6 Common Currency Trading Myths Every Newbie Should Know

  1. Easy money

    This a myth. There is no easy money. Currency trading requires patience and smart planning. You do not turn rich overnight.

  2. Trading is possible only through a large sum

    This happened in the past where only financial institutions and banks could trade in currency as they had the ability to do so. But now even small-time investors can trade because of electronic and online currency trading software.

  3. Guaranteed returns with no efforts

    Nothing in this world is earned without efforts. Online currency trading in India requires a lot of efforts like the investment of time, thorough understanding of the market and swift decision-making ability.

  4. Watching the market round the clock

    It is not possible to stare at your computer screen, keeping an eye on the market for all the 24 hours. Currency trading is always live but that nowhere implies that you have to be online for 24 hours. The currency trading brokers in India are the ones who can help you with updates regarding your trade.

  5. Only complex strategies give you result

    This does not happen always. Sometimes the complexity may work and get you high returns. But complex strategies might also become difficult to implement. Smart traders usually stick with simple strategies. If you keep tweaking your strategies and make it complicated then there are chances you may incur losses.

  6. You need to have a degree in Economics

    This is a perception that only someone with a degree in Economics can trade in currency or forex. Currency trading does not require any degree. To be a trader who reaps benefits, you do need to have good skills in estimation, fast-paced decision-making ability, and a good sense of numbers.

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