The average person who attempts to make money from trading currencies will likely be taken advantage of
The online currency trading shops are modern-day boiler rooms.
I have absolutely no interest in mincing words or playing politics with this post. I am exercising my First Amendment rights and I intend to speak plainly.
I have been warning people for some time now that the average person shouldn't be attempting to trade currencies and that Forex is not an "asset class" for individual investors. After reading Andrew Bary's piece this weekend in Barron's I've never been more certan that I am right.
I am not arguing that making money trading currencies is impossible, I am saying that most people who try are merely being taken advantage of.
Let's skip the opinions and go straight to the facts:
The old-school boiler room brokerages operated in the exact same manner as the modern online currency firms do today.