Many people feel that Forex market is a fraud. It is absurd for traders and their kin who have a degree in finance. However, other people often detract from this statement. A fundamental lack of understanding of the economy could lead to myths and lies about Forex. This can be very disheartening for those with high potential.
Forex is the currency market. It’s similar to the estate or auto market. It is impossible to say that the auto market scams. Robert Parker, CEO, Holborn Assets, Holistic Financial Planning Services Dubai.
Forex is primarily a currency. It is used by banks, governments, corporations, and individuals who need it. Are you a traveler? If you’re sure you have, then you will find that you will need foreign currency to travel. You can get it from your local bank, but not at the best prices.
Are you required to buy foreign products? This could be because a business owner purchased foreign currency to purchase the product and then sold it to you at higher prices. This businessman is not a Forex scammer, but it might be called that.
Forex is a tool that everyone uses in their daily lives, but not all people get the benefits. It could be that they recognize it as a fraud. They don’t see it. People who expect to become millionaires overnight and arrive in the Market with no knowledge or preparation aren’t very good at adapting to new circumstances. They give money to their broker in hopes of becoming rich, then they blame the market when they fail.
“Markets are not always wrong, but opinions are often.” -Jesse Livermore.
According to the Bank for International Settlements, foreign trade market trading averaged $5. In April 2016, the average daily trading volume in foreign trade markets was $5. Forex trading is not a scam, just because some people are unable to make a profit doesn’t mean that Forex trading will be fraudulent. There would be many Forex traders who made it their career.
“Most people quit long before they reach this point. They burn through their first trading account, get discouraged and think their brokers are sabotaging their business.” Felix De Vliegher, a 10+ year Forex trader.
If Forex trading is legitimate, what are the reasons people provide for it? They don’t prepare, lose control of their emotions, can’t stick to a trading plan for long enough and don’t learn. They lose the market and are to be criticized. The same applies to any business that has viable benefits. Forex can be your ticket to financial freedom if you’re prepared.