The market is abounding with trading myths. Everyone seems to have a myth of his own and it all adds up to form a huge cycle of myths that never ends. The layman who might have no clue about trading seems to have 10 myths around it and you, as a trader, might feel hurt or insulted when these myths are hurled at you. Before these trading myths get to your mind, read about them here and debunk each one of them.
- Making fast-cash is your only target
This is the biggest and the most dangerous myth that one could think of. Making fast money seems to be a common aim and taking high risks for the same is even commoner. However, successful traders will always ask you to take it slow. Trading is more about enjoying the process and learning about it at the same time than taking big risks and losing a lot of money. Your target should be to minimize the risks as far as possible and understand the market deeply.
- You can’t crack a single trade without trading expertise
A lot of beginners are intimidated by the idea of trading because they believe that trading requires a great deal of expertise and experience. This is a myth. It is true that a certain level of trading does require some kind of experience to crack the technicalities but with automated trading bots in the market, even beginners can make a good amount of money without any prior experience.
One such software is the Ethereum Code. This software has an automated mode that places trades on your behalf. All you have to do is sign-up for free and have an initial deposit to start trading. This deposit will always remain in your account and you can withdraw it whenever you wish to. The Ethereum Code is meant for beginners as well as experts because it has an automated mode as well as a manual mode of trading.
- If you don’t have a lot of money, you can’t make it big
The size of your trading account is not directly related to your profits in the market. Even if you have a big account, you can lose all your money on the very first day if you are not careful. On the other hand, you can start with a small trading account and take calculated steps to make it a big account in a year or so. It entirely depends on how you place your trades and how the market behaves.