Japanese traders are known to have a large population worldwide. But most of these Japanese traders are said to be dupes. Why is that? What is the reason?
Are Japanese Forex Traders Ducks?
In the FX world, Japanese traders are said to be dupes. The trading volume of Japanese traders is the highest in the world. About 60% of the world’s traders are said to be Japanese, so why are only Japanese people treated as dupes? This is for the following reasons.
Trade without forex knowledge
Most Japanese traders invest without knowledge of investment. Forex is also an investment, but in foreign countries study of investment is solid. However, in Japan, studying investment is not a class. Therefore, it is said that it is a standard to get into the world of investment somehow and take money. Therefore, it is treated like a duck by foreigners.
However, in the United States and England, investment education is given from childhood. For this reason, Japanese people already have a big difference from foreigners when they are children. It will be a tough battle for Japanese people because there will be a big difference depending on whether they have investment education or not.
automated trading scam
Japan is a country with many investment scams. Among them, there are overwhelmingly many automatic trading frauds in FX. Most of the time, I was deceived by words such as “I can definitely win” or “There is a guarantee”, and I ended up buying a high-priced automated trading machine, and ended up losing even more. In the first place, the automatic trading system is designed to always lose regardless of the price, so it is made to dance as the scammers want.
Impact of affiliate sites
In Japan, Forex sites created by affiliates often come to the top of the search results, but the creators of these sites have no trading experience, so they only list sloppy things. There are many hopeless sites that recommend automatic trading as mentioned above. A beginner who has been deceived makes a messed up trade and loses a lot.
i love contrarian
For some reason, many Japanese traders love contrarians. Contrary is going against the current flow, so it’s basically a battle that will increase the unrealized loss, so it’s pretty tough mentally. Therefore, it is not a highly recommended tactic. Some people can’t cut losses and lose all of their money.
Investment salons and community influence
There are many suspicious investment salons and communities in Japan. Many of those sites are led by scammers and sell high-priced information products, and many of them are not able to acquire knowledge about trading. And there are many cases where Japanese people who thought they were studying enter the market in earnest and are defeated. Many of the organizers of these dubious salons are inexperienced in Forex, and they often run salons because they can’t win in the first place.
Accepting information from other traders
In Japan, there is a lot of information about FX traders, and it is also a situation of information overload. I often teach traders how to win on Youtube and SNS. However, there are many people who do not know what is correct due to information overload by swallowing a lot of information from other traders.
obsessed with money
There are many Japanese Forex traders who are obsessed with money. I completely ignore the risk of losing all my money, raise the lot too much, or go bankrupt over and over again. It has completely become a market nutrient. The reason why you become so attached to money when trading Forex is that you focus only on making money.
XM is recommended
XM was originally known as a forex company with too wide spreads. But this was only recently. Now there is an account type called KIWAMI account. The spread is very narrow and very suitable for trading. Therefore, this account type is highly recommended. Especially for those who trade in pounds, it is recommended because the spread is extremely narrow.