Many people invest in Forex by being mesmerized by the name and the profit in it. They know it is a profitable market but what they do not know if they can only make the profit in this market if they win the trades. This is so hard in Forex that you will find only 5% of the traders are winning in Forex. They are also professional and if not professional, they have worked very hard. This article will tell you the truth about Forex trading. This market has been sugar coated for many years and people lost their money. If only trading in this market is so good, you would know there would be more successful people in this market. Read this market and the real truth will unfold before your eyes. You may know many things that are believed to be true but you will find them they are only myths in this article.
95% of the traders lose money
Before you start your trading career you have to know the success rate of Forex trading profession. Most of the retail traders are losing money since they don’t have enough knowledge to trade the market. Even if you develop strong trading skills, you have to control your emotions to deal with your losing trades. It’s very hard for the human being to embrace losing trades. But the professional Aussie traders always embrace losing trades and wait for the next trade setup. This simple trait allows them to make huge money in the long run.
Do you want to make quick money? Do you want to change your life within a month? If so, trading is NOT the perfect profession. Have a look at the successful Aussie traders in the professional Forex trading community. They always consider this as their business. They set realistic expectations for this market and protect their trading capital from wild swings of the market.
This market is random
This is one of the most told lies in Forex. This market is not random, it never was and it will never be. All the trends, the movements of the currency pairs that are on your chart is not the result of random trading. They are like this because the market is moving in this way. If you think this market is random and you will make money by placing your trade randomly, you can never make the profit. Professional traders know this is only a lie and they do not tell the other traders. The reason is if you know all the secrets, maybe you will lose interest or you will become a better trader. The chance is you will become a better trade and no traders want competition from other traders in Forex.
One strategy can work in every market
This myth is also known as the Forex Holy Grail. This myth is accepted to the new traders who do not know much about the market and think they can be the winner. They are searching for one true strategy that can be used in all the markets regardless of their volatility and trends. This is the chance the scammers take and they present this Holy Grail to the traders. People buy this strategy for high prices and they are cheated. They not only lost their profit by trying to trade with these Holy Grail but also lost money when buying it.
You will lose money for years before you start making profit
It is true you cannot make money immediately from the time you have started your trading. It will take months to understand the trend and more months to develop your strategy. A year will pass by and you will not understand. The successful traders that you are watching around you have years of practice and experience. You have to lose money to make money in Forex. You cannot give up hope and you have to practice consistently.