Contrary to popular beliefs, forex trading is not an easy way to get rich nor tedious. Here are the reasons.

This time we will discuss about the two biggest myths in forex trading. Before we go on, ask yourselves, what makes you involved in forex trading? Is it because many of your friends are trading forex? or is it the lure of advertisements to get rich quickly? Well, if those are your reasons, you'll have to change your views. Here are the two biggest myth that may have been believed by you.

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Forex Is The Easy Way To Get Rich

Basically, traders choose to trade forex in order to get easy money. Well, easy come, easy go. In reality, many traders experience ups and downs. Why? Because it is more difficult than any other businesses. The risk gets higher the more profit potential it has.

Seeing the end result of your friends' trading is much more easier than the reality when you are trying to be involved directly, doing your own transaction, and striving to establish your strategy. There are two reasons why they could show off their trading profits: First, they have already understood the market; and second, they show only the successful ones, not the losses.

If you have an opinion that it is easy to earn money in forex, then you're not yet ready to have a real trading. Consistent profit is not impossible; but it needs time, commitment, and big discipline. It's not something you could learn in 24 hours. Before you are involved deeply, arm yourself with trading knowledge and practice in demo account. Don't be trapped in broker's adverts, and don't stuck on silly opinions that trading is just 'click buy click sell'. Remember, to succeed in every business, you  have to make sacrifices and do it with diligence.

 

Trading Is Tedious

Why is it boring? Trading is monotonous. You have to do money management, follow systems and rules, count risks and profits, etc. You must do those things not only once, but every. single. day. Imagine just how tedious it could be.

But, you know, there are also times when you will feel strained by the volatility in the market. There are traders who are able to say 'buy at 1.20394' or 'sell at 43.28'. Well, he used logic. The thing is, sometimes it missed, be it in short or long-term. No professional traders will give exact numbers in their reviews. They will always say 'possible' or such, because they know that the market is uncertain and their prediction could be proven wrong.

Many kinds of emotion will appear when you trade forex. Sometimes you will get mad because of losses; and sometimes you will be bursting with pride due to the high profit you get. There are also greed and fear which could spell the beginning of destruction for your funds. In spite of them, it is extremely important for you to control your emotions while trading.