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  • Thanks for sharing your knowledge on this subject. So many people write a lot of nonsense, but your post is well thought-out and looks pretty accurate.
    Thanks again.
    Barry

  • Thanks Brian! Yeah man I lost a good chunk of change when someone else treaded for me. I’m not in the market for learning to trade on my own, I’m working on other ways to become wealthy.

  • I used to trade for a living but lost a fortune. I am now trying to learn my trade before i dive back in and just wanted to say that i think you have some good stuff here.

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  • Nice points above.

    I was taught by one of my advisors that the time to get out of a specific type of investment is when the general public is talking about getting in – and that time is now for Forex in Jamaica, just like day trading as you rightly point out.

    Unfortunately, life often is not a bell curve – it follows the 80/20 rule – 80% of your profits come from 20% of your efforts.

    In other words, 80% of the profits made in Forex is by 20% of the people. Just like business, it is a pyramid shape:

    A few people do very well, a good amount break even or do decent and the majority lose their shirts.

    It is true when you look at businesses and failures of a 10-year period, it is true in the stock market and it will be true in Forex.

    Why Jamaica?
    Jamaicans are too quick to seek out astronomical returns and don’t seem to weigh the risks vs. rewards. When it comes to money, we all know that the higher the return is higher when their is higher risk.

    Managing risk is vital in all areas of life – in this case, I agree with going with a Pro rather than doing it yourself.

  • I agree with you Esteban.
    And let me not be a hypocrite as I am an investor with Olint, just started this year after being told about 3 years ago. I thought it was a ponzi scheme, but I think I trust it because I went to school with David Smith, I trust the institution JMMB where he was trained and where I also have some dosh.I trusted the source from which the most compelling arguement came from.

    But in the back of my mind, even after attending MTI’s free seminars and researching for ages on the topic, I don’t believe it’s sustainable by everyone who learns to trade forex.And to MTI’s credit even as tehir spiel is seductive and well thought out, they offer no guarantees and speaks always about the downside.

    I’ve heard the burn out rate is about 5-6 years David Smith’s Olint is closing in on that time frame now I think. Also, We all know that the big guys trade forex, banks,investment companies…so as an entrepreneur, I can see the opportunity inherent in online fx trading.

    What I’d liek to see is people learning about the opportunity, thinking realistically about it, leave it to the proven professionals to trade on your behalf and not some hurry come up shop promising instant riches.

    I personally see it as an short to medium term investment vehicle as nothing can pay you like a successfully run business…10% will seem like pocket change

  • Esteban Agosto Reid

    Several of my close friends were totally obliterated by the madness of day trading. They had not anticipated the pitfalls in terms of the crash.The reasons cited for the popularity of forex trading by Jamaicans are quite accurate, but the potential dangers and pitfalls should not be ignored.Also,the legitimacy of some of these investment clubs and the larger question of regulation by government and Jamaican financial institutions must be addressed.

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