What makes people think Forex is a scam?

Forex Market is still perceived as a scam by some people. Forex Traders and people with a degree in finance might find this statement ridiculous, but others rarely take it seriously. Because of a lack of understanding of economy, myths and lies about Forex could be created, which could discourage a lot of people with high potential.

The forex market is nothing more than a market for currencies. It can be compared to the real estate market or automobile market. “It is simply not true that the auto market is a scam.” Robert Parker, Holborn Assets - Holistic Financial Planning Services, Dubai.

In Manhattan, New York City, the Financial District features a charging bull.

There are many different uses for Forex, including governments, banks, companies and even simple individuals. What is your favorite place to travel? You may need to buy foreign currency, which you can purchase at your local bank (and probably not at a very good price) if you have already done so.

Would you like some foreign products? Business owners can do that because they purchase foreign currencies and sell the product to you at a higher price. The Forex scammer is, of course, not this particular businessman.

Forex is used in everyday life by everyone, but not everyone succeeds in generating profit from it. Why is it categorized as a scam, then? They don't comprehend the process. They are not good at dealing with the results of their actions if they come to the Stock Market without any knowledge or preparation and expect to become millionaires overnight. When they fail, they blame the market, as they put money into their broker and expect to make money in one click.

Markets are always right - opinions are often wrong. Jesse Livermore.

In April 2016, trading in foreign exchange markets was worth an average of $5 trillion per day, according to the Bank for International Settlements. Although some people are unable to make money through Forex trading, this does not mean that Forex is a scam - there are many Forex traders who have made it their profession for life.

It is common for people to give up long before they reach this point. When an individual blows through their first trading account, they get discouraged and think their brokers are sabotaging them. Felix De Vliegher, 10+ year Forex trader.

Why do people give up Forex trading if it's legit? In short, they don't get prepared, they go through emotional turmoil, they can't stick to a trading plan for a long enough period of time, and they don't educate themselves. Due to this, they lose and blame the market. Every business does this. Nevertheless, if you are prepared, Forex can be an excellent way to get financial freedom.

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