Current estimates put the forex market’s daily turnover at over 4 trillion dollars, which is more than the GDP of most developed countries in the world. However, there are many people who seem to think too much of the forex market in the way of helping them make money fast. Many people often think that it is easy to just start with a $1000 account and then triple that in a few days but this is the kind of misconception of the market which ends up ruining a trader’s motivation. The common assumption that many people start off with is that it is very easy to make money in the forex market since it is open and provides people with many opportunities. The truth about the forex market is that yes there are many opportunities, but it is not as simple and straight forward and many people will have you think.
If you were an expert poker player tripling your account is something, which can be considered doable even if you start with a $100 investment. However, in the forex market, it is not very easy to triple a $1000000 account as it is to triple a $1000 account primarily because if you do the math, the turnover is not as much as it first seems. As a trader you need to think about how much the forex market turns over in a second rather than a day since your profits will depend on how the prices move within a few seconds. You also need a way to get the most current prices, as soon as they are updated so that you can make a move before anyone else does. The liquidity at any given time of most pairs is around $300 million, then you have to consider the fact that there are millions of traders around the world tossing around currency pairs, and you soon realize that all is not what it first seems.
There are many fraudsters, scammers and tricksters who try their best to make people believe that they can make millions off the forex market in mere days without much effort. The forex market is huge but making a profit mainly relies on your study of how the market moves, as well as some luck on your part in contrast to simply just buying and selling anything you like.
To avoid getting scammed, you should always checkhttp://www.forexblacklist.com before actually spending any money in this industry.
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Author: martinfronekThis author has published 25 articles so far. More info about the author is coming soon.