Thoughts on day trading (forex)

[Abdalla]

There are sharia compliant ETFs if you don't want to invest in an index fund for religious reasons.

Yes but they’re not interesting at all. SnP 500 have an average growth of 8% per year since 1930s ( last ten years it was 18%, which were crazy). Islamic compliant ETFs grew 17% since 2005, that very marginal.

 

[MOEMONEY]

Yes but they’re not interesting at all. SnP 500 have an average growth of 8% per year since 1930s ( last ten years it was 18%, which were crazy). Islamic compliant ETFs grew 17% since 2005, that very marginal.

HALAL 17 %

 

[Timmer]

Snake oil salesmen, very difficult to make bank doing day trading

 

[Richard Pearson]

Yes but they’re not interesting at all. SnP 500 have an average growth of 8% per year since 1930s ( last ten years it was 18%, which were crazy). Islamic compliant ETFs grew 17% since 2005, that very marginal.

I personally consistently use SPUS which is an S&P 500 fund that is compliant with Sharia law by screening out non-compliant companies whether it be due to interest, pork, gambling, alcohol, etc

The only issue is the expense ratio is high compared to other SP 500 ETFs like VOO and SPY that does not matter since the fund has outperformed them since its inception in December 2019.

https://portfolioslab.com/tools/stock-comparison/SPUS/SPY

How do they make their wealth then before selling their courses? I’ve seen a few who don’t sell courses but engage in signaling and post their accounts live.

I usually think stuff like that are scams btw.
But now, I’m a little torn.

To be fair it's not too hard for them to fake their lifestyle and I doubt they truly have any wealth and are most likely renting everything (cars, homes, hotels, fake designer etc) basically selling you a dream they are salesmen, not traders. Also, a lot of these people are known to be doing the riskiest trades on demo accounts and passing them off to their viewers as real in order to gain credibility within the industry.

 

[Hilmaam]

funny in hindsight but alot of people loose senses when it comes to money and want to break out from daily grind with these schemes

 

[Netflix]

Forex traders need to borrow thousands upon thousands of pounds to make a simple swing trade. It is like walking on a tightrope. One slip up, and your account is running in the red. Very lopsided risk to reward ratio.

Financial markets go through two major phases; bear markets and bull markets.
Sometimes it's better to sit on the sidelines than participate in a bear market.

 

[Abdalla]

I personally consistently use SPUS which is an S&P 500 fund that is compliant with Sharia law by screening out non-compliant companies whether it be due to interest, pork, gambling, alcohol, etc

The only issue is the expense ratio is high compared to other SP 500 ETFs like VOO and SPY that does not matter since the fund has outperformed them since its inception in December 2019.

https://portfolioslab.com/tools/stock-comparison/SPUS/SPY

To be fair it's not too hard for them to fake their lifestyle and I doubt they truly have any wealth and are most likely renting everything (cars, homes, hotels, fake designer etc) basically selling you a dream they are salesmen, not traders. Also, a lot of these people are known to be doing the riskiest trades on demo accounts and passing them off to their viewers as real in order to gain credibility within the industry.

Unfortunately my broker doesn’t offer SPUS. Which broker do you use? How much do you invest monthly?

 

[Richard Pearson]

Unfortunately my broker doesn’t offer SPUS. Which broker do you use? How much do you invest monthly?

I am Canadian so I use a broker called quest trade. Since I live at home, I invest 75% of my salary in various things Etfs in my tax savings accounts, plots, and other things back home. The returns on land back home don't really make sense and due to it being land the local market never sees a dip in value the worse it would do is not appreciate/hold its value.

 

[NordicSomali]

Honestly I think day traders don’t make money because they’re not smarter than the market. Maybe some big institutions with powerful algorithms make money with arbitrage or quant investors who are experts on math and programming.

Otherwise, in forex, you can bet against certain events like George Soros did against the Bank of England. Right know there’s probably lots of people making money betting against whether or not the fed is going to raise rates etc. because it’s highly uncertain.

 

[Abdalla]

I am Canadian so I use a broker called quest trade. Since I live at home, I invest 75% of my salary in various things Etfs in my tax savings accounts, plots, and other things back home. The returns on land back home don't really make sense and due to it being land the local market never sees a dip in value the worse it would do is not appreciate/hold its value.

Good work young fella. Keep doing that and you’ll become millionaire in your 40s. Since you started young with large chunk of your salary, you don’t have to invest that much if you move out or get a family of yourself.

 

[cafine5123]

Anyone try it? Or is it a massive scam? Anyone have an insight?

Aunty Angelina fortex is a scam. There are two ways to make money in investing that isn't luck based.

1. Investing in ETF like spy and getting average of 10% return a year. This is the safe and easy

2. Selling option( not buying options which is what everyone does). Riskier but also more profitable.

I work remotely as an accountant and have plenty of time if you want me to explain the concept behind selling options( you can YouTube it too). I think if you have decent starting capital it is a nice way to supplement main source of income. Last year I made 84k and I didn't sitting in front of computer all day looking at charts. I spent maybe 2 hours a week researching the stocks I trade, place my trade and check in again in 3 to 4 weeks when my trade expires.

Before anyone thinks I trying to sell something. I will freely share my strategy if anyone is interested.

 

[killerxsmoke]

It’s a scam for the most part

its not

 

[cafine5123]

its not

The concept of forex isn't a scam it is everything else in that industry that is specially non regulated brokers who are actively trading against you. If the forex market was regulated like the stock market than it would be legit.