Myth: Forex Trading Requires Large Investments
When trading in the foreign exchange market got marginal, Forex became available to everyone. With the leverage provided by a broker, you can start your career with as little as $100. Some companies offer cent accounts where even $10 is enough.
However, there are a couple of important points to keep in mind:
- The return on the minimum investment will also be tiny. Fund your account with free funds to increase your overall return.
- Before you deposit even $100, make sure you can afford to lose it. If this is the only money you have, don’t invest it in trading. It is better to start trading a little later but with free funds. While you’re saving money, grow your knowledge and practice on a demo account.
Myth: Brokers Cheat with Quotes
Are the brokers capable of this? Certainly. But will they do it? Of course not. Fraud with quotes is extremely easy to recognize. Even an inexperienced trader can notice this. Word of fraud will quickly spread in the Forex community, and the company will immediately lose all of its clients.
Brokers spend a lot of money on promoting their brand and maintaining their reputation. Trading conditions fraud will devalue the work done. Not a single brokerage company will do this.
Myth: Brokers Do Not Return Your Money
I can tell the same about this myth as about the previous one. If a broker doesn’t return honestly earned money, then no one will cooperate with it.
Of course, you may come across a fraudulent company that will accept your deposit and refuse to return it. To avoid this, register only with a trusted broker that has been in business for many years.
You might come across a comment that a client invested in a trusted company, made a lot of money and now cannot withdraw the funds. A self-respecting broker will never hold back honestly earned money. Many traders make profits fraudulently, use prohibited strategies, etc. In this case, the broker's refusal to withdraw the unfairly received money is understandable. If you trade on Forex in an honest way, you have nothing to worry about.
Myth: Forex Trading Requires Lots of Time
It is up to you how much time to devote to trading. Many experienced traders spend no more than an hour a day on charts and still earn a lot of money. The main thing is to choose a suitable trading style. For example, swing trading takes no more than a couple of hours a day, even for novice traders.
Forex will be able to become your main source of income not earlier than in a couple of years. And while you are gaining experience, you can easily combine trading with your main job or study. Millions of traders around the world do that. So can you.
That's all, friends. Don't believe everything you read on the Internet. Trust your personal experience. Good luck!