It is not a secret that there is a number of taboos about the foreign exchange market. I only mention the word “Forex” and I can already hear people whispering, I mean, the immediate reaction of most people to the Word is like we are talking about a bunch of legends, myths and prejudices surrounding these “Forex” Market. From the junk emails everybody hates, best no deposit bonuses 2016, to those unscrupulous persons who are able to rig the market on the belief that it can make you rich overnight. Some of them are true, others less so, but you have learn to avoid them in order to maintain your investments under control.
My best advice is to keep your distance and read articles and blogs with a critical eye, you can learn from them, and relate those to your own experience. Either way, these are the three main prejudices or misconceptions (judge for yourself) surrounding the foreign exchange:
First prejudice – Only the experienced traders can succeed
Only practice makes perfect, even when you are trading with the best no deposit bonus 2016. That’s true to a certain extent, because all of the experienced traders are actually seasoned in battle. And what’s worse, you can be considered an expert among the forex community, even if you are constantly losing half of your trades. The reason is that not even the experienced traders can have it right all the time. Think twice next time the best “expert” comes to give you the “best” advice and make sure you share their vision.
Second prejudice – Forex makes you rich overnight
First things first, you’ll get big profits in the Forex market only if you master your strategies and learn to analyse trends to finally make the right decisions. Actually, mastering your margin trading, options, and futures, is not achievable so fast, or easily. I mean, we are talking about advanced strategies. Winning trades is definitely not a simple task, is a process, more than a long-term project. None of the profits will come just from lucky chance with no deposit bonus in 2016.
Third Prejudice – Forex is Predictable. Therefore Rigged
One thing is certain; the foreign exchange activity is so volatile that it can’t be arranged. Don’t forget that the currencies, the stock prices and the exchange rates are always fluctuating, so it is very difficult to see the patterns right away. You should be aware of any forecast and magic formulas that strive to dominate and convince you that it’s all about scientific procedures. Forget those trick mails and videos offering fail-safe patterns of the market, they simply don’t exist.
Conclusion: To sum up, the only way to success in the Forex market is by learning about the foreign currency movements and building your own strategies and tools. Keep on reading our articles and stay yourself informed.