I could hear his inner voice celebrating and shouting “I am $10,000 richer! I am $10,000 richer!! I am $10,000 richer!!!” as he moved to the stage, guided by our resounding applause.
As soon as the microphone was handed over to him, a disclaimer popped up on the screen: “Trading Forex is risky, that it worked for me doesn’t mean it will work for you. However, before we leave this hall, in addition to my proven strategy, I will ensure that you make back the money you paid for this seminar.” The applause that followed was so resounding that I became afraid, thinking that the roof of the hall might fall down.
Then he began the strategy sharing session: “The secret to my trading success is price action. Once you understand price action, you will enjoy the market.” He did some explanation, shared some trading history, then dropped a limit order on Gold with TP and Stop Loss for the live trade he had promised during the registration for the seminar. After that, it was to your tenth, O Financial Freedom seekers. However, he mentioned a one-on-one mentorship program with a fee of $250, and more than 10 people signed up using his super installment plan.
For the record, the limit trade he shared was activated after about two days and hit stop loss within an hour. We expressed our frustration in his private Facebook group. In response, he encouraged us to sign up for his signal group for a one-time fee of $150, claiming it would change our trading fortunes. Just a few days later, he deleted the private group entirely.
There I was, five years later, sitting in a comfortable, air-conditioned car in South Africa, preparing to share my forex trading journey with a community of new, struggling, and seasoned traders. What was I going to tell them? Of course, the truth. “Everything they told you about Forex is a lie” — that was my topic. And here is the summary of my presentation.
Table of Contents
Everything They Told You about Forex is a Lie
Who are They?
The first question we collectively answered was, “Who are they?” The attendees were kind enough to share some of their experiences. From Instagram forex billionaires to Telegram signal providers and YouTube trading influencers, many so-called forex gurus were (and still are) lurking around, looking for ways to sell you one lie or another.
One of them shared an experience with a top forex billionaire in Nigeria. According to him, he paid his way from South Africa to Lagos, Nigeria, stayed in a hotel for over a week, paid for a one-on-one signal program with the forex billionaire, and funded his trading account with $2,500. The forex guru promised him over 200% growth in equity within two weeks — but instead, he ended up blowing his account in the first week after following and copying the guru’s signals daily
Some of Lies we Identified:
I have the Best Trading Strategy
You will here things like ‘The most successful Trading Strategy, the one trading strategy that made me profitable, the only trading strategy you will ever need, etc.,” The truth is, there is nothing like the best trading strategy. I have been in the industry long enough to understand that there is no strategy that does not fail, but to succeed as a trader, you need more that a trading strategy.
Don’t get me wrong, having a good strategy is very important in your journey as a trader, but don’t allow anyone to deceive you that there is a fail-proof strategy or an holy grail strategy that will guarantee you 90% win rate in the market.
Join My Mentorship Program and change your Trading Life
A mentor can be very good, but a mentor can only guide you and share their thoughts and ideas about the market — he or she will not trade for you. A mentor can help shift your perception of the market, review your trading strategy and history, and offer suggestions, but the mental process — the choice of what to trade, how to trade, and how much to risk — still lies with you.
During my presentation on “Everything They Told You About Forex Is a Lie,” one attendee shared his experience with a course he had bought from a so-called forex billionaire. The title of the course was “Beginners to Cash-out.” According to the attendee, the guru promised to take them from complete beginners to the point of withdrawing profits from the forex market. Of course, the course cost about $90 — meaning the guru would have cashed out thousands of dollars from new and struggling traders.
After making the payment, he said a link to the course was sent to his email, and he was added to a Telegram group that had around 211 people (do the math — 90 × 211).
He had paid for the opportunity to interact with the guru. However, even the question he posted in the Telegram group went unanswered. There was no support, and the course was removed from the shared link after about a month.
I started Forex Trading with $10, now I’m a Millionaire
Recently, many scammers looking for ways to deceive people have come up with something they call a “hack-bot.” This so-called hack-bot exists only in their imagination. They claim it can give you 99% accurate signals and that with just a $10 deposit, you can make millions of dollars within a month.
The truth is, there are no shortcuts in forex trading. Anyone who tells you they started trading the forex market with $10 and have never blown their account is simply not being honest.
I have never Lost a Trade Before
Forex is risky and highly unpredictable. In my early days of trading, I met a guy who called himself “Sacramento.” According to him, he had never lost a trade. He shared his trading history and offered to manage my account.
As naïve as I was, I shared my MT5 login details with him — and boom — he blew the account I had painstakingly built over five months in less than an hour.
My Forex Robot is the answer to your Trading challenges
A few years ago, I saw an advert on Facebook about a bot called “Champion Bot.” The screenshot that accompanied the ad was so captivating that I decided to reach out to the person selling it. He asked me to pay a certain amount and share my login details so he could add my account to the robot.
So, I paid, handed over my login details — then boom — my account was gone.
Trading with AI can be beneficial. However, since the bot trades based on pre-programmed instructions, there is a need for human review from time to time to correct any issues and make necessary adjustments.
Final Thought on Everything they told you about forex is a lie
To be a successful forex trader do the following:
- Have a a good knowledge of the market and understand different market dynamics (Read on Price Action, Order Block, Fair Value Gap, Supply and Demand, etc.,)
- Have a Good mentor: A mentor will give you many perspectives about the market
- Have a good trading capital: A good trading capital will help you leverage well
- Run away from copy trading and Account management
- Learn how to manage risk effectively (Managing risk effectively will determine how long you stay in the market”
- Learn, leverage, manage risk and succeed