There are so many lies told by Forex traders
After some few years of being in this industry, trading Forex market has been one industry that is mostly bombarded by scammers, I see people being lied to everyday, including my friends and family members, they just won’t listen even when I try to warn them, it seems like everyone who wants to run a pyramid scheme finds it very easy to hide behind the Forex umbrella. Forex trading itself is a legit business opportunity, but the truth is, not everyone can make it and it is definitely not for everyone, mental stability and approach has a lot to do with who will make it and who will not. Forex trading is fairly new in south Africa and unfortunately it seems to be attracting everyone who is looking for a quick buck, and people are becoming easy targets, I can blame that on the social media though and how it is presented to people by those who are doing it, it is exaggerated and glamorized, there is so much hype surrounding it and no one really care to tell it as it is, everyone is just painting a wrong picture, which says ” easy money”, everyone is sharing the end product, not the sweat that goes in before they actually made it and for that reason people who are new to this business are mostly excited about everything and anything, enough about that now, let me not delay any further and just get straight to it, listed below are some of Forex trading lies I used to believe, I am glad I grew up though and I stopped believing in them, I learned the hard way though. Do not believe any of these lies.
1.Forex trading is easy money
Truth: NO, definitely not, as much as there might be some truth in this statement but the reality is, you will have to know how to do it in order to make it, experience makes you even better, and knowing it won’t just happen after attending one seminar or following some forex group or forum, so please do not believe it.
2.To increase your chances of making money, you need to trade a lot everyday and even miss sleep
Truth : NO it is a big lie, you do not need to do that, I have done it, I have seen people doing it, I see people doing it even now, but still don’t make money, I did it also and I always felt the urge to trade, I felt super smart trading everyday until I realised I was being foolish. The thing is, everyone who is new to Forex trading suddenly feel like the whole world need to know that they are now traders and the social media need to be updated about every move they make and in the process they miss what is more important which is the fact that success in this business is not in quantity of trades but quality. And trading like crazy does not really make you more money, by making money I mean taking it out of your trading account and taking it home, that is what I mean.
3.Price movements on currencies are just random
Truth : NO it is a big lie, nothing happens randomly, the thing is, markets seem to respond to economic events that affect specific currencies, so NO it is not random, if we never had economic events there won’t be charts to read in the first place, because charts collects data from the past and report it to us, no economic event, no data and no charts, I have since learned that now, but I believed the lie for such a long time until I realised I don’t really like the surprises that I always got due to the price movements caused by an economic event that I knew nothing about. After all, currencies are prone to the increase of interest rates and all other important data released like GDP and retail sales in their respective countries.
4.Forex is like betting horses
Truth : NO, I might not know how the whole batting horses thing work, but I do know there are no economic events influencing the whole process of which horse wins or lose, I also know that when Yellen or Mario Draghi speaks or when NFP take place, the world of currencies react not horses. There might be some truth in this though especially when people treat Forex trading as some game that is played by people who love computers, I now smile as I write this one.
5.You can turn $200 into a whooping $10 000 in just a week trading Forex
Truth : NO this is the biggest lie, this statement is one of the biggest Forex trading lies, the one that makes people to go crazy out there whenever they see the word “Forex”. It is very possible I agree, but also very deceiving as it is not possible to do so with such small start-up cash, I am glad I stopped believing it. Gambling tendencies begin by believing this lie, being a realist saves me from trouble now, if you want to make $10 000 in a week, yes you can, but your start-up cash has to be higher as well definitely not $200.
6.All it takes to make money is to open a live account with a broker and boom!! start making money right away
Truth : NO, you might not need to have a degree in economics but you sure need some kind of education, and I see some people are so brave to just open a live account while they’ve never even heard the word currency before (guilty as charged, I did it also, I was deceived and lied to), some cannot even use a computer that is how bad the lies are. Do not believe this lie, find a mentor, funding a live account and depending on a broker to call you does not work, if you don’t know what you don’t know it is hard to learn or make sense of anything, that is where I started also, an hour call with a broker never really made me money, it works when you already know how to trade, otherwise you remain confused the whole time on the phone.
7.You can just open live account and buy the signals to succeed:
Truth : this one is not a total lie, but the bad thing about it is when you totally depend on paid signals and yet know nothing about trading, learn to take care of your own money, if you want to invest in Forex, invest in education first before investing money, otherwise you are going to donate it to the markets.
8.Forex trading is for men:
Truth : NO it is a lie, I don’t even need to say much, because I am a woman and I am a Forex trader, market does not care about gender.
That’s all for today, stay alert and stay smart, remember the market doesn’t know you exist, so trying to be clever is just a waste of time and money. Thank you for stopping by, you are loved and appreciated. Let’s blow the whistle by sharing this post using the share buttons below, let us stop the lies and enjoy trading financial markets, if you are currently being lied to, snap out of it and you will enjoy trading forever.
Hi Ntombi
Now I understand fully where you’re coming from, my comment was never meant to belittle you in anyway whatsoever, just that the topic was “top 8 FX trading lies”, & guess what I was expecting to find… “top 8 FX trading lies”, anyway, wish you all the best in your trading and may everyone who stumbles upon your lovely blog know that good traders trade & good coaches coach. Thanks
The article is old yet it remains relevant, you mention that there are critical lies in FX & you seem to discount those lies yet you’re reinforcing them, Fx market is not solely moved by the economic reports, there’ll be MASSIVE price movements without reports because there are MANY factors affecting the market, Fx market is largey RANDOM, if it wasn’t random there’ll be more winners than losers & as a result there’ll be no FX market as we know it, Fx is 100% like betting horses, you CAN NEVER PREDICT the direction of price, it simply is impossible due to numerous factors affecting FX market, there is no price pattern that’s going to repeat it’self because there’ no pattern, there’s only your perception, hence why when you buy the other person does the exact opposite, PERCEPTION, when you buy & market goes in your direction that does not mean you’re skilled & when it goes against you it doesn’t mean you’re unskilled, it is just a nature of the market, it is random, so keep switching “strategies” to your own peril. Lastly I’ve never heard anyone or read any article associating FX trading with gender or with masculinity for that matter, unless this is just one of those attempts to help women love themselves & have some esteem in themselves (which I fully support) like men do. At it’s best Fx trading is gambling (most people wont accept it because it sounds morally wrong, very unsophisticated), you win it ONLY by risk management, not by forecasting price. If you’re not profitable Ntombi, do consider changing your perception of the market then you’ll stand a chance in the long run. I really doubt this will comment will show here. Thanks
Hi Jacob
I am not sure how you got to my blog here. But I can tell that you definitely do not now what I am all about or what I stand for. This is a public blog and I created this thread for comments. I did not only create it for people who agree with my views, but I created it for the public (hence you got a change to write your comment as well). I am so sorry to disappoint you by publishing your comment, I actually do not filter comments because I am not a dictator. I only filter comments that are not relevant to my posts (porn links and the likes). I am only here to share my views and you are also allowed to disagree. I am not sure if you have spoken to everyone in the whole world and you have read all the books and also read all the Forex related blogs to be sure that it has never been said that the Forex market is mainly for man.
I am currently very satisfied with the method of trading that I chose for myself and I am definitely sure you are happy with yours. I also think the fact that the last time I added funds to my trading account was back in 2012 around May makes me to believe more in following the daily economic speeches and major events like the Brexit and the U.S elections as well the upcoming Italy referendum which I am looking forward to trade.
I am not good at arguing, but my blog is all about sharing my own experiences (which may differ from yours) and also to warn the public from Forex related lies. Believing in my method of trading is not a lie. I have been trading since 2009 and I know what works for me and my personality including my lifestyle. I am however willing to share my views with the public and this platform is not meant to change your personal views about the markets. So it puzzles me to see the fact that you are boldly accusing me of reinforcing some lies. You can read more about why do I trade the way that I do HERE: https://learnfxtrading.net/app/app/trade-way-now/ . Thank you for stopping by.
Im learning a lot here, thank you ntombi
Hello Faith
I am glad you are
there is no adulteration or fake without an original version. It’s left for us who know the truth to keep saying it and never allow the scammers to keep defrauding people. A story was blown up in SA few weeks back and the opposite version is what we are hearing today. The big guys making it in fx are so quiet as Ntombi.
Thank you Emeka Basil Omeje
I am trying to tell it as it is, it is not a popular version though, thank you for stopping by and for your comment.
Lies, lies and forex trading. This world will always be peopled by scammers and the naive and foolhardy to be scammed will come easily but if you can stick to your trading plan, you can become a consistently profitable trader…
Thank you for your comment, true and it is possible to become a profitable trader but it becomes harder and harder to find real people who are willing to assist, most are out there to take advantage of the vulnerable.
Ey these lies are really killig this beautiful industry what I hate the most you find the institutions all over the city saying they train people to be professional traders and show beautiful statements of their trades only to find out that it was their demo accounts. They are struggling on their live accounts. Its not fair really
Thank you for stopping by and for your comment Musa, the lie that i mostly find disturbing is when i was told i could turn $500 into $10 000 in few weeks and at that time i really believed it, it is only now that i find it disturbing, that is the main Lie that leads to gambling and it is the main ingredient of NOT making it in this business.
These are true with all kinds of investing. I enjoyed the read. thanks.
Mbini
Thank you very much for reading and for your comment Mbini.
Forex trading is for men – being 2015, one would assume that you have made up this lie AND would get a shocker of their lives once thy realized how true it is. Men always think their views are superior when it comes to trading, throwing about jargon and what not. This is not an attack on men, but a statement to say that anyone can be successful as long as they are patient, disciplined and consistent in their efforts.
Thank you Zim, that is so true, but we can change it i guess, perceptions can be changed