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Forex Facts And Myths
The currency trading market is the largest financial market in the world. It is a market where the forces of supply and demand are allowed to control what is a largely unregulated, predominantly online platform. Given the accessibility of the currency exchange market, there are a high number of participants of varying levels of size and expertise who hope to gain from the fast-paced and dynamic world of forex trading. There are also a number of facts, theories and anecdotes for success. Here we present five forex facts and debunk five myths.
Half of the Global Forex Market is traded in two countries. The forex market is truly global, however it’s interesting to note that the UK accounts for more than one-third of all forex trades and approximately 16% of all market participants are US-based.
Discipline Is a Trader’s Most Important Attribute. Expecting gains in forex trading as a result of lucky gambles will inevitably lead to failure. If your intention is to build a lucrative career as a trader then you’ll need strategies for money and risk management that you implement with discipline.
The Forex Market Is the Largest . The market for currency exchange is the biggest market in the world, with daily trades running into trillions of dollars. It presents endless opportunities for financial gain to traders who are willing to acquire the skills, dedication and attitude it takes to be successfully positioned in the market.
Effective strategies are complex and require in-depth knowledge of every currency pair. Many people are afraid of participating in the forex market because they believe it to be a vast, volatile and complex world that’s riddled with complicated jargon. Despite the truth in that belief, you need not know it all in order to participate and gain. Sound knowledge of the fundamentals and a simple, understandable strategy will lead to success.
Multiple trades lead to profits. One of the most common and costly mistakes that new traders make is “overtrading”. Overtrading is based on the myth that by entering into multiple positions you have a greater chance of turning a profit. An example of overtrading is “revenge trading” which is when you brashly enter into more trades in a desperate attempt to recoup losses.
Successful traders make high gains in a short period. This is a myth. It is a rare case that a trader will experience a big, unexpected windfall, no matter how experienced they are. Traders who enjoy profits and longevity compound small gains by carefully analyzing the market, making calculated trades and harvesting modest gains.
The highest profits are in the obscure, less-traded minor currency pairs. The forex market is dominated by seven currency pairs known as the “majors”. The majors are the USDJPY, GBPUSD, EURUSD, AUDUSD, NZDUSD, USDCAD, and USDCHF. More than 85% of all price movements in the forex market happen with these currency pairs so it stands to reason that trading in the majors leads to the highest profits.
All forex brokers are equal. Your choice of forex broker is one of the most important decisions you make. It’s vital to choose a broker that operates efficiently; provides excellent customer service; offers competitive rates on spreads and is your link to the big market makers.
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