when you begin to read Forex blogs, or articles dedicated to Forex, you are going to soon discover that there are things that doesn’t quite make sense to you. Therefore you are spot on- because, most likely, you’ve come upon one of Forex myths that are going around for ages, but simply aren’t true, or even worse, if you use them, you will lose your investment capital in Forex. We actually have earned money in Forex, and not for single month using a trading robot. On the contrary, it was learning, and applying things I have learned first in demo account and then on a real account, enduring, manual trading, applying only the best trades. Here are my supreme five myths I want you to be aware of. Around two percent of people lose money in Forex and if you don’t pay money for this particular robot, you will be among them. Wrong!! because of the several reasons. First, I have yet to see a robot which is profitable over a long term. All of the robots that I have known have emptied one’s account sooner or later. And whoever measured that ninety five percent? Just that you know, it is quite simple to be profitable at Forex, but there is no magic bullet.
Number two reason is in that trading is all about your mental state. Wrong!! If you cannot tell your support from your resistance, no mental state in the world is going to help you. Of course intellectual state is significant, but it’s not the only aspect you are supposed to rely on. You need a dependable system as well, back tested by you, on your own demo account. Number three reason is in that you can just go to your computer and earn money, since Forex is open all day round. This is essentially wrong as well. Forex is not your ATM, and you should never treat it as such. You will just lose your earning. True, Forex is indeed open twenty four hours a day, however to make money, you need market movements- instability. And if it isn’t there, stay out. Consider for trades come to you, not chase after them.
Number four myth is that you can make a fantastic living off Forex by investing a small amount of money, since Forex is a multi billion dollar market. Wrong wrong wrong!!! I just hate when I see an ad copy like this. Trust me, there’s nothing beautiful about lots of people losing their hard earned money simply because they thought it is easy to make huge gains. Instead, always limit your risk contact to a sensible amount. There’s no way you will win all the trades, so be ready for losing too. Number five myth is that there’s a secret plan that will make you millions. Wrong. There isn’t. Any strategy may work, and any strategy may fail. That’s why it is really important to learn yourself what’s what, and be prepared to test any claims.
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