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Myths about Forex

Is luck all you need to succeed in Forex?

Being successful in Forex trading depends on several factors. The most basic are:

  • Examining thoroughly all aspects of Forex trading.
  • Reading specialised literature on financial markets (find list of recommended books and CDs in “Educational Materials” section).
  • Using analytical materials such as the Dow Jones newswires.
  • Forming a well-designed and calibrated trading strategy.
  • Cooperating with a reliable Forex broker with long-standing experience in the field.

Is it true that real success in Forex is kind of a closed book, where no one saw, and if someone has ever seen and read, he will never tell?

Speculative trading in Forex is an important source of income for many banks, investment firms and hedge funds. Any piece of information, though, regarding the real profitability of Forex market does not come from reports of banks and investment funds, but from real live people. Here at TeleTrade, we only talk for successful traders who we know personally. People working in the financial sector discuss with each other and each of us, who worked in the industry, has heard many stories of successes and failures, where we can share with you.

In 19 years of market presence, TeleTrade has prepared hundreds of successful Forex professionals who work in different countries around the world and a much larger number of private investors that undergone our training courses and now use currency trading as a source of additional income. Come to our offices and you will surely be able to communicate with all these people and maybe they can even share their trading secrets with you.

However, it is known that money likes silence and, thus, not every trader will tell the first comer all about their successes. Some are afraid of jinx and the “evil eye”, and others do not want to waste their strengths to unnecessary chatters.

Traders who have a personal desire to share their work, tell us willingly from time to time all about their trading strategies, during workshops and seminars conducted at TeleTrade’s offices. As for the results of specific trading accounts, this information is, of course, confidential. Nevertheless, you can see the trading results of our top traders who participate in the “Master Invest” project.

Who can be a successful trader?

Among successful traders are men and women of all ages, individuals with different levels of education, technical or humanitarian-minded, where no one is like the other. In principle, a trader can be anyone who has expressed such desire. Sign up to our free seminars on Forex and see for yourself! Your personal trading results will show how well you are able to apply the knowledge you have learned. This will help you to understand whether you have the makings of a currency trader and to also assess the level of your anticipated initial income.

It is said that in order to be successful in Forex, you need to have good friends in leading banks of the world, who promptly provide the necessary information about the prospective currency fluctuations.

You can get all the necessary analytical information you need and the latest market news from Dow Jones Itar-Tass newswire, which contains news, summaries of markets and comments from professional analysts to help you trade efficiently. Every day, Dow Jones Itar-Tass publishes several reviews and forecasts on foreign exchange markets.

Dow Jones newswires is a stream of the most important market news published in English and Russian, updated 24 hours a day, 365 days a year. It is a premium publication with analytical information. It is designed for currency traders and for anyone who is interested in getting the most detailed and timely information on financial markets around the world.

News from Dow Jones Itar - Tass are freely available to all our clients, who have real and demo accounts.

Is it true that learning to trade Forex is costly and time-consuming?

TeleTrade offers everyone free introductory seminars in our educational centres. Each lesson has 2-3 hours duration. Special educational events are regularly hosted in our offices, where you can attain free lessons and practical training in the Forex market. There is also the possibility of distance learning. Investors who are more experienced can attend courses especially designed to improve the skills of professional traders.

Is it true that Forex is a kind of a “pyramid” which brings profit only to those who have been involved in the industry a long time ago?

Millions of people around the world work and make profit from the Forex industry. Among them are those who have been involved in Forex a long time ago and those who are just making their first steps. So, you can start trading in the Forex market right away and secure your financial independence.

To learn more, go to the free training section and open a demo account! Your personal trading results will show how well you are able to apply the knowledge you have learned. This will help you to understand whether you have the makings of a currency trader and to also assess the level of your anticipated initial income.

Is it true that only banks and organisations with large sums of capital can trade in the Forex market?

Anyone can trade in Forex, since it is possible to start trading with a relatively small amount of money.

In order to understand the logic of currency movements on Forex and find suitable patterns, it is necessary to study the daily trading decision-making mechanisms of the largest financial institutions of the world. These organisations buy and sell large quantities of most currencies, which means that their decisions are driven by the market.

In the educational centres of our company, we explain in detail the strategies applied by influential banks, investment firms and hedge funds around the world. And most importantly, we demonstrate how private investors with small capital can build their trading strategies based on the approaches of those leading institutions.

Do you provide good trading conditions?

At TeleTrade, we always strive to provide the best trading conditions for our clients. For us, it is very important to ensure that everyone who uses our services feels this way. At the same time, we believe that it is irresponsible to attract people with unrealistic promises. We always treat our clients with a reasonable approach and understanding.

TeleTrade clearly states the conditions it applies. Our quotes are not constantly shifted by a few points at the opening or closing of a transaction. You may be offered another quote, but only if during the time of the transaction, the market price really had time to change.

Our range of services offered in key market segments is closely monitored and we can confidently say that our terms and conditions are some of the best in the industry, as they reflect the interests of our clients at all times.

Is it true that the lower the spread, the more favourable the terms of trade?

No, spread is not the most important factor in terms of trade.

Most often, the announcement of low or almost zero spread is the usual marketing trick to attract clients. When this is the case, the possibility of increasing the spread during rapid price movements is almost never revealed in the terms of trade. In practice, this means that low spreads are available only for some real deals, but mostly, they are only indicative for quotes available for public viewing and demo accounts. In many cases, the client may be offered a much higher spread at the closing of a specific transaction, or the initial quote given to him may be shifted to his disadvantage. There is a logic behind these practices, as spread is the main source of income for a dealing company. In fact, these companies could simply not exist if they were to provide ultra-low spreads.

Populist claims of near-zero-spreads and other unrealistic market conditions are adopted by newly formed companies that are just looking for a niche in the financial services industry. If, however, the company really begins to deliver on its promises, this will prove to be a thoughtless policy. It will also carry a high risk for the company and its clients, as that would be incompatible with the long-term financial stability of the company and would jeopardise the deposits and profits of its clients.

A timely and efficient service which allows for fast arrangement of the most suitable quotes after rapid price changes, is often far more important than low spreads for the execution of profitable transactions. If the terms of trade provide for a very low spread, the company will be unable to meet the specified percentage, in the event of rapid change in the market price.

Is it possible to receive a steady income by trading in Forex?

Forex has been around for over 30 years and during that time a lot of people have made trading in foreign exchange markets their profession, receiving regular and steady income. As for Europe, the opportunity to trade Forex appeared in the early 1990s and since then, hundreds of thousands of people have chosen the job of a trader in order to find financial independence.

Someone who provides advice on payment regarding Forex trading, is it possible to be just a theorist, with no real experience?

People offering their services for money, may be guided by different motives. Among them might be professionals with high reputation and pure theorists with no practical experience. Before applying someone’s advice, try to get as much information as you can on your potential consultant’s performance results and methods of work.

All TeleTrade analysts have extensive experience in conducting profitable trades in financial markets.

Who are the authors of textbooks and other books on Forex?

Several TeleTrade’s analysts are authors of many popular books on the Forex currency exchange market. Among the best sellers are; “It’s just Forex”, written by the head of the educational centre of our company Irina Kaverina, a trader with years of experience. “Forex: from simple to complex”, written by Igor Morozov, currently a lecturer of the Finance Academy of the Government of the Russian Federation and R.R. Fatkhullin, one of the developers of the MetaTrader trading platform. Finally, “The art of being docile. Mechanisms for making trading decisions in the Forex market”, written by the leading TeleTrade’s analyst Peter Pushkarev, a trader with many years of Forex experience.

In order to earn in Forex, you need to monitor the market 24hours a day, without losing time to eat and sleep.

Nobody watches the market constantly. Each trader conducts his transactions when he sees the opportunity, at the time most suitable to him. Of course, at the time when he is resting or being busy with something else, he might miss a profitable opportunity. But that is something that might happen to anyone, even to the most expert trader.

In addition, each person differs from another. Some people spend 2 hours per day on trading, while others spend every walking minute on their computer screen. It is also important to note, that not even the most experienced professional can accurately predict at any time where the price will go. A skilled and successful trader is the one who chooses to make his transactions only in times when currency movement is well predictable.

How is this done? Come to our seminars and we will teach you!

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