Forex features financial potential for students

Story by Jacob Phillips, Online Editor-in-Chief

What if I told you that you could make money right off your phone? That’s what East Meck senior Elefterios Moussouris was asked one day while out with his friends. Interested in this opportunity, Moussouris asked for more information, which led him to attend an event for more information.

“When I came to the event I was shocked,” Moussouris said. “I saw people my age–18,19, all under the age of 25–being successful, making money off their phone.” 

Moussouris participates in Forex, which is the market that trades all different forms of currencies from around the world. Every weekday, $6.6 trillion passes through the market and Forex traders look to make a profit off the constant change of currency exchange rates. It is the largest market in the world and is used mostly by large banks, but there are traders like Moussouris and his team who use it to make a personal profit. 

Moussouris made the decision to transition to becoming a Forex trader after seeing the potential it gives him for a life he seeks. 

“Forex is my way out,” Moussouris said. “At first I wanted to be a pilot, but it wasn’t for me–it was too much time away from home. Then I wanted to be a mechanic, but when I shadowed my mom’s mechanic, I saw he looked miserable so I decided to invest myself into Forex.” 

Today, Moussouris is part of the biggest global trade market as well as a successful business called Rich Society. He is also part of his own group within Rich Society called FinnessingPips. He is a full-time trader and makes money by teaching others the skills that he has acquired.  

Many people believe that what Moussouris does is a scam, considering the required payment before trading in the group. 

“You don’t pay to do Forex, Forex is a thing you can do for free,” Moussouris said. “You sign up and pay for IML, an educational platform that teaches you. That’s why people think it’s a scam. You pay to go to college and get educated and this is the same thing: paying to be taught a skill that will make you money.”

Before starting Forex, there are a number of things that must be taken into account. First is that Forex is not a get rich quick scheme. It takes work, time and education in order to be a successful trader. Also, many people describe Forex as a “zero-sum game,” meaning that what one trader makes, someone else loses.  This doesn’t mean, however, that you can’t make a profit. One would just have to make smart trades at proper times, but be careful in attempting to do so. Forex is an investment where if someone is not committed, they will most likely lose money.  

The Forex market is constantly changing due to a number of outside factors. Many things affect the value of currencies, so it is important to be aware of those factors.

“There are many different things that affect the market, even Coronavirus is affecting the market,” Moussouris said. “Also trade deals, oil values, gold values, you just have to watch the news on top of your market analysis in order to make maximum profit.” 

When trading with Forex it is important to be able to identify and recognize Forex scams and foreign exchange fraud. According to U.S law, Forex fraud is committed fraud if someone does any of the following: churning customer accounts for the purpose of generating commissions, selling software that is supposed to guide the customer to large profits, improperly managed “managed accounts,” false advertising, Ponzi schemes, and outright fraud. It also refers to any retail Forex broker who indicates that trading foreign exchange is a low risk, high-profit investment. It is also important to watch out for signal scammers.

“You should never give your socials out, and don’t give anybody money personally,” Moussouris said. 

For Moussouris and his team, Forex has given them the opportunity to achieve the goals they set for themselves.

“I want to get enough money to start my own business, start a commercial real-estate business, and buy my mom a house one day, and Forex gives me the hope I can do that,” Moussouris said.