As is the case with anything that becomes extremely popular, the forex market has also gathered various myths and misconceptions. Many new traders enter the market with these misconceptions in their heads, which almost always causes them to falter and suffer huge financial losses.
Naturally, there is a need to dispel some of these misconceptions about the foreign exchange Sydney. If you are also new to the forex market then do not be surprised if some of the following misconceptions are also a part of your forex belief system. Instead, try to remove them from your mindset so you can improve as a trader on the foreign exchange in Sydney.
The biggest misconception that traders on the foreign exchange Sydney hold fast to is that successful traders are exceptionally brilliant and intelligent. They think that successful traders are geniuses who can churn out numbers and grasp concepts in the blink of an eye.
This is not true. The main reason why successful forex traders are successful on the foreign exchange is that they have the right mindset.
It is common for new traders to discuss how difficult it can be for a human being to trade on the foreign exchange Sydney because he is always susceptible to emotions.
While it is true that emotions are a part of human beings, it is also true that people have the ability to control their mindsets. Success on the foreign exchange is about having the right mindset and you need to believe that it is possible.
The source of this misconception is unclear but it exists nonetheless. Traders believe that they need to see their account capital, losses and profits in terms of percentages.
They tend to refer to their growth and reduction in terms of percentages. Percentages can be very misleading and can also prevent you from being honest to yourself. It is better to see things in terms of how much risk you took and what rewards you got.
Most forex marketers try to sell that it is very easy to get profits from the foreign exchange Sydney and can be done in minimal time. On the contrary, forex trading can be a complicated line of work. Therefore, the more time you spend learning about it the better you will be at gaining profits.
The image that many new traders have of successful traders is that they live larger than life, have a lot of money, and are either always excited or depressed. In contrast, most successful traders are extremely stable and consistent individuals who follow a simple routine every day to make the kind of profits that they make off the foreign exchange Sydney.
Another misconception that can be traced back to marketers on the foreign exchange Sydney is that robots, expert advisors, signalling software programmes and the like are better at trading than an individual can ever be. This is a gross misrepresentation which makes new traders spend a lot of their time looking for and trying such tools.
Get a free Forex PDF PLUS:
- 14 Video Lessons
- Free One-on-One Training
- A 5000$ Training Account
- In-House Daily Analysis
- Get FULL ACCESS