Forex (abbreviated as FX) – currency trading market (also known as foreign exchange business), is the “playground” of international banks, sponsorship funds, business organizations with very large capital. big. About ten years ago it was everyone’s market.
Watching: What is Forex, how to play
With 10 USD, each individual can open a participating account. Along with the development of information technology, the foreign exchange market has flooded into Vietnam strongly in recent years. The ease of joining procedures, the attractiveness of profit potential is the reason why so many individuals rush in. And also because the profit is so special, it is easy to become impatient and lose the objectivity of the particular business market. Since then many tragedies have happened.
Part 1: The tragic fates
It’s 2 am, but the forum (forum) giavang.net, thangsaigon, giavangonline, Vietforex… with the number of members up to hundreds, thousands, is still bustling.
The forum is more active if the FX market is or has just gone through a big, unexpected wave. Crying people laughing. But the number of people crying is always dominant.
Who are they ?
Nich Kim Ngan: I am new to this FX market but I am optimistic because it is so attractive, intellectual and easy to make money.
Nick mrHoan: Lately I feel like a wild wolf in a jungle FX, howl at night in despair and loneliness… Come home from work, eat dinner, and start hunting in the dark. Silently watching the battle, sniffing, analyzing graphs, reading news…
Nick ryoken: I’m so sorry I died.
Go eat a bowl of instant noodles, the account is clean. Already poor and scattered birds.
Hizhu_8x: Everyone please help me, which order should be placed, which order should be canceled, or how, my account is about to burn. 60 million dong but also four million dong.
Nick Robinhood: Toss a coin and see the newspaper up, I decided to hit it, whoever follows to die should bear…
Like that. Along with the lament of the owners is the topic of the market assessment of the members who consider themselves masters. “X’s Hourly Strategy…”. “Y’s comment on gold and FX…”. “Gold price assessment according to astrology”…
Then there are billions of topics about sharing the experiences of those who have gone before. “Setting up a perfect trading system”, “Robot one hundred battles one hundred wins”, “The secret to success in the market”, “Double account style every day”…
They are fresh graduates without jobs, government employees, shop owners, housewives, doctors, company directors, motel security guards, movie actors, even families. monk…
Coming to the FX market all are equal. All are small sheep before him, the market has limitless power.
He gives a little gift, you get excited. Then immediately he knocks you down with a raging wave. Sharing the same fate, traders (who participate in trading) are closer than ever, sharing the tricks and secrets to win the market. The feeling of loss, failure, success… is the heroin that stimulates you to get more and more absorbed in the game. Loss, heartache, want to remove the gauze.
Win, excitement, greed emerge, want to win again. Whatever the reason, once you “eat her” FX, it is very difficult for you to let go. The FX forum is overflowing. The number of members is increasing day by day. 24 hour rage…
Money trap.
Fate awaits
Nickname T.Trus- forum vaigon. The children of the family are poor and have been working since childhood. Watching an American movie about people dealing in securities, in T’s heart emerged the thought that he would have to get rich and change his fate. He studied hard and passed the entrance exam to Foreign Trade University, majoring in securities investment. No money, but every day he went to the stock exchange to watch people trade. One day, he was introduced by his “market analyst” to an investment channel that is hundreds of times more attractive than the stock market, anyone can participate because capital does not need much. It’s FX. He talked about the magic of accounts doubling, tripling in one day. He also printed out a statement of the orders that people won for him to see. The more I listen, the more I love it. The FX market fulfills his desire to be rich, changing his life by the form of enormous leverage. 1:100 (1USD can borrow 100 USD), 1:200; 1:500, 1:1,000, even 1:2,000.
With a burning passion to conquer the FX market, T plugged in his brother’s motorbike to take money and set up an account following the instructions of the broker at the last meeting, with a leverage of 1:500. Every day he goes to the forum to see people selling, he sells, people buy, buy along. After two months, from profit to loss.
Thinking that he lost because he had not studied, studied methodically, seriously, so wherever there was a free teaching class, he would go to it. Save money for daily meals, buy dozens of books to learn about the market, read day and night. Thinking he was well prepared in terms of knowledge, he went home and lied to his mother that he had to attend an important school program so that she could sell the gold his grandfather asked to keep before he died.
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The entire amount of gold sold he deposited into the account. From 12 million dong within a week the account increased to 40 million dong. Continuously in the next week, every day earns a profit of five million dong.
When he went to a regular class, learned more English, stayed up all night trading, he thought he was born to conquer FX. Then he set a goal to buy a house in Hanoi before graduating from university…
But life is not like a dream. Get used to large volume, just need to reverse a few dozen pips to burn (pip is the smallest price step used as a type of unit to calculate profit and loss in FX trading). That day just entered full (hit full is to use almost all the money in the account to enter the order), the account of 3,000 USD burned.
Shocked, bewildered. After three days, he calmed down and set up a new account. The legacy of the old failure is still there, this time it is not full, but the account is stuck with stop loss (order to place limit loss) continuously. $2,000 account after three trading days is 700 USD. Lying at night thinking that the path to study to get a degree is not suitable for me, thinking that I follow the business path, but FX business does not need a degree. So I decided to drop out of school. Continue to plug in the market research monitor. Continue to pay money to the account. Hit full again, fire again. It hurts, realizing the golden age is over. I know I keep losing because I use too much leverage. Continuing to learn about capital management, discipline, and psychology.
Then also write EA code, indicator.
Determined to start over with the last $1,000. Accounts increase zigzag month by month. One day unrestrained back into high volume.
Repeated mistake.
Thinking he had no other way, where he fell, got up there, T went to work washing dishes for a popular restaurant. Remuneration is spent on setting up an account. Each account is 30 USD, very stressful and difficult.
A gold floor consultant told T that their company currently has a customer appreciation program. Because T is a person with a lot of market experience and prospects, they create conditions for T by giving money in advance (also known as a credit account), if T is entitled to profit, T must pay the loss.
Like drowning with a stake, T without thinking immediately signed a handwritten note that debited 100 million with the gold floor consultant himself. Having a $5,000 account, T plays comfortably and gently. The consultant, after looking at T’s account, said indifferently, “When will you beat so small to get back what was lost, not confident”.
Those are the words of the devil. Devil’s words awaken the demonic man in T.
He entered the big order. Accounts increased rapidly. Excited, he entered orders continuously, his account increased rapidly. It was Friday, he decided to enter the last order, regain what was lost and rest for a while to clear his mind of stress. But that last command burned the entire account.
With empty hands, unfinished education, T brought another debt of 100 million VND. Every day, the gold floor broker came to the motel room to ask for money to pay for the account. T cried and begged for alms. The broker called the thugs to threaten. T was afraid to flee home. The broker followed the previous acquaintances to find T’s hometown, bringing along a few people with aggressive faces. T’s father in the house came out, was shot straight in the head by an arrow, had to go to the emergency room and left severe sequelae. Mother T begged the broker, asking to pay her son’s debt gradually within five months. The gold floor broker accepts but on the condition that they have to pay more interest based on the black market interest and the whole family must sign to receive the amount T is owed again. Feeling guilty, afraid, T went to the city, wandered around the Viet Duc Hospital to learn about kidney donation, hoping to be fostered with enough money to pay the debt. Find a person who needs a kidney transplant but after two months of testing the indicators are not compatible. Loss of appetite, insomnia, prolonged stress. T suffered from severe depression, his brother had to be hospitalized for treatment.
Nickname Honghac- giavang.net forum. The 42-year-old woman’s FX trading products are mainly gold and dollars. Six years of participation, the amount of money she lost to the market has reached 12 billion. The pressure to get back the lost money at all costs was no longer urgent when the couple divorced. (Because the husband could not accept the wife who had plunged into the gambling path that she had to sell her house and sell her house, heavily implicated her relatives). Now she is left alone in a fourth-level motel in Phung Khoang village (Thanh Xuan, Hanoi) and her property is a computer connected to the internet.
On weekends, a group of friends who do business with her in the FX market come together to eat and drink, sing if they win big or cry and struggle if they lose. Her life drifted aimlessly through the day like that.
Joining in buying and selling gold with her, there were many people who were classified as “giants”. They baked into the gold floor tens of billions of dong in a short time. A friend of hers used to own two luxury cars, now seeing her again she sees him as a motorbike taxi driver. The two remember the days when they burned money without regret at the gold floor of ACB, Kim Thieu and Dinh Phong, but were sad about a time of ignorance. A few weeks ago, another friend of hers ran away from home when her husband found out that the more than six billion dong of the company he had trusted in her custody had been thrown into the FX world by her. Person That friend calculated that she would temporarily put money in to feed the negative order, but the gold price plummeted like a flash flood, sweeping away the money she put in to hold the order.
That family is now sitting on the fire. Company money is lost, the wife does not know where to go. And, two days ago she showed me a text message from a friend from the south: “This afternoon I mortgaged my house. The wave is gone. I sold my wife and children, my way back is over.” Her own story, and then witnessing her friends’ fortunes gradually fade away with FX, made her extremely miserable.
