If you are in a habit of reading Forex forums, or articles which deal to Forex, you will surely discover that there are some things that are not quite easy to understand. And it is most likely that you’ve come upon some of Forex myths that are spread around for as many years as Forex exists, but just keep in your mind that they simply aren’t true. Another point worth remembering is that if you apply them, you will most definitely lose your capital which you have invested in Forex trading market.
Many people have earned a great deal of money in Forex currency trading market, but they did it not for single month. In fact in the majority of cases they used a trading robot. But at the same time, there was learning, and applying knowledge they have learned first in some demo account and then on a true personal account. After all of this educational work they applied patient, manual trading, taking into consideration only the best trades.
So if you want to avoid common mistakes here are main 5 myths I want to share with you.
Myth 1. Almost 95% of people do lose their money in Forex and if you don’t purchase some robot, you will be among them.
WRONG. First of all it is quite difficult to find some a robot which will be profitable over a long term. It is worth mentioning that all of the robots I’ve already seen have emptied personal account sooner or later.
Myth 2. Trading Forex is about your mental state.
WRONG. If you make mistake by mistake and lose your money, no mental state will help you to earn on Forex. It is doubtless that mental state is quite important, but you shouldn’t totally rely on it.
Myth 3. You can just sit to your personal computer and earn money
WRONG. Forex is not your property, and you must never treat it as such. You will most definitely lose your money in this way. Forex is open 24h a day, but to earn money, you need some market movements – volatility. You are to wait for trading come to you, never chase after them.
Myth 4. You can make fantastic earnings off Forex by investing a tiny amount of money
WRONG. I really hate when I see an advertisement copy like this. Believe me, there’s nothing great about immense numbers of people losing their quite hard earned money just because they consider it is easy to gain huge profits.
5. There must be some secret strategy that will most surely make you millions.
WRONG. There is nothing of the type. Any of them may fail but at the same time may benefit.
Today more and more people try to trade with forex software. Those who are searching for productive forex software – please make sure to read the review of this forex software, before buying any.
It is a must to read unbiased reviews of such kind of software before buying any forex day trading software because you will know about whether it is worth buying.