Without wasting your time here are the top 10 facts of Forex, that must be in your mind before start trading in Forex.
1. All Brokers Are Not Equal
Oh yea, you will find a lot of dishonest brokers.
2. The Best Strategies Are Simple Strategies
In my case it is true, I’ve tried a lot of sophisticated things, but strategy that works is simple and was developed by myself.
3. Overtrading Is a Recipe for Failure
Of course, over trading is when you don’t have a trading strategy, otherwise you would have wasted for the next opportunity.
4. 95% Of Forex Traders Lose Their Investments In The First 6 Months
Probably even more than that
5. Successful Traders Compound Small Gains
It seems better to fix your profits as fast as possible rather than wait for a huge move that might never occur.
6. Banks Control the Foreign Exchange Market
Yep these guys control it and manipulate it as well
7. The Highest Profits Are not in the Majors
Although everyone trade major pairs, the highest profits might be in crosses or minor pairs… thats works for me
8. Half of the Global Forex Market is traded in two countries
Guess what countries
9. Discipline Is a Trader’s Most Important Attribute
10. Forex Is the Biggest Market