Making money from Forex: 5 myths that are holding you back

It’s true that you can make money in the Forex market. But on your path to financial success, you will definitely come across various myths about trading. And the sooner you dispel them, the better.To get more news about yldfx, you can visit wikifx.com official website.

Now, let’s consider the five most common misconceptions:

Myth #1. You can make good money starting with just $100 in your account
When you start trading and deposit only $100 into your account, remember this:

When you have less than a thousand dollars in your account, you inadvertently fall into a “risk group”. Here’s what we mean:

You need to open more trades. You need to earn a lot, so you think that if you make 5-10 trades a day or an hour, your problems will go away. It may not be a very optimistic thing to tell you, but in 90% of cases, such an approach will lead to failure. “The more the better” strategy simply doesn’t apply here.
Having only $100 in your account, you risk a lot. 5% is your limit per trade. But when your entire deposit is only one hundred dollars, you, unwittingly, break the simple money management rule, and your trading suffers from it.
Myth #2. You don’t have to change anything
For some reason, people believe that they can change Forex trading. It’s rather naive, don’t you agree? After all, it often turns out the other way around – Forex changes them, not vice versa.

It’s nice to dream how you deposit money to your account, place a buy order and the price starts to rise. You wait for about 5 hours or so, and close your trade, making a good profit. But this is not always the case. Are you ready for the trade to close at the other end, at the stop loss? Are you ready that the price could go sideways for 2 weeks and your money will freeze?

Some of you may not be ready. But you should know one thing: successful traders don’t get all stressed out in such situations. They simply:

Risk 1-3% of their deposit in one deal, very rarely – 5%
Never move their stop-loss and take-profit after opening a trade
Open no more than 2-3 trades a day
When you develop just a little self-discipline, things will go uphill. Don’t put it off until tomorrow – start now. Take a pen and a sticky note. Write these affirmations:

Place this sticky note on your laptop, it’ll be your constant reminder. Just follow these rules regularly and you will be able to take your trading to a completely different level. You don’t risk anything, try it and see for yourself.

Myth #3. Technical analysis is better than the fundamental one
Technical analysis – analyzing the chart with your own eyes. You draw triangles, channels, study the structure of candles on the chart:

Many traders believe that technical analysis is better than fundamental analysis because the price takes into account everything.

Technical analysts believe that price action is all you need, and that the current picture on the chart is enough to predict the direction of the price in the future.

And yet, fundamental analysis perfectly complements the technical one. And not as difficult as it may seem.