There are various opinions about forex, but some of them are misconceptions shaped by ignorance, bad experiences and scam sucker-bait addressed to forex newbies. You will come across absolutely contrary opinions when reading reviews on forex.
Forex is nothing else than hoax and swindlery!
This is one of the myths about forex that has been created by “expert’ traders who’d been cheated. It is possible to make a good bargain at forex, so scammers don’t miss their chance to do so. However, it is possible to avoid contacts with insecure intermediaries. Despite of common forex trading myths, choose reliable brokers, read reviews on brokerages, have a look through forex ratings, and remember, any conditions offered to you by a broker or a dealing desk have to be profitable as much as realistic.
Traders never earn anything, the result is always the same: loss of money! Or – you can get it all at once!
Both these allegations are groundless. Forex is not a casino, and it is not recommended to count on luck here. Once you come to trade seriously, you can count on a decent income, however, not at once, but after a serious several-months long training course.
Trading is related to huge risks!
Any business is risky, and forex trading IS a business. You can lose money you’ve invested into a store, a company, etc. Wouldn’t there be any risk, everyone would have become a millionaire. Should you get properly prepared to trading, you will already get your first profit during your first trading month.
Big investments are needed!
After forex trading has just emerged, trading was accessible only to the major financial institutions and to the well-heeled residents of the glorious metropolitan cities who used to smoke expensive cigars and had millions on their bank accounts. Currently you don’t necessarily have to live in NYC or Tokio to be able to trade forex; all you need is a computer and Internet connection.
Another myth about forex trading is that it is an extremely unreliable source of income!
This statement has absolutely nothing in common with the real state of affairs. Every day forex market witnesses deals on trillions of dollars. The major forex market participants are the most reliable and respectable banks, funds, financial companies. There’s hardly a more reliable market in the world; at that, reliability of a trader’s income depends completely on him personally.
Forex trading requires special knowledge and expensive training!
This is yet another delusion and another myth on forex; economics, maths, as well as other sciences won’t be of much use here. Only those who have a will to become forex traders can make it, regardless of their current occupations – a taxi driver, a janitor, a model, a school teacher… As for forex education, it is available, very often special training programs are offered for free.