Though Forex market is very risky, people sometimes thinks of the market as a money machine. It is very hard to make money in Forex. Most of the traders lost their money in the market. If you want to make money, not only you need hard work and practice, you also need the patience to make money. We are going to discuss some of the popular common misconceptions about Forex here. Though it is an age of technology and people can quickly verify a statement with the help of the internet, not many people think these statements are nothing but false in Forex. Misconceptions about the market It is a quick rich project: The Forex is not a quick rich project. It can be said as a quick poor project, as many traders who have invested their money in the Forex have quitted their trading. It is very hard to get your profit from the market. There is no way you can get success in forex with a quick way. As forex trading, you need to consider trading as your business. No business in the world can generate 100 percent profit factors within a single day. You need to learn the art of trading in a gradual process and trade the market with the extreme level of discipline. The market is rigged: The market is very large. It is speeded all over the world and is always open. The market is monitored and controlled by all of the governments of the world. This market is impossible to get rigged. Many traders blame this as they cannot make money. But there are also people who are making a lot of profit from this same market. To be honest the market is so big that no can ever manipulate the price movement for a decent period of time. If you truly know how to place the perfect trades then you can easily make money in the online trading world. You can be right every time: You cannot be right every time. The market has a random winner. You can only try to win this trade, but you cannot win every time even if you have the right strategy. If you look at the professional traders at Saxo then you will notice that even after spotting the best possible trade setups in their trading platform, they still have losing orders. Losing is nothing but a part of the trader's career. As a full-time trader, you need to embrace your losing orders just like you do to the winners in the market. Always make sure that you are not risking more than 2 percent of your account capital even though you might have the best possible trade setups. Think logically and you will find trading as one of the easiest tasks. It is all about randomness: Many people believe, the market of Forex is very simple to understand. The price level is always changing and shifting its direction. If they place their trades on the market, they can be a winner because the price will never be the same in the market. In reality, it does not happen. Every movement occurs in forex because there is a reason. The complex strategy is better for profit: If you can make your profit with a simple strategy, there is no need you have to work hard on developing a complex strategy. Many traders waste their time on developing a complex strategy. Keep your strategy simple in the market.Profit is your main goal in Forex.
The power of the market as a whole is far greater than any one institution so any "rigging" will very quickly be balanced out by the wider market. If we were right all of the time we would all be millionaires - just not possible. Movements in the forex market may look random from a distance but there is reason behind the madness if you dig deep enough. I have yet to sample the beauty of the forex market although I have read a lot about it. Might be the time for me to dip my toe in the water
Common myths about Forex market - 1. It is a place of gambling 2. Especially for rich people, but it is wrong trading is for all not for specified person. 3.Many people think it involves higher risk. 4.You need to watch market 24 hours
