While many of these myths are relatively harmless - they do cast doubts on the Forex industry, and some can actually be costly to beginning currency traders as well.
Guest Posting has grown in popularity in recent years. This is largely due to the growing popularity of online stock trading. Along with the popularity of online trading comes the hype, myths and sometimes, outright lies. Here is the list of the most common Forex myths:
Trading forex is simple. The truth first. Forex trading is simple and easy. It's easy to buy and to sell currencies online. Making money and succeeding is not easy. Education, time and practice are required. There are some traders who learn quickly, but most traders need to spend time learning, developing strategies, and practicing.
Forex is gambling. This is a myth and is often heard about all forms of trading; whether it's stocks, bonds, futures, options etc. Forex is macroeconomics in its purest form. It's even more pure than other forms of trading, as it only deals with the behavior, structure and performance of national and regional economies, as well as their interrelationships. If this were true, then all the national economic administrators, advisors, consultants and students are the world's best gamblers. We are instead all students of psychology, economics, technical and fundamental analysis.
Forex is a scam. Forex got some bad press after High Yielding Investment Programs (HYIP's) started to claim that they earn money on Forex. Recently, a New York firm was closed down for defrauding investors of millions and an internet trading website of another was dismantled. Fortunately prison terms have been issued for bringing discredit to a legitimate, regulated and law abiding industry. Forex is not a scam. It's an actual currency market, where traders can make their own decisions and trade on their own. Forex traders should only be concerned about scams perpetrated by brokers and marketers who sell Forex books, trading systems, sure-fire strategies or other "too good to be true' devices.
Only the rich can trade Forex. This was the truth. Forex trading is now available to all thanks to the rapid development of Internet connections with high bandwidth, and the financial backing from the largest financial institutions around the world. You fxcm-markets.com/insights/crypto-trading-everything-you-need-to-know-about-cryptocurrencies-in-malaysia/ can start trading with just $1.