When I first started trading Forex, I fell for the classic myth: “The more trades you take, the more money you’ll make.” Boy, was I wrong. Overtrading didn’t just drain my account…it drained my energy and confidence too.
What about you?
- Did you believe in a so called “holy grail” strategy?
- Think you could turn $100 into $10,000 in a week.
- Or trust that one magical indicator that promised the world?
Let’s share and debunk the myths that cost us time, money, and sanity. Drop your story below, reply to others, and let’s make this thread an eye opener for everyone in the Forex community.
Indicators. I started my trading journey trading naked charts after reading Naked Forex. Messed up and found forexfactory and went down the rabbit hole with trading systems that used indicators. I’m back to trading charts naked.
Otto said: @Ozias
Beat me to it. Indicators should NOT be your strategy. They should indicate your strategy is working.
What determines a working strategy? lol I don’t mean this to be a simple question, it’s really not. I’ve been curious about the difference between expectancy and probability is all.
@Ellison
Probability is the likelihood of a specific outcome occurring. Expectancy is the average result of an action. Probability is odds (looking at the future), expectancy is an average of results (looking at the past). If you have to choose one, expectancy because it takes into account your probability.
@Ozias
I read something a little while back that made a case for RANDOM entry. Showed it did just as well as trying to pick… is this true?? is this why naked charts work better… potentially?
Ellison said: @Ozias
I read something a little while back that made a case for RANDOM entry. Showed it did just as well as trying to pick… is this true?? is this why naked charts work better… potentially?
Most people who push the concept of random entries aren’t really taking a random entry. Yes, the initial point of entry is random, but they change the entry after the fact through dollar cost averaging.
I wouldn’t recommend random. As a case study we can pull up Nick Shawn and Ross Cameron on YouTube. Nick does the random thing, Ross has an almost mechanical system he developed. Nick is still dicking around with small accounts, Ross turned his $500 bucks into like $11 million.
Nick is the average person on this sub. Ross is the guy you should, but probably won’t, listen to because it’s more work.
Biggest thing I learned in the beginning was, “it takes money to make money.” Don’t expect growth trading 2% with a low balance account for ex. $100 challenge to $10k.
Ori said:
Retracement. Sometimes things don’t Retrace.
Boy, ain’t that true. I always think the market can keep going, don’t try to catch the bottom with no indication of it retracing. I’ve seen it many times, I believe it. Now I have an applied level of cautiousness that only comes with experience.
Besides the ones you listed, when I first started my own ego/arrogance led me to believe “I’m special” because I’m an engineer by trade. Being “special” I didn’t think the rules applied to me. Let’s just say I was wrong… very wrong.
It wasn’t a forex myth, it’s my own myth I made up in my head. When I first started I kept hearing PSYCHOLOGY PSYCHOLOGY PSYCHOLOGY. I used to think “how hard can it be to control your mind lol.” BOYYY DID I FIND OUTTTT!!!
When I started trading Forex, I believed in the myth of finding a ‘holy grail’ strategy. I wasted months chasing indicators and systems promising guaranteed success, only to realize the market requires discipline, risk management, and patience—not shortcuts. That experience taught me to focus on mastering a single strategy and sticking to it. The lesson was costly, but invaluable.
