What are most common forex myths?
do you mean people who made the history of forex? :47:
That the forex market is super risky - in particular relative to the likes of the stock market.
You can become a good trader by joing a paid trading room run by someone who doesn’t actually trade for a living.
Just open an order and hold, that is what most people say, yeah!!! try it, dam idiots.
Yup, This.
I’m not quite sure why either. I grew up with this conception and it wasn’t until I started hanging around and talking to a lot of people who traded forex that i realized it wasn’t all that different than the stock market
That is fastest way to become rich. Its often fastest way to earn much money - but 90% of such ppl would loose them soon. (based on my own experience too but - also on every successfull trader I personaly know)
I also agree that is myth that its most risky market.The paradox is that’s in real it’s less risky market due to best liquidity (and SL filled often closed almost exactly on price) and abillity to count risk exposure properly to owned capital.
[B]All depends on the technique.[/B] Well, that is false. The mos popular indi: ema croses wich i don’t use has it’s own quotes of good traders. Eventhought all traders using this tool are watching the same, what winners do with it is the difference. Most traders just trade when it crosses. Winners make a last minute analisis after deciding wich direction to take and now they decide if it worth to take the signal, once the desition is made they finally make a dynamic analisys wich they decide the best moment to get in. Dynamic analisys is not mentioned in any book because it is meerly instinct wich leads us to another supermyth: “[B]Don’t trade by instinct[/B]”, wich is something said lately, that we have to follow the signal no questions asked, well i say BS, the systems and rules have to be followed by iron law but the strategy itself has to be analised carefuly while making fast desitions.
Regards.
When i look at the OANDA/Etoro open positions long/short ratios it always makes me think that why does 70% of the people prefer to go against the trend?
How does the remaining 30% form the trend?
Check here:
Forex Open Position Ratios | OANDA fxTrade
I do not think they deliberately go against the trend, they just think differently about the trend.
The other 30% has nothing to do with the trend.
Retailers can’t move the market.
I heard some think they can? 
Than why the major number of positions are shown against the trend here?
Is the 70% on the losing side of the trade?
You’re looking at the stats available on [B][I]one[/I][/B] market making broker. The numbers from that broker [B]DO NOT[/B] move the market. They can’t. Retail traders have nothing to do with the actual marketplace.
Odd thing is, roughly 30% of the traders on that same market making broker are profitable. So, that 30% are just following the institutional trades that really move the market, and 70% are wrong.
As for myths, “overbought”, and “oversold”.
No such things.
One of the most used myth is “a sense of the market”, that some traders can gain (according to them) even after couple of months of trading.
Unfortunately, it doesn’t exist. The market always has new tricks for you, that can easily halve your deposit.
The myth that a scientific principle can be applied to successfully gauge the future performance of a market whose movement is not based on any such scientific principals.
Did you know that Leonardo Pisano Bigollo (Fibonacci) developed the Fibonacci equation to determine the copulation rate of rabbits?
So your applying a formula designed around rabbits fu:16::16:ing to attempt to predict the future movement of a particular financial instrument?
That doing any other business is less riskier and has a higher chance of success if compared to trading forex.
Actually fibonacci sequence is not important in the fibonacci retracement… Is the golden ratio or the proportion found in the sequence that is important in financial instruments and that is present all over nature. So, NO we are not applying a formula about rabbit reproduction…
You may look at the other broker’s ratio page where you will see the same story.