Top 10 myths about forex

[Dora_WalletInvestor]

I’ve been asked many times by people I know that isn’t trading and gambling one and the same thing? I think this is the biggest myth people have in their minds about traders. They don’t think of trading as a real career which involves learning or skills just like any other business.

This is definitely a big one. There are also a lot of beginner traders who treat it like gambling and expect big profits - a lot of the aforementioned myths such as the market is rigged are perpetuated by people who haven't understood how to control their trades.

 

[Fried_Rice]

95% of traders lose.

Even though ESMA rules have made regulated brokers clearly state the percentage of traders that lose is between 60%/80%, depending on the broker.

Yep, this statistic is so skewed..... Just more bullcrap from regulators to try and deter people from becoming financially independent from the modern form of slavery.... They wanted to keep it away from the working class.

 

[e_abrams]

Why do you think the statistic is skewed?

 

[Resolve]

This is definitely a big one. There are also a lot of beginner traders who treat it like gambling and expect big profits - a lot of the aforementioned myths such as the market is rigged are perpetuated by people who haven't understood how to control their trades.

If we are doing gambling in our trades then we will never be able to get the success.

 

[Flophouse]

These misconceptions are the root cause for traders losing trades. The unrealistic approach about making profits leads to neglecting risks resulting in losing.

 

[BritneyHolden]

Forex market is volatile and unpredictable. There is no guarantee that the technical indicators that are being used are 100% accurate. And traders should know this fact. That is why it is recommended to backtest the trade on a demo account and use more than 1 indicator to enhance the probability.

 

[Dora_WalletInvestor]

If we are doing gambling in our trades then we will never be able to get the success.

I agree. Gambling results in very unpredictable profits and losses and goes against the fact that there are a lot of things in trading that you can exercise control over.

 

[e_abrams]

No one who gambles is able to profit regularly in any sustainable way. With gambling the casino always wins. This is why one must never approach forex like gambling - at least not if they want to profit.

 

[Lewis Capaldi]

Thank you so much for your long detail explanation! Really, Forex trading isn’t any easy way of money making! Here more than 95% traders are unable to earn consistent money! So, expecting easy money is meaningless here! This is why, most of the new traders need to focus on their learning part instead of money making!

 

[Catastrophe]

Gambling forex may bring profits which is entirely the matter of chance. Traders looking for achieving success in the long run need to work hard and gain appropriate trading skills and knowledge.