Does Grandpa have an updated recommendation for an offshore to the US currency trading forex account service?
It seems that there are so many services available, one does not know which service is reliable, honest and reasonably priced.
On second thought, perhaps I should first ask if Grandpa “approves” of conservative Forex trading as a portable profession? Cheers….A. Reader!
There are many “courses” in how to “beat” casino slot machines and commodities markets.
Stock trading and Forex trading is gambling. Nothing more or less. It may be nice to hope that you can overcome an infinity of variables to make only the right moves.
However, the “grind” or small commissions will keep eating away at the capital of the players. Thus, the vast majority of gamblers something like 95% will keep playing and making bets until eventually they lose all their money.
I once knew a chap named Harold “Pappy” Smith. He wrote a book for gamblers called “I want to Quit Winners.” The bottom line in his book was the only way to win was to own the casino.
You figure out who is the only sure winner in the Forex game, and invest in them. Goldman Sachs, maybe.
There is also another way to make money in Forex. But it isn’t trading.
It is studying the market for years and years. Then, once in a great while, maybe once in 10 or 20 years, you will see what you think is a window of opportunity. It will seem to be a “sure thing.” Maybe you will be right, maybe not.
But if your bets are occasional and rare, you stand a better chance of making money that if you “trade.”
If you want to improve your odds, even more, bet only “other people’s money” for a percentage of the winnings and with no risk of loss.
This is exactly what Hedge Fund Managers do. In a rising market, they make a bundle, taking 20% of all winnings. In a falling market, they usually lose not only their client’s money but all their past profits.
Why? Because they think they are infallible and usually risk their own money along with that of their clients.
Do some people consistently make money gambling? Not really, but some are luckier than others.
Why? They have the “artist’s touch.”
That certain indefinable something that makes a “Marilyn Monroe” out of one girl in a million. If you are one of those, and you can be a player who wins more than you lose, you are 1 in 20, in a rising market, and 1 in 10 million in a falling market. If you can overcome those heavy odds against you, go and play.
In my opinion, you’d be much better off studying to be a Doctor, Lawyer, or seller of courses on how to make a million in Forex trading.
More seriously, develop any honest product or service that people need and will pay for, and market it well. Or be a broker, someone who makes money on deals whether the player wins or loses.
As to where to play, if you must gamble: Any regulated casino will have similar rules and commissions to all the others.
If unregulated and in cyber-space only, it may be a bucket shop or Ponzi Scheme that rigs the trades so you seem to win in the beginning but lose your shirt as soon as you place substantial bets.
Conservative Gambling? I guess that means you only bet what you can afford to lose.
Since you probably will lose, I guess that is better than making bets you can’t afford to lose.
Post your comments, thoughts, related personal experiences, corrections or questions below.