Welcome back friends,
Two weeks ago on our Advantages of Trading Forex in Naira blog post, I promised we would talk about some myths about forex trading next, however, last week, we skipped it because of the disheartening situation in Ukraine.
We had to do THIS POST talking about the crisis and how it affects you as a forex trader.
So, let’s talk about the myths about Forex Trading today, shall we?
If you frequently visit social media, one thing you’ve most likely seen many times are screenshots of MT4 platforms with huge volume trades in the blues, huge account balance, and probably someone standing by a luxury car holding a smartphone, with a caption that says, “make huge profits in the forex markets today.. bla bla bla…”. Sounds familiar?
These too-good-to-be-true looking kinds of posts have sponsored the first and probably most widely-known myth about forex, which is this one belief that many people do not actually make money from Forex and all that is seen or heard are untrue stories about people making profits.
Coupled with the fact that people might know some other forex traders personally and what they can see in the life of these traders doesn’t align with that image of flashy cars and big accounts they’ve seen on social media and the internet.
This then begs the question for many…
Is forex trading legit and can you really make money in it?
The answer to this is a big YES!
Forex trading is actually a legitimate business that provides a great opportunity to attain financial stability and freedom (if you approach it the right way).
It must not be seen as a gambling game where you get to guess your way into fortunes. If that’s anyone’s approach, they could lose all they have.
Forex must be approached like an actual business and not some get-rich-quick platform. And like every other business, you need a plan!
This is where many people miss it because they enter the forex business with some unrealistic expectations and of course, they get burnt and then frustration sets in immediately.
Managing unrealistic expectations
While it is possible to make massive gains in Forex trading at once, you must understand that a major factor that makes that happen is if you are trading with a gargantuan capital.
With forex trading, you can’t make all the money in a day. Ensure not to take unnecessary risks.
Your target should be to make consistent earnings that guarantee you a financially stable life.
A few people’s bad experiences in Forex doesn’t warrant the industry being tagged “shady”.
A careful inquiry might reveal that their greed and impatience or even lack of knowledge made them make unwise moves which ultimately made them burn their fingers.
There are a whole lot of people who are currently making a decent living just by trading forex as a career. It is very possible, all that is required is DISCIPLINE and STRATEGY.
What other myths have you heard about Forex trading? Do well to share them with me in the comment section below. Looking forward to reading from you!
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