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Biggest Forex Myth You Believed in but Later Found out to Be False

November 6, 2017 by

The trading world is full of misconceptions, myths, and poorly understood ideas. When a new person joins the ranks of traders, his or her mind is usually crowded with such myths. From the coveted holy grail strategies to the get-rich-quick aspect to the widely advertised easiness of Forex trading — there is no end to the illusions that may hurt the trader’s understanding of the foreign exchange market.

The important thing about Forex trading myths is that they have all been debunked numerous times and hold little threat to an experienced trader or to those newbies who do their homework well and read proper books on the subject. Unlike psychological biases, which are highly persistent and are very difficult to remove from trading, a myth can be clouding the trader’s mind only until it is recognized as a myth.

A Forex trader is dreaiming of a luxury lifestyle

My own biggest misconception I had about the currency trading had been my belief that I could accurately predict geopolitical risks, outcomes of elections, and fundamental events, and make money using that “skill.” Of course, I failed as no one can accurately foresee such things as SNB currency cap announcements, Brexit, or Trump’s victory in POTUS elections. And what was your biggest misunderstanding?

What was the biggest myth about Forex you believed in but later found out it to be false?

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If you want to tell us a story about how better understanding of the foreign exchange market has helped you to demystify the trading process, please use the commentary form below to do so.

One Response to “Biggest Forex Myth You Believed in but Later Found out to Be False”

  1. Dave M.

    Great survey! Have voted for the top two myself. Number four, is good one too. There is no right or wrong way of trading the Market. You just have to find yourself in Trading. Meaning, have to realize what type of a trader are you? For me it was – Macro trading, for somebody else, it might be a short-term intra-day type of things. Personalities are different, and so are the trading styles…

    Reply

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