To the uninitiated, the world of forex can seem shrouded in mysticism. Few understand its intricacies and allure, and most never attempt to. Instead, they fall for the misconception that its nature and nuances bar them from ever taking part, so they turn away, looking for other areas to invest and ways to spend their money.
Sadly, this means that many of them are missing out on a golden opportunity: forex is not only for the old, the educated, the rich, or the libertine. In fact, it is an investment arena that is open to everyone, its accessibility one of its defining features.
For those interested in giving it a go, here are three common forex myths that you ought to discount before you allow yourself to be deterred…
Forex is Only For the Rich
One of the most common misconceptions surrounding forex is that it is only open to the very rich. This is, quite simply, untrue. The currency markets are one of the most accessible investment arenas around, thanks to the generous leverage offered by many brokers, and the unexpectedly small fees required to open an account. Indeed, many investors are pleasantly surprised to find that they can begin trading with as little as £100 – a less than princely sum, we’re sure you’ll agree.
Forex Will Bankrupt You
Perhaps one of the most detrimental myths surrounding the foreign exchange markets is that they are little more than a road to financial ruin. This assertion is simply unfair. It is, undeniably, possible to lose a lot of money; it is also possible, however, to make just as much. The success and financial status of any individual trader is determined purely by their tactics, strategy and skill. This means that when it goes right, it goes very, very right, but when it goes wrong, the result can be disastrous. How you will fare, however, is entirely in your hands.
Forex is Dull
Arguably the most inaccurate forex myth of them all is that trading the markets is dull – an occupation only for the stamp collector, banker or middle-aged 9-5er. In fact, the currency markets can provide excitement, thrills and spills for absolutely anyone. Forex trading is incredibly fast-paced and adrenaline inducing, making it a fun, challenging and interesting occupation for everyone. Yes, there are numbers, figures and data, but there is also enough money, risks and hair-raising moments to hook the most hard-core adrenaline junky.
Why not give forex a go today with a broker like FxPro?
