I think there are a lot of myths when it comes to people who have success in forex trading. Sadly, many traders just getting into the market believe them. That being said here are the top 3 myths about people who make money trading forex.
1) They are incredibly smart people – Sure, it doesn’t hurt to be smart in any field, but it’s not like you needed to graduate from Harvard to understand the intricacies of the market. You should know that a huge chunk of people who are making money right now in the market, barely even graduated from high school. That should put things in perspective for you.
2) A trading robot makes all their money for them – This one is just laughable. Although, if you are brand new to trading, I can see why you would think this way. There is so much ridiculous hype over these trading robots. For those that don’t know what they are, they’re essentially these automated trading systems that will trade the market for you on autopilot.
This is just an absurd myth. It would be the equivalent of Donald Trump letting a robot blindly buy and sell real estate for him on autopilot. Do you really think that would make any sense? It’s the same concept with forex trading. If you are making a living trading the market, chances are you doing it yourself.
3) They use only the “state of the art” charting software – There is a fairly big misconception when it comes to trading. New traders think that the person with the most toys, wins. In other words, the person who is spending the most on software, charting packages, etc…. are the ones making the most money. Nope….that’s not the case at all. There are plenty of successful forex traders who are using simple and free platforms, like Metatrader.