Top 5 Myths in forex

[biwake]

Fellow Traders,
Here are 5 myths about Forex trading which you must know. You can also add such myths. Let's start:

• It's a myth that you cannot earn anything with a deposit of $5. You can!!! The key to success is not the initial deposit but your experience. If you open an order in an appropriate moment, you will have the chance to double or even triple your initial deposit. In other words, think of your entry and exit points rather than how much you can make with just $5.
• It's a myth that ECN brokers are better than Market Makers. It's true that Market Makers can trade against you. Why ECN brokers cannot?!
• It's a myth that reading books will make you a successful trader. If you don't think like investors, you can't be successful. Moreover, noon will share his/her trading strategy. They can only give you a piece of advice.
• It's a myth that Technical analysis is more helpful than Fundamental one. The truth is Fundamental analysis is more important than Technical analysis. Your forecast will be accurate if you try to combine both analyses. In fact, technical analysis is a price projection. The price itself is formed by bulls and bears whose needs are based on the current market conjuncture.
• It's a myth that trading with figures could guarantee you a profit. All articles claim that setting a "stop loss" is mandatory and give you an idea where and why you must put the stop loss. In fact, Market Makers know best where you have set your stop loss and usually break the figure in order to trigger it.

[tirus]

[*]It's a myth that reading books will make you a successful trader. If you don't think like investors, you can't be successful. Moreover, noone will share his/her trading stratedy. They can only give you a piece of advice.

 

I have to agree with you here

because knowledge

only cannot guarantee success during your trading in forex. Yo

u may know what the right thing to do is but may not be able to take appropriate action when it matters. There are still other factors that come into play such as your tradign strategy, discipline, financial management, focus and controlling your emotions that.

[pepy]

haha the first myth makes me laugh, of course we can earn even lower than if we trading with bigger amount lol, and you are totally right it is not amount of deposit or money we will trading but it is about our own skill and experience in forex, i ever see one of my friend can triple their money with only $10 lol

[famouspublisher]

Think about currency trading as a voyage, and not a location. There is no final successful trade; no huge gains; no business of the century. Innovative strategies like edge trading, options, and futures trading, require a lot of research. Investors earn money in currency trading by assessing styles and making smart choices. The gain on each business is a small step towards his or her long-term objectives.

[famouspublisher]

Actually it’s not easy at all, it’s very difficult. It’s easy to begin interacting, but following needs a opportunity to perform and perform out. Of course, there are experienced traders that understand very quick, but usually starting traders should make aspect of their a opportunity to coaching themselves.

[famouspublisher]

Sometimes you might listen to a investor protesting and complaining that the industry is towards them. Every business they make is a dropping one. They responsibility the agent, the interbank, the govt, the time. The fact is this: currency trading prices change often and are too unpredictable to be rigged. Forex trading is not for the faint-hearted. Accusing everyone but yourself for bad investments will avoid you from learning and increasing as a investor. The only person accountable for your inadequate business efficiency is you..

[fari]

i made 26$ from the investment of 14$.nothing is difficult or impossible here. you have to work hard and remove these myths from your mind. these are spread by the people who did not got success in this job and started spreading these kind of rumors.

[brokenblade]

I like what you have to say about reading books on the Forex market. I agree. You have to have the mindset of an investor in order to succeed in any market. I think that would take experience.

[indieover]

I totally agree that we the small amount of $5 that we can make profit already as long as you know how to trade well and although don't expect to earn a big amount after all your capital is just small also. But it's showing that capital is not as important as your skills and with only good skills would you earn from forex.

[pepy]

I totally agree that we the small amount of $5 that we can make profit already as long as you know how to trade well and although don't expect to earn a big amount after all your capital is just small also. But it's showing that capital is not as important as your skills and with only good skills would you earn from forex.

but the profit is not that big as people who invest with big amount, i think we should deposit with big amount of money and then trade it if we want to earn big amount of money, how can it be $5 give us $10,000 ? i think i never find someone like that in forex until they are into gambling

[tirus]

Granted, you may not expect to make such huge profits from trading with small amount of capital but that does not mean that it should stop you from trading at all. You can still make some profits out of your trades and it would be best to also gain experience while you are gathering some capital from other sources too.

[zebrut]

for a beginner should not set targets big advantage because if we set these targets means we are still controlled by the nature of greed and selfishness are basically one of the biggest enemies within ourselves that we must eliminate, if we can not eliminate greed and selfishness in nature we are not yet to be regarded as professional traders for trade professionals

[luke1]

Well, the articles above are all about myths. But, some is true, some is not. Every thing about the Myths here, we can not take it 100% as a correct thing. If sometimes it is happened on us here, this can be coincident thing, and still can not be, the myth is 100% true here. Forex is the real thing

[cesperlight]

thanks a lot for your words that really change my thinking before i heard only for earning good profit you have to start with a good amount but you make it clear to me.reading books ,technical knowledge ,taking risk everything is important for trade.

[pepy]

Well, the articles above are all about myths. But, some is true, some is not. Every thing about the Myths here, we can not take it 100% as a correct thing. If sometimes it is happened on us here, this can be coincident thing, and still can not be, the myth is 100% true here. Forex is the real thing

i see only some of that myth that come true while the other is not, and that is not good if we truly believe that all because it will give us mislead information about forex, just learn more and keep practice what make us become a better trader, and don't believe in any myths of forex.

[tirus]

i see only some of that myth that come true while the other is not, and that is not good if we truly believe that all because it will give us mislead information about forex, just learn more and keep practice what make us become a better trader, and don't believe in any myths of forex.

 

The best way is for us to do proper research about the things that we come across when learning forex so that we do end up being mislead or fed false information. Its easy for beginner to be swayed by the things that they come across like myths if they have the right information or ask around for advice.

[pepy]

 

The best way is for us to do proper research about the things that we come across when learning forex so that we do end up being mislead or fed false information. Its easy for beginner to be swayed by the things that they come across like myths if they have the right information or ask around for advice.

not all people believe in myth which sometimes like a jokes, but not all myth like jokes because some of them usually have true part, but for newbie i agree with you, it is better if they should ask some comunity in some forum, and i think they can get the answer for some myths of forex

[tirus]

Yes, this is one of the ways that they can be able to decipher whether the so-called myth is true or not. Otherwise they might just end up believing is something that will just lead them to trading carelessly or just land them in huge losses.

[PROPENSITY100]

Its true that its not the deposit but the knowledge and skills that enables us to achieve profits in Forex trading. 10000 $ in the hands of foolish traders will become 1 $ in a few days while 10$ in the hands of knowledgeable and skilled traders will become 20 $ in a few days.

[pepy]

Its true that its not the deposit but the knowledge and skills that enables us to achieve profits in Forex trading. 10000 $ in the hands of foolish traders will become 1 $ in a few days while 10$ in the hands of knowledgeable and skilled traders will become 20 $ in a few days.

as long as we have some knowledge in forex then we should have few confident in forex, be a confident trader is good because it will maximize our profit, but don't be over confident, but deposit actually have few effect for traders because if you can trade well then you will get more profit with higher money you trade

[euro]

I think that stop loss is essential but I think that there are a lot of things that a trader need to look out for so they don't get rob blindly. You get robbed blindly sometimes in this kind of world. Especially if someone has something to gain more than you. I think you should know it all to avoid losses but a lot of people also lose all their money without stop loss. I think that as long as you have a better advantage and give brokers no reason to scam you then you're good. I'm worry about being scammed by brokers. Things like not being able to withdraw money is scary too. 

[screw_twizz]

Think about currency stock trading as being a trip, but not an establishment. There isn't any final productive deal; no huge gets; no company on the hundred years. Impressive methods including border trading, possibilities, in addition to futures trading, require many research. Traders build an income in currency stock trading through coming up with styles in addition to generating wise choices. The actual obtain upon each and every company is usually a modest step in the direction of her or his long-term goals.

[Decub]

Sometimes I really think that certain brokers hype the potentials of Forex. Even though Forex is so lucrative of a business, there are times the brokers make it sound so good to be true that the traders get engulfed in it. This most times even lead the newbie to believe that all their financial problems are solved with Forex.

[myregister]

@decub: That is really wrong, i advise for trader never have that kind of thinking forex could but it must not be the way to solve your issues, i find this thing happening with many new traders that overconfidence with their ability, forex is high risk and this is why we should think twice before stepping into this business.

[pepy]

@decub: That is really wrong, i advise for trader never have that kind of thinking forex could but it must not be the way to solve your issues, i find this thing happening with many new traders that overconfidence with their ability, forex is high risk and this is why we should think twice before stepping into this business.

But you cannot stop all traders or someone who want to be a trader to trade in forex, forex is an open business anyone can step into it even with that risk people believe that they could "tame" forex, which turn out to be a bad idea since they don't have ability or at least knowledge about forex itself.