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Forex Myths - did your mentor tell you facts ?

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Forex myths - know the facts.

1. Free Forex indicators are useless

that is totally wrong, if you were told by someone that those indicators from your trading platforms (eg MT4 and MT5) are useless or they dont work, well thats a myth. Well maybe you tried them and you got disappointed but i dont know how you used them and what for. i use them to confirm a entry signal and they really give me what i want, price action does not really need much of indicators to see where the price might go but i like to combine the tools to get more odds on my side. here is the example of an RSI indicator below.

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2. There are specific timeframes for particular markets.

that is also a lie, i have read many forex pdfs and they are almost all wrong. for instance, some traders say "the perfect timeframe to trade Nasdaq is 1h" which is so incorrect. The perfect timeframe to use is determined by your holding period, i can veiw the chart on any intra-day timeframes and trade as long as i see a clear setup pattern. this was a box range below. View pictures in App save up to 80% data.

if you like to hold for couple munites then you can use 1m, 5m or even 15munites since you are more like a scalping trader. if you are a swing or position trader, you can use 1h, 4h and daily and hold positions for days and weeks. My point is you cant trade on big timeframes if you are a scalper and you can trade any market with any timeframe you prefer. find a timeframe that is good for you.

3. You need huge amount of money to trade forex

Woah! wait, who told you that? 😂 because that is not true, you can even start trading with from as little as $10 if you want to. However, it is more likely to blow or lose it in the market if you dont know about risk management. For instance if you want to grow it faster, then you gonna blow it quickly. 😂 i know traders who take an account from $10 to $1000 profit. 🤘😂 View pictures in App save up to 80% data.

4. Forex trading is a lifestyle

Nooo!!! thats not true, Forex trading is a business and a very legit business. It requires capital, time and knowledge, you can take even 2 years trying to learn how to trade, most of trades who rush in without right tools and information they dont usually make it. They lose everyday because they are gambling in forex trading. you must take forex more like a business and give it time because you wont regret it. View pictures in App save up to 80% data.

5. You need to watch the market 24 hours.

Impossible, you cant and there is no need to do that, you need to take some time off, go to the beach and free your mind. be off the chart for hours because if you can watch the chart for the whole day in 5 consecutive days i can assure you that you will go crazy my buddy. View pictures in App save up to 80% data.

what is it that you are looking for the whole day and that is so hard to find?🤣 you cant learn every move of the market in 1 week. you take few hours doing analysis and get an entry signal and let your trades run for a while til reached targets. you can keep check after few munites or hours if you want to catch another entries.

6. Its a Get-rich-quick scheme.

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That is why you will keep losing your money because you have that mentality that forex is the fastest way to success. you need time to learn, like i said above, you may even take 2 years or more tryna fit in the game if you still have not found the right information. some traders make it in few weeks or months and yes it is possible. Ref wayne was able to make millions in few weeks of trading live account and his networth is now $500 million. View pictures in App save up to 80% data.

But without the knowledge, you have to believe me when i say you will keep losing over and over again until you learn to be patient. its a pitty that we eager so much to be rich yet our actions and commitments contradict all of that. all im saying is that... TAKE YOUR TIME, LEARN, LEARN AND LEARN UNTIL YOU EARN!

Peace!✌

Source: opera.com
The views expressed in this article are the writer's, they do not reflect the views of Opera News. Read more>>
Top Comments
Jeffreyholy · 06/28/2020
nice article
UcheNnaji_01 · 07/25/2020
I love this candid advice!
malumecoolcat · 06/30/2020
my type of business

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