As Forex trading takes place in online, there is a lot of importance given to the online media. People spent most of their time on Social Media and it is an easy way to reach to the common people. You will find that your web pages are randomly showing you ads about different Forex websites. It is because they keep a track of your browsing activity and when you start browsing, the media start showing ad. It is very easy to trust this Medias as they are the only source of knowing what is going on in the industry.
There is no office where you can go and verify the news by yourself. As a result, people start believing online media and they start taking benefit from you. This article will tell you why you should never trust the news and information they provide to you. It may seem like a generous activity to provide helpful news for free, but it has a foundation of hidden self-interest for them. No broker or media helps the traders unless it has something to gain for them in exchange. In the world of currency trading, it is a rule that you must not forget. Read through this article and you will realize how they scam people through their services and false news.
Why do you need to use the online media? The reason is fundamental factors. In the eyes of the UK professionals, fundamental factors are often considered to be the most powerful price driving catalyst. For this reason, the experienced UK traders in the exchange traded funds community always keep themselves updated with the latest news. But trading the market based on the news is very risky. Most of the time your trades will hit stop loss due to false spike. You need to use the technical and fundamental data to find the best trades. Never think you will become a professional trader without learning the true art of fundamental analysis.
They intentionally publish false news
One thing about this online sources is, they intentionally publish false news for their own benefit. You may want to know what they can have in return. Many people follow their trends and signals and many renowned brokers publish and get new traders through them. Imagine if these sites start publishing news that a certain currency will go down in price, it can have a devastating impact on the market. Traders of that market will start selling their pairs and trade in a new market with other pairs. It may create volatility and the brokers can buy these cheap pairs and sell them at a higher value. Trusting them blindly may lead to the end of your career. Always take their new with a pinch of salt.
There are thousands of fake websites
We have only told you what the popular sites can do to you. It is very easy to create a new website and make it appear in the search result by spending some money. Imagine if any fake sites come up and convince you into a scam. It can take away your investment, you can use a wrong strategy or you can sign up with a bad broker. Only read news from well-known online sources to get the original information.
There are rumors flying around
Many rumors fly around the market and it is your task to sort out the correct ones. If you cannot, simply avoid trading at that time. There is no need to take risks in trading. You have to use your intellect and use information from the trusted sites. Never blindly follow the information as it might be rigged. Take your time and do all the hard work to find the best trades. Being aggressive will never help you to save your investment. Always remember the conservative traders are the ultimate winners of the Forex trading industry.