Truth about Pakistani Forex Brokers!

Few months back I was introduced to Forex by a "sincere friend" of mine, who told me that soon not only I will be earning millions of rupees per month be will have enough money to eradicate poverty from Pakistan :) and I believed all this bullshit even though generally I am a very cynical. I invested a hefty sum of 1500$ (132,000 PKR).

But soon after I opened my account in eToro I came to know that everyone here is a hungry dog, trying to snatch a piece of meat from your hand. From broker to signal service provider to IBs (introducing brokers) everyone is trying suck your blood ASAP........

In very first month I lost 993$ but my "friend" promised that soon not only he will recover all of my money but we will make huge profit as well. Thanks to Allah Almighty I didn't took loan to invest in Forex otherwise I would have been in serious trouble right now. It was only my father who provided my this huge sum of money and he is the only one who covered my blunders in life  (including this one. Thank you papa!)

After this loss I became too depressed and started thinking about causes of my loss. I came to know that Forex is NOT an easy money at all. Online Forex is the job of very high end qualification (in finance of course) and experience with extensive market analysis and research. It is not the job that a medical student can do or some fat-ass lazy bluffer can perform. One thing I want to make clear that you can still make 5-10$ a day with little experience but you know this money may be acceptable to some Pakistani who can't do anything else but not if you are living abroad. My "friends" who were actually IBs know nothing about finance but we doing this only on the basis of limited experience and their shallow understanding of Forex charts and indicators.

Another reason for my loss was that I let them operate my account and we decided that they will have share only in profit not in loss. I wanted to do things in "Islamic way" while later I came to know that according to few scholars online Forex business itself was not allowed in Islam.  So it was just like selling cannabis in Halal manner. (There are some companies who provide you Islamic Forex Accounts)

At the end my when I thought I was losing all of my money, I decided to confront my "friends" in plain manner but they also turned their eyes and stopped trading in my account. They stopped attending my Phone calls and replying my SMS and chat msgs. I am still living with loss of nearly 100000 rupees and guilt that why I believed such ****.