Forex Trading with Roby Garnier: Lesson Number 1: Forex Market: A Casino or a Profitable Opportunity?

I'm Robinson Garnier, and throughout my career, I've been on the lookout for someone who has made the big bucks in forex trading. I'm not talking about the big boys or the 1% who got lucky. I'm talking about you and me. I've scoured websites, followed tips, asked my friends, and contacted many people to find someone who has actually made money trading forex. But so far, I haven't had any luck. I've yet to find anyone who can honestly say that they have made a profit.

I want to make this clear. There is a widespread belief that forex trading is a game of chance. Even if it looks like it, it's not. You should inform yourself better because trading currencies isn't just a game of dice. If you still think it's a game of chance, you might want to seek advice from a professional.

Think about it: When you walk into a casino, you hope that luck is on your side, right? You may have no idea how the slot machines or card tables work, but you're crossing your fingers that you'll win. That's all well and good, but you shouldn't put all your eggs in one basket just yet.

Entering the forex market is a different ballgame. Imagine that; it's true! Like in a casino, you may think you can trust your gut. However, I'd advise against it because you probably don't understand the retail market. There is trading, rules are made, profits are made, and the leftovers go to the masses. Important understanding. So work with what’s left. Imitate the successful players. Find out what they do, and adapt these strategies to your portfolio. Finding a reliable broker is hard work, and only time or insider contacts at the firm can confirm its quality. Of course, it’s a gamble—I won't deny that—but you should avoid putting all your eggs in one basket; otherwise, you’ll be broke before you know it. This is how it all looks.

If you think this business is completely legal and honest, you're wrong. I'm not a fan of saying it like that. And why? You have to be as smart as a whip. Think about why big hedge fund managers, big corporations, and big investment firms are turning their attention to gold instead of cash.

Have you ever asked yourself that? What's behind all the excitement? What do the titans of the industry, the seasoned professionals, as well as you and the little people flipping currencies have to do with it? Seriously, what’s it all about? We're caught up in a huge machine, a system that doesn’t care in the slightest about our successes. Sure, we make a bit of money here and there, but that's peanuts compared to their yield. If we don't make it, they don't care. Month after month, they enjoy their fame at the expense of the small traders. Most of them leave empty-handed. That's what happens when they can't see the big picture. Right?

Then they throw more money into the mix, pump more, and lose again!

Look at how much money you've put into the trade and what you've won or lost. You can't ignore the numbers, seriously. But it seems like you're fooling yourself, doesn't it? You're just fooling yourself into thinking that it's no big deal. It's happening right now. Do you understand that?

Put an end to it. Here's the scoop: I'm going to spill the beans. I've been around for ages and have done my homework on how this game plays out. I've been involved with an organization called the Organisation of InterServices, which is still around. I had to give some advice there on how the game works. Do you understand me? Here's the short version, and you better pay attention. When you get back into the game, remember: if you think you're going to have to throw more money into the ring to win next time, pause for a moment. Sure, you might get 100, 200, or even 2000 dollars. Don't be so cocky. So what? That's nothing compared to the huge sums of money the best players earn from individuals like you, okay?

Then wake up and walk with me. I'll share a few secrets with you. See you in the next podcast.

More in Chapter 2