Some of these myths can be very costly for new currency traders.
Guest Posting has grown in popularity in recent years. This is largely due to the growing popularity of online stock trading. But along with this popularity comes the inevitable hype, myths, and at times, complete untruths. Here is the list of the most common Forex myths:
Trading forex is simple. First the truth. It is easy to start Forex trading and it is easy to buy and sell currencies online. Making money and succeeding is not easy. Education, time and practice are required. Of course, there are talented traders that learn very fast, but generally speaking, starting traders should dedicate part of their time to educating themselves, practicing and developing strategies.
Forex is gambling. This is a myth and is often heard about all forms of trading; whether it's stocks, bonds, futures, options etc. In reality Forex is the epitome of macro economics in the purest form, even more so than other types of market trading as it deals solely with the performance, structure, and behavior of national or regional economies as a whole, and their interrelationships with each other. If this was true, all national economists, advisors and consultants, as well as students, would be the best gamblers in the world. Rather we are all students of economics, technical analysis, fundamental analysis and psychology.
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. More recently a firm in New York was shut down and another's internet trading site dismantled for bilking investors out of millions. Fortunately prison terms have been issued for bringing discredit to a legitimate, regulated and law abiding industry. Actually Forex is a real currency market where anyone can trade for themselves and be responsible for their own decisions, so it's hardly a scam. 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 wealthy 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. Trading can be started broker forex yang dipercayai di malaysia with as little as $1.