FX Exposed report reveals five major misconceptions Forex traders are led to believe by their brokers.
Napier, New Zealand (PRWEB UK) 29 June 2013
Forex traders may think that their brokers are their number one ally when it comes to foreign trading profits, but a new report from TraDesto reveals that relationship may not be all it is alleged to be. In fact, there are five major misconceptions Forex traders are led to believe by their brokers. TraDesto’s special report titled FX Exposed sheds light on these often underhanded tricks of the trade.
What are these dirty five deeds Forex brokers are using to pull the wool over their clients’ eyes? The FX Exposed report singles them out as follows.
#1 Misconception Forex brokers have led traders to believe: They offer no commission trading.
“If your broker tells you he doesn’t charge commissions, you should be very leery,” explains FX Exposed spokesperson Markus Brown. “That’s just code word for a practice whereby the broker marks up on the raw spreads to work in his favor.”
#2 Misconception Forex brokers have led traders to believe: Fixed spreads. Simply put, in the real interbank market, there really is no such thing as a fixed spread. “Brokers who offer fixed spreads are essentially trying to price the offer somewhere between what the regular market movement is,” points out Brown. And when the market gets volatile, it’s the brokerage client who is going to pay with losses, both actual financial ones and in the form of missed trade opportunities.
#3 Misconception Forex brokers have led traders to believe: There is a “holy grail” system of training. Sorry to say but as FX Exposed reveals, there is no such thing. “There is no one system that will always work in all market conditions,” stresses Brown, “so don’t let anyone tell you otherwise. You’ll just end up blowing a lot of money in the search for one.”
#4 Misconception Forex brokers have led traders to believe: You can start off with as little as $250. You can, but overleveraged and insufficient funds are a big Forex trading mistake. “If you are serious about trading and making a living out of it, you’ve got to take it seriously,” Brown cautions. The FX Exposed report reveals the minimum amount traders should fund their account with and what percentage of their capital they should put at risk.
#5 Misconception Forex brokers have led traders to believe: Because it’s a dream job, Forex brokers will always be making the best trading decisions on their clients’ behalf. Nothing could be further from the truth. In fact, trading is one of the loneliest businesses. It’s also often a part-time endeavor, conducted on top of a 9 to 5 job. As a result, trading decisions are often made when the broker is under emotional or mental stress.
For more information on how to spot a Forex brokerage misconception, download a free copy of the FX Exposed report at http://TruthAboutFX.com/fxexposed . To learn more about how to eliminate the middleman and maximize foreign currency investment profits via TraDesto’s new social trading platform, contact Markus Brown at pipsblueprint(at)gmail(dot)com.