| Do you know that among all the financial | | | | of charge. |
| trading markets in the world, the largest | | | | |
| market is not the stock market, but is the | | | | 2 Types of Technical Forex Traders |
| forex market? Despite this, many people are | | | | |
| wary of trading in forex because of the | | | | In contrast, in today's financial world, |
| misconceptions that abound regarding forex | | | | there exists a great number of people who are |
| trading. | | | | trading the forex and making profits from |
| | | | their trades. Indeed, the forex market is now |
| 3 Main Misconceptions about Forex Trading | | | | open to all individuals who are trading from |
| | | | the comfort of their own home, 24 hours a day |
| 1. Forex trading is unduly risky: Many people | | | | as the forex market is always open. Trading |
| are wary of forex trading. They feel that it | | | | online and using the free charting and |
| is very risky to trade in forex. It is | | | | trading interface of the forex brokers, many |
| correct to say that forex trading, like any | | | | traders are now using technical analysis and |
| other trading activity, carries risk. However | | | | charting methods to day trade and to swing |
| the risk can be reduced by acquiring the | | | | trade forex, depending on their own personal |
| suitable trading skills and by using the | | | | circumstances. |
| correct software, just like a specialist | | | | |
| medical surgeon gets to a high calibre by way | | | | Among these profitable technical traders are |
| of acquiring the required skills and by using | | | | what I would broadly classify into two main |
| the best high-technological and updated | | | | groups of technical forex traders - those who |
| surgical tools and instruments. There is no | | | | use various technical indicators such as |
| more risk on trading forex than which is | | | | bollinger bands, stochastics, RSI, momentum |
| common to any other financial instrument when | | | | indicators, trendlines, CCI etc , and another |
| you gain the proper skills and experience. | | | | group who uses charts with only only price |
| | | | action and time price analysis, notably |
| 2. Forex trading can only be done by big time | | | | computing the price levels or studying the |
| institutions: This is simply a wrong | | | | price patterns and behavior arising from the |
| understanding of forex trading. Gone are the | | | | price patterns and time, with NO indicators |
| days when big time banking institutions can | | | | at all. |
| only trade the currency and forex markets. | | | | |
| You can now trade forex with as little as $25 | | | | If you are seeking an alternative source of |
| leveraging on your margin account. | | | | income or a replacement income to your day |
| | | | job, consider trading forex...but remember to |
| 3. Forex trading utilises expensive trading | | | | consider that as your business, and like any |
| software: Nowadays, you can avail yourself to | | | | other business, forex trading must not be |
| free trading software that constitutes the | | | | entered lightly. It requires your commitment |
| trading platform and also charting interface | | | | to learn how to trade, to become successful |
| provided online by forex brokers.Opening an | | | | and profitable and to create that consistent |
| account with an established broker will allow | | | | income for a living. |
| you to access powerful charting software free | | | | |