5 Forex Myths Exposed by Olymp Trade

Online training is booming, but it is still surrounded by myths and misconceptions. Separating falsehoods from reality is not easy. Proponents extoll the convenience of remote trading while critics accuse brokers of fraud. If you are still hesitant about trying Forex, our article will help you make a decision. 

Myth 1. Forex Is a Scam

This is perhaps the oldest and the biggest fallacies of all. Some people believe online systems only benefit brokers and promoters who drive up prices. Companies are suspected of cheating clients through misquotes, transaction delays, and other scammy practices. 

In reality, many Forex businesses are fully regulated and authorized by credible monitoring bodies around the world. For example, the Olymp Trade platform is overseen by the International Financial Commission. This watchdog acts as an intermediary between traders and the broker if something goes wrong. Every client is entitled to a compensation of up to €20,000 in the event of wrongdoing. 

Myth 2. Forex Will Make Anyone Rich

Supporters of trading also make exaggerated claims. No strategy is guaranteed to bring results. The financial outcome depends on your education, experience, and approach. Even the most seasoned traders make a loss from time to time. 

The first prerequisite for success is education and sufficient demo experience. Brokers like Olymp Trade offer free demo accounts. You can explore their platforms at your own pace using a hefty virtual deposit. There are articles, webinars, tutorials, and even entire YouTube channels in different languages.

The quality of the software is also essential as delays in execution undermine profit. Reliable terminals work flawlessly on any device, be it a laptop, tablet, or smartphone. 

Myth 3. You Can Skip Demo 

Although traders do not need formal qualifications, training is vital. When you put your own money on the line, trading is always stressful. All too often, people make irrational decisions out of fear, greed, or recklessness.

Assuming you do not need to practice is a dangerous mistake. Demo accounts are offered by all good brokers for a reason. Beginners should get familiar with their software and test different strategies safely. 

Myth 4. Profitability Comes Quickly

Even trading gurus are not infallible. Global markets are moved by factors beyond anyone’s control, such as central bank policies and geopolitical tensions. All you can do is foresee changes and react to them. 

Those who achieve a profit too quickly grow complacent and sloppy. They neglect risk management and eventually face financial ruin. Psychology is just as important as theoretical knowledge. 

Myth 5. Expect to Make Thousands per Trade

This is feasible for professional players, as risk management prescribes using no more than 1% of capital per trade. Besides, this is only one side of the coin, as losing thousands is also possible. Beginners should always start small and use all risk mitigation tactics. Diligence will help you grow as a trader and boost profit. Do not expect miracles, just trade mindfully! 


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