Let’s be realistic here. Everyday, the number of newcomers who wants to win big in a Forex trading skyrockets. Lured by a mouthwatering advertisement, these novice traders begin to believe in the deadly circle of Forex lies.
If it is so easy to generate income and become rich through Forex, everyone must be a trader. However, the reality does not say so. Forex is not for everyone.
Despite the painful truth, many brokers keep telling Forex lies and want those novice traders to blindly follow it. Actually, this concern has become a grave issue even in a Forex forum.
Without further ado, here are the most popular Forex lies that novice traders believe!
Also Read: Is Forex Trading a Scam?
Forex Will Make You Rich
In most cases, Forex trading will not make traders rich. Those who gain unthinkable successes are among the exceptional cases and it is unwise to blindly devote yourself to such phenomena.
Most traders are trying to gain profits consistently instead of becoming a billionaire. That is the point of Forex, it’s the matter of consistency.
Irresponsible brokers, however, lure people with little to none knowledge and who desperately needs money to try trading as their one stop money-making solution. Yup, it only enriches the brokers, not those people.
Once You Know the Strategy, You Will Never Lose
It is sad but true that understanding the strategy would not bolster up your opportunity to avoid losses. Many traders, in addition, think of it as simply theories.
As a matter of fact, an expert trader most likely encounter roughly 20 losses prior to gaining a win. That is a lot of number and, subsequently, a lot of capital to lose.
That being said, these strategies, or theories, are not indubitably worthless. It is always better to have a small portion of understanding when doing something than nothing.
Rich Traders Become Rich because of Forex
Nearly all rich traders do not become rich after trading. They are already rich even before trading.
The thing is, many expert traders warn newbies about using their unspent money as the capital to trade. However, these people are already under the impression that these people generate tons of money through Forex trading.
To some extent, it is worth understanding that sometimes expert traders do not truly need their profits from Forex trading. They do it for hobbies, unlike people who desperately require money.
Also Read: Sources of Forex Scam and How to Avoid Them
