One of the
major misconceptions in forex trading is that you can make a certain amount of
dollars or pips per day. This is not possible because market conditions always
vary.
Some guys
on YouTube and other social media platforms will scam you that there is a way
to make x number of pips per day which is lie.
The other scam is that you can convert $50 to $1000 dollars
within a day. This can only happen through luck and taking insane risks.
The other lie is that there is ‘that one holy grail indicator’
that will always tell you where currencies will go.
Another social media scam is called Forex signal services.
This is where a guy, or a bunch of guys ask you to pay them so that they can
alert you when to buy and sell currencies. Do not fall for that.
The last
and the biggest Forex trading scam is where some guys rent or borrow Lambos or
Benzes and flex them on social media and claim that they have a trading
strategy that works 90% or even 100% of the time.
They will
tell you to give them money so that they can show you that strategy. Those
strategies never work and if they do, most probably that will be just luck.
With such a strategy, they could be the richest guys in the world within a
year, which is not possible.
My advice, is that you stay patient and consistent and grow
your account slowly but steadily. Do not withdraw all your profits, so that you
can utilize the power of compounding. Treat Forex Trading like a side business.
Experience also teaches you a lot.
