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Biggest Forex Myths

Forex is the biggest investment markets in the world, with $5.1 trillion in daily trading volume that dwarfs the $84 billion daily equities market volume. It’s also one of the most misunderstood markets, rife with misguided opinions and half-truths.

While forex newbies are often the most susceptible to these fallacies, even seasoned-veterans can fall victim to faulty beliefs. Forex myths can be insidious and widespread.

You need a lot of money

At its inception, participation in the forex market was reserved for financial institutions, such as banks, and other big players that could make large trades. With the progression of internet technology and web-based retail trading platforms, foreign exchange trading became more accessible to individual investors.

This has also lowered the financial barrier to entry. Standard foreign exchange trading is done in currency units of 100,000, making it difficult for everyday investors to participate. Today, however, many brokers will let you get started with just a few bucks via a concept known as leverage.

Leverage also makes it possible for you to take multiple positions and diversify your efforts with very little capital. Five $20 buys can help your $100 principal go further than lumping it all in a single basket.

You must predict the market

It’s not necessary for you to become a news-scouring, chart-analysing savant in order to make money in forex. Complicated trading systems that involve dozens of technical indicators don’t necessarily generate bigger returns, and having more moving parts just adds more ways for things to go wrong.

In many cases, the best course of action is to keep up with relevant news and current events and go with a simple fx trading strategy, especially in the beginning.

Forex is short-term onlyl

Many people think forex is only for short-term investing, similar to day-trading stocks. While the quick changes that the market experiences can make it a good candidate for short-term trading strategies, forex can be a vehicle for long-term investments as well. This is especially true for investors who put their money in emerging economy currencies that are poised for growth over the next decade or so.

Due diligence, the key to successful forex trading, includes challenging conventional wisdom. TIOmarkets understands the forex market and makes it easy to get started.

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