5 Forex Currency Trading Myths

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by chubaiw

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'''►► http://ForexAutopilotSystem.org - ''' If you read Forex forums, or articles dedicated to Forex, you will soon discover that there are things that doesn't quite click. And you are spot on - because, most likely, you've come upon one of Forex myths that are going around for ages, but simply aren't true, or even worse, if you apply them, you will lose your investment capital in Forex. I actually have earned money in Forex, and not for one month using a trading robot. Instead, it was learning, and applying things I have learned first in demo account and then on a real account, patient, manual trading, taking only the best trades. Here are top 5 myths I want you to be aware of. 1. 95% of people lose money in Forex and if you don't buy this robot X, you will be among them. WRONG. On a couple of levels. First, I have yet to see a robot which is profitable over a long term. All of the robots I've seen have emptied one's account sooner or later. And whoever measured that 95%? Just that you know, it is quite simple to be profitable at Forex, but there is no magic bullet. 2. Trading is all about your mental state. WRONG. If you cannot tell your support from your resistance, no mental state in the world will help you. Of course mental state is important, but it's not the only thing you should rely on. You need a reliable system as well, back tested by you, on your own demo account. 3. You can just go to your computer and earn money, since Forex is open 24h a day. WRONG. Forex is not your ATM, and you should never treat it as such. You will just lose your money. True, Forex IS really open 24h a day, but to make money, you need market movements - volatility. And if it isn't there, stay out. Wait for trades come to you, not chase after them. 4. You can make a fantastic living off Forex by investing a small amount of money, since Forex is a multi trillion dollar market.