As on-line Forex trading becomes more popular, it is getting cloaked in a wrap of some myths. Some of these myths are harmless, but some can be extremely dangerous to the beginning traders. To recognize such myths from reality is the basic condition of successful Forex trading. More than that, maybe after you learn about some Forex myths that they are really just myths you will dramatically change your opinion about Forex market.
Here is the list of the most dangerous and stupid Forex myths:
Forex trading is easy. Actually it’s not easy at all, it’s pretty hard. It’s easy to start trading, but succeeding takes time and practice. Of course, there are talented traders that learn very fast, but generally starting traders should dedicate part of their time to educating themselves.
Forex is a scam. Forex got some bad fame after HYIPs started to claim that they earn money on Forex. Actually Forex is a real currency market and anyone can trade there themselves and be responsible for their own decisions, so it’s hardly a scam. Forex can be compared to a stock market, but it is more volatile and the leverage is usually higher. The only scams you should be afraid of as a Forex trader are scamming brokers or scammy marketers that sell Forex e-books and sure-fire strategies. A good way to avoid scam Forex brokers is to use only well known and tested brokers (you can choose one from the list compiled by Forex Nigeria.)
Only rich can trade on Forex. This could be true like 20 years ago, but with the fast development of the informational technologies and particularly the Internet, Forex is now open to everyone. You can start trading with just $1. And you don’t need big amounts of money to ”move„ the market, it’s almost impossible with the current daily volume ($3.2 trillion). All you need is practice and a trading strategy.
Forex is completely random. Although the short time fluctuations on Forex market may spontaneous and random, the long term movement of the currency pairs rates is not random. It has a certain range of probability, but it is not random and can be predicted. Major banking institutions forecast the currency rates and earn big money on that.
There is a “holy grail” in Forex. Some prefer to believe that they can find some strategy that will earn the millions and will work forever. Unfortunately that belief has no proof, successful traders always change their strategies and adapt them to the market. Usually even a Forex strategy is something that can’t be expressed as a simple set of rules, it must used with someone with enough experience to be really profitable.
Stop-losses are not necessary. In a short, trading without a stop-loss is a suicide. With high leverage and no stop-loss your Forex trading account will wiped clean in no time. Learn to set your stop-losses to some point not too far from order’s entry price. Keeping losses low and profits high has always been a good move.
Well, you now know above statements are a myth, try Marketiva for free! Really? Yes.
How much money do I need to start trading right now? With its flexible quantity specifications and $5 cash reward, Marketiva allows you to start trading with no money down. Due to strict lot specifications, many other over-the-counter market makers require at least $500 to start with.
Where and how do I start? Before you can start trading, you need to open an account with us (it is free) and download our trading platform (Streamster). To open your account, please visit:
and to download Streamster please visit: