Quite a controversial topic as every trader has a different opinion, but to me these are the most believed forex trading myths and misconceptions.
This simple post is aimed at all of the beginners on the platform, I would have saved myself a significant amount of time and money if I'd understood the following when I first started trading.
1. You can be right everytime.
2. All you need is a successful trading strategy.
3. Using more technical indicators will improve your trading edge.
4. You can get rich quick.
5. The more complex the strategy, the better.
6. You need the best technology to trade.
7. It's impossible to forecast price direction.
8. You should always be in the market.
9. You can easily make money trading news.
10. It's a scam
To all of the experienced traders, I would like to know which one resonates the most with you? Comment below.
Hello Glaswegian. I would have saved myself a significant amount of money if I'd understood the Central Banks' MMM (Modern Monetary Mechanics) that has actually been in place since 1973. If I only understood how deficit spending (mainly of USA and UK) has actually been supportive of $ and £. Even today, very few of us are aware of MMM and how monetary and fiscal policy work. I’ve been reading into it for 5 years now and still my mind and blood boils with anger. Equally, If I only understood that Money Managers can actually "borrow" my money and trade with it or trade against me, It would have prevented me being ripped off and have no means of retribution.
LewisGlasgow
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@trajkovic, modern monetary mechanics is definitely a more advanced topic many individuals will never understand, but you certainly seem to have an extensive knowledge in this area.
Thank you for sharing your experience, I wish you the utmost success!
trajkovic
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@lewglasgow,
Central Bankers and the Political Class they support have ruined many nations by introducing a moral hazard of biblical proportions. The culture of borrowing set upon the CIGS - covetous ignorant greedy scum and on otherwise unsuspecting gullible deplorables, will haunt this nation for generations. Once nation of righteous and honorable is morphing into a sespool of dependent entitled BSBs – beg steal and borrow devious scum. There you go I said it.