About to get started in Forex trading? Well, being the largest financial market around, I'm pretty sure you have heard more than a thing or two about Forex.
Some good, some bad, but not all of them are true.
If you want to have a good start in your Forex trading career, then it's important that you separate the lies from the truth.
And right here, I will show you 7 GREAT lies in Forex that many people fall for: Forex Trading Is A Piece Of Cake: Oh really? Tell that to the beginning Forex traders whose accounts didn't see daylight! And to be precise, 90 percent of these new traders lost their accounts.
Just like in any profession, you need to invest time, money, a lot of practice, and a little bit of 'trial and error' in Forex trading until you see that constant income.
It takes more than just reading a book or two, buying software or Forex trading robots, buying an expensive and complicated strategy, and the like.
The Forex Market Is Open 24 Hours A Day, I Can Profit Whenever I Want: While I would have to agree with the first part (that Forex is open 'round the clock), I would have to strongly disagree with what follows.
Unless you are a machine, there's no way you can sit in front of your PC 24 hours a day.
That is why it's very important that you are aware of the hours when your chosen market or currency pair is most active.
Copying Signals = GREAT Profits In The Forex Market: Copying is the greatest form of flattery, but it's not the best way to profit in Forex.
Trust me, many of traders got burned by following signals blindly.
By doing so, you are leaving the whole responsibility into someone else's hands.
Many have argued that, if you are following signals from someone who is profitable, then you will profit, too.
That's not the case, however, and you will soon find your account battered with huge loses.
I MUST Predict EXACTLY The Market Outcome To Be Profitable: As much as we want to have everything under control when trading in the Forex Market, we can't.
There's no 100 percent / scientific technique for predicting market outcome...
at least none that I know of.
I Need To Have a Complex Trading Strategies To Be Successful: This is another popular myth that many online sellers of different Forex software, robots, etc.
want you to believe.
This myth has been debunked by many successful Forex traders who use simple and old strategies.
What took them there, however, is a good dose of self-discipline and money management.
I Need To Have A LOT Of Starting Capital To Be Profitable: Having a huge and deep Forex marketing pocket won't help you if you don't have the self-discipline, correct strategy, and money management techniques necessary.
Unless you want to move currency rates with your trading orders, you don't need billions of dollars to get started.
It's Gambling!: True, you cannot be 100 percent sure in Forex or any other financial market for that matter, but that doesn't mean it's totally random.