Forex trading has become highly popular that the internet is now packed with plenty of information about it. Accessing Forex resources has never been easier as discussions, articles, blog posts, and even forums dedicated to Forex are continuously increasing. However, you shouldn’t believe all of them. The internet, as well as the Forex world, are full of scams and false stories.
Let’s discuss the 5 most common Forex Myths
Don’t stop trading cause you might miss an opportunity
One of the unique features of the Forex market is that you can access it 24 hours a day. But that doesn’t mean that you should stay in front of your computer all day long to trade. Successful traders don’t spend an entire day trading currencies even though the market presents a great opportunity for profit. Always remember that trading is not just about building up your earnings, it’s also about risk management and capital protection.
Forex gurus are always right
There’s no harm in getting inspiration from other successful traders or Forex gurus, as they call themselves. But you have to figure out your own way if you want to be successful. No complex trading system or strategy from these so-called gurus could guarantee you success. After all, it’s all in your hands.
It’s better to trade more currency pairs
Trading more currency pairs requires more time to analyze the market. If you are a beginner, that is not ideal. As much as possible, you have to avoid overwhelming yourself with loads of information. Focus on one pair at the beginning and when you got better and more comfortable with your system, you can add more pairs.
Complex systems and strategies are the best
You don’t need complex strategies to be profitable in trading currencies. There’s a high number of Forex technical indicators available but you don’t have to use all of them. You may only choose the best and most important ones and then develop your strategy according to results.
Forex is a scam
Forex is not a scam. The only scams out there giving Forex a bad name are those unreliable brokers, signal providers, and self-proclaimed account managers who promise naive traders perfect and 100% return in just a matter of days.