A quick note to forex-trading

I know you are not a bot. If you persist, I’ll put up more anti forex trading links.

Foreign currency trading can disrupt economies of poor country, often forcing these country to export food which would have normally fed the poor because they fetch far higher prices overseas. To quote Chandra Muzzafar on forex trading:

The powerful grip that currency trading and currency speculation exercise over global, regional and national economies is an indication of how little importance is accorded in today’s world to the fundamental question of social justice

WorldHunger.org writes on the drastic effects of foreign exchange trading has on the world hunger:

[currency trading] thrive on instability– manufacturing businesses are hurt by uncertainty and instability.

Mark Cuban has written out against speculation on oil, precisely because the speculation affects the non-participants. Forex trading is just plain dumb. What do you want to do? Trigger another crisis in developing countries, and see a rush of refugees from countries which are already on high alert for the avian-flu?

Look, if you want to lose your money playing around with foreign exchange trading, that’s your prerogative. Never mind that you are playing with your kids college funds. Never mind whether your silly actions decide whether developing-world kids get a meal on their tables tonight. I grew up in one, and I can tell you that these kids are warm, funny and loving. Don’t mess around with these beautiful folks life.

Don’t think you can’t lose big money on foreign currency trades. A foreign currency trader working for the Barings Bank bankrupted his employer (the Baring’s Bank) doing these risky trades. If the pros can get burnt so badly, do amateurs really stand a chance doing forex trading?

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