Are you new to forex? Everybody has to start somewhere. The good news is, you have the chance to start today. Before opening a trading account, you need to know these 5 facts about forex trading.
1. Forex is very much unregulated. It is a jungle out there. A new trader can get lost with the abundance of information and well-intended advice. The best way to beat the confusion is to find an experienced mentor to guide you in your journey. Further, even though forex trading is regulated by recognized financial institutions around the world, there are still a lot of loopholes and grey areas that can affect the customers.
2. Nearly all forex brokers have hidden fees. Lets be real. There is no such thing as an honest forex broker. The ultimate goal for these business entities is to make money and they will use every opportunity possible to make this happen. They can find all sorts of ways to charge you, from withdrawals to charging for each entry into the market. This is the fact that we as forex traders must face with.
3. Finding a good forex mentor is hard. Looking for a good forex mentor to coach you is like searching for a needle in a haystack. It is time consuming and you need to search through all the false leads before landing on the perfect mentor. The skills gained from forex are earned through closed doors. No fan fare, no hype and gimmick. True mastery is gained in front of the computer with deep thinking involved. But once you do find a great mentor, it won't be as you expected it to be. It may be in form of an e-book or a simple advice from an obscure blog or a discussion in a forum.
4. Forex supporters and traders are diverse and are divided in groups. The most visible evidence of this is via online forums and discussion boards. Forex discussions can be heated sometimes. It is easier to communicate with like-minded individuals who share the same values with you. That is the reason why people are usually grouped together based on opinions. One word of advice: Find a forex group and stick to it! Contribute as much as you can and you find that karma works both ways.
5. Forex trading is not expensive to join. Forex has become affordable because of the Internet. The Internet made it possible for a lot of people to start trading. For example, on blog by Instaforex has stated that you can start trading with only $10.
1. Forex is very much unregulated. It is a jungle out there. A new trader can get lost with the abundance of information and well-intended advice. The best way to beat the confusion is to find an experienced mentor to guide you in your journey. Further, even though forex trading is regulated by recognized financial institutions around the world, there are still a lot of loopholes and grey areas that can affect the customers.
2. Nearly all forex brokers have hidden fees. Lets be real. There is no such thing as an honest forex broker. The ultimate goal for these business entities is to make money and they will use every opportunity possible to make this happen. They can find all sorts of ways to charge you, from withdrawals to charging for each entry into the market. This is the fact that we as forex traders must face with.
3. Finding a good forex mentor is hard. Looking for a good forex mentor to coach you is like searching for a needle in a haystack. It is time consuming and you need to search through all the false leads before landing on the perfect mentor. The skills gained from forex are earned through closed doors. No fan fare, no hype and gimmick. True mastery is gained in front of the computer with deep thinking involved. But once you do find a great mentor, it won't be as you expected it to be. It may be in form of an e-book or a simple advice from an obscure blog or a discussion in a forum.
4. Forex supporters and traders are diverse and are divided in groups. The most visible evidence of this is via online forums and discussion boards. Forex discussions can be heated sometimes. It is easier to communicate with like-minded individuals who share the same values with you. That is the reason why people are usually grouped together based on opinions. One word of advice: Find a forex group and stick to it! Contribute as much as you can and you find that karma works both ways.
5. Forex trading is not expensive to join. Forex has become affordable because of the Internet. The Internet made it possible for a lot of people to start trading. For example, on blog by Instaforex has stated that you can start trading with only $10.
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