Myth: Forex Requires Special Knowledge and Education
Forget about higher education. Few of the successful traders have studied finance or economics. In Forex, you only need a basic knowledge of this area. Most of it you will learn from articles and books in the first few weeks of Forex studying.
Moreover, any higher education is not a requirement. The main thing is your personal qualities that you can and should work on to achieve success:
- Perseverance
- Learnability
- Discipline
- Patience
- Purposefulness, etc.
This is one of the advantages that is rarely talked about. By developing the skills you need for Forex, you become more successful not only in trading but also in the rest of your life.
Myth: Most Traders Lose.
This is not entirely a myth, but let's see why this is happening. It is generally accepted that only 5% of traders gain success in Forex. But who is in the other 95%?
- Traders who quit Forex after the first failure.
- Those who refuse to follow important rules and open trades on emotions, refuse to follow the risk management system, etc.
- Traders who came to Forex without any knowledge and open trades at random, etc.
Now let's see how the other 5% behave:
- They start trading real money only after completing training and practice on a demo account.
- They try to completely exclude emotions from decision making.
- Strictly adhere to their trading plan and risk management system.
- Analyze their trading, learn from their mistakes, and improve their trading system.
- They accept the fact that there are losses and continue to trade until their overall result becomes positive.
It's up to you to decide if you get into the mentioned 5%. It’s not a matter of luck or coincidence but your willingness to work and your desire to succeed. The main thing to remember is that a stable profit in Forex doesn’t come overnight. It's a long way to go. However, the financial independence that comes with success in Forex is well worth it.
Myth: Forex Requires a Unique Talent
Forex trading doesn’t require any innate skills. You don't need to be a genius to make money. Mastering basic Forex skills requires average ability. It is your desire to achieve success and the willingness to work on yourself that should be outstanding.
Most importantly, Forex opens up many opportunities even for those who doubt their abilities or don’t want to work hard. You can entrust your investment to a more experienced trader thanks to the MAM system or copy trading. There is a place on Forex for everyone.
That's all but only for today. Ahead of us is the final article with myths about Forex. Don’t miss it.