Forex is the largest financial market in the world that trades $ 5.3 trillion every day. A market as big as forex provides ample opportunities for traders and brokers to generate huge amounts of money in return of their investments. Because of the potential to produce profitable returns, there is an influx of novice traders making their way into the forex business, increasing in number every day. These beginners enter the arena of currency trading with different myths and misconceptions in their mind. While, for any trader to succeed, its important he shakes all the wrong ideas his mind harbors regarding forex trading, off his head before finally becoming a participant of this market. The first and the biggest misconception that a beginner’s mind carries is that forex trading is easy. There is no doubt that a trader should always propel fear away and drive himself forward with positive energy, however keeping unrealistically high expectations from the trade can be very devastating.
In the following visual image by PacForex, best Forex trading platform, they have highlighted the most common misconceptions that new traders have in their mind when joining the forex market. This illustration will help new traders avoid these typical myths and win at the game of forex trading.