The forex market isn’t a labyrinth as widely talked. Today, the confusions are not unconnected to the various myths, fake news, and misconceptions among traders. From winning forex indicator to the “Holy Grail,” traders have formed their perception about the market.
The information on the internet is confusing and mixed with different content about trading, psychology, risk management, strategies, etc. For a beginner, the quest to have precise information about the market can be thwarted since they know what information is correct. Additionally, some of those content was written by inexperienced traders who are still experimenting with the market.
In this post, besides having a winning forex indicator for trading, you will learn essential myths that many traders over the years have believed to be the truth. Get ready to unlearn whatever you have learned. Getting the right perspective when it comes to trading is priceless. Let’s get the ball rolling.
Forex Trading is like Gambling
Some traders have this notion that trading is similar to football betting or casino gambling, which is usually a game of chance. Although trading has a speculative aspect because it involves risks, forex trading is more strategic with a high probability of winning.
The likelihood of a forex trader to win on each trade is possible; however, it depends on the trader’s ability to study and analyze the market correctly. By using both technical and fundamental analysis, it becomes more than gambling. Gambling is a game of choice, whereas forex trading is more or less a predictive adventure.
Aside from using a winning forex indicator of your choice, another means of improving one chance is through proper money management practices. Utilizing these practices can help build your account while running into profits, even with little losses. Therefore, forex trading requires strategic risks while you can blindly place a bet in casinos or sports betting.
Forex trading is not legitimate
Another unfounded myth in the forex market is that forex trading is a scam. Novices supposedly spread statements such as these; people who didn’t take their time to perfect the skill of trading. Trading is a skill which, like any other skill, requires time and patience to perfect. There is nothing like a scam in the market; it’s like buying your groceries in any local store.
However, people find ways of taking advantage of the inexperience of others in any unregulated market. The forex market has received many backlashes because of the collapse of some retail brokers, which led to customers losing their money. While there may be few bad eggs, the forex market or trading itself isn’t a scam.
For instance, trading using the MACD indicator can turn it to be a winning forex indicator while trading. However, another can misuse it and canvas that the indicator is useless. The perception of the later won’t be something beautiful about the market. No matter how the media or unsuccessful retail tries to put it, the forex market is not a scam.
Successful professionals only make money trading
Another deadly myth to keep people away from trading. This idea is purportedly instigated by retail traders who have lost money trading. Every trader was once a beginner before becoming a successful professional trader. Every retail trader has his or her own story of trading. Most times, you don’t hear the hard but the success only.
Statistics show that about 90% of first-time traders lose money because of impatience. To be a professional trader, you must think, act, and trade like a professional trader. Today, a lot of professional traders’ paper trade or use demo accounts to perfect their trading.
Regrettably, new traders don’t have the time to wait; they are focused on making money as quickly as possible. In trading, you have to keep to this statement, “slow and steady wins the race.” Yes, little profits heaped overtime becomes bigger. This is a simple strategy many professionals apply when trading.
You need knowledge of finance or business
Those who have worked in any foreign exchange know that you don’t need business or finance knowledge to trade. Today, most traders don’t even have an advanced degree or high school certificate. Some of these traders are people with a passion for trading and have harnessed their skills to become professionals. They have even gone as far as developing their winning forex indicator for the industry.
Trading forex isn’t rocket science but involves following the rules of the game. It is like the game of soccer where you abide by its rule. Your defence has to be keen to keep the opponents away while you unleash your team’s attack towards the enemy’s goal post.
You need thousands of dollars to trade
The fundamental concept of this statement is untruth because today, with as little as $10, you can trade. However, you can’t compare someone trading with a $10 account with another at $500.
Previously, it was hard to trade because retail traders don’t have access to the interbank market. However, since the advent of online banking and the introduction of leverage, traders have a level field to enter the market. You can operate a $100 account and open trades of over $10,000 because of leverage.
The internet has made trading easier since with a computer, an internet connection, and capital, you can start trading. If you don’t have a computer, then a mobile phone with access to the internet and funds, you can start a new journey of financial freedom.
Last Remarks on the Winning Forex Indicator
The internet contains numerous information that can be confusing for traders. Not all information is accurate because some individuals act like hawks spreading their tentacles for the next bird to track down.
Importantly, do your research to find if such information is correct. Additionally, don’t rely on any indicator or expert adviser you haven’t tested on your own. To help traders, we have the best winning forex indicator and tools to make your trading worthwhile.
Trading isn’t a labyrinth, but one that requires the right information. On this platform, we have various metatrader indicators and tools to help traders boost their ability further and ride towards making profits with consistency, so check it out through this link.