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19 August 2010 ~ 0 Comments

Myths and facts about the Forex!

Anyone who been there, done that or lost it! This is for you. I came across a line which said,” Bulls and bears alone make money, and the Chicken and pigs get slaughtered.” Rule 1 of the Forex Book says that you are the Bull and the Bear. Myth one is read as you may end up being a pig. Wasn’t that the best way to say that you deserve to be a Champ? Now that you have got a hang of where we are headed to, I suggest we take a realistic approach and not an optimistic approach to the understanding of the topic. The World’s largest market and easiest way to make money is predominantly shunned by the netizens since the days of FOREX as Myths are aplenty. The best Myth is: “There is a best trading time and you need to be paying attention to it “. Can you believe people eat this? Anyone who is just getting started, I must clarify that Forex is a 24*7 market except on weekends. What makes it unique is that you might be sleeping when half of the world is trading. There is definitely a Drop point but not a Shut down. The word MARKET is spelt by most as RISK. I say you need to spell it as DARE TO LIVE. Come on, what’s fun when there is no unexpectedness??? Can you ever imagine that your returns can double just by keeping yourself informed? Knowledge is light. This line should suffice to dispel most of the myths like being an investor is like gambling, you might end up in street and Stocks are safer harbors. Another common myth is that one needs to trust his broker to get the returns. In a way that’s true since everybody cannot be best in their games. However, if you see brokers as coaches for your game, I think you will see them in a different light and also realize that you are still playing the game and although you cannot decide where the game is headed to, you still are in the driving seat. Just ensuring that your broker has the right leverage, tools and services relative to the amount of capital will clear the path for you. Myth of experimenting is something that still haunts a lot of them. I suggest you see that unpredictability is the way of life and experiment can only bring in different results.  Playing small is another myth that needs to thrown out of the window since the market always gives way to fighters. Play small. Win small. Fight Big. Earn Big. The biggest fish of them all is that some currencies always give high returns and others are moderates. Any Sensible broker who has seen the end of the tunnel will tell his tale of day he reached the sky. Currencies are a representation of an economy and when you trade you see yourself contributing to that economy and in effect yours too. We are after all a global village. Next time you will see yourself break some more myths.

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