As rewarding and interesting trading gets, it also comes with its own set of risks. Most trading risks can be connected to the lack of sufficient information to make a decision. This leads to miscalculated competency which is directly proportional to loss of money. Diligent traders are in a perennial quest to learn trading strategies from experts in order to enhance their knowledge. Listed below are the popular trading myths busted for you.
It’s a gamble
Trading is most often compared to gambling as both the activities can seem similar for a person with very less insight about trading. Both involve in placing risks on wagers. However gamblers place bets whereas traders place trades. Trading requires education practice and dedication unlike gambling. Gambling is filled with uncertainties but a trading comes with a certain amount of control over the probabilities. Whilst the odds are fixed in gambling, traders have flexibility to minimize the randomness with information about the market. Apart from the risk factor there is no similarity between gambling and trading. Trading is a legitimate business for multitude professionals globally.
It’s not easy to trade by yourself
Entering trading as a novice could be confusing and scary with risks and volatile markets involved. Many people are always looking for tips to trade from someone else. They rather rely on other traders and brokers advice than confidently trade themselves. Learning a professional trading course like the 4 day course Ettfos is currently offering, can teach you a comprehensive and strategic approach to trading from the industry experts.
You need a lot of money to trade
Trading has gained the notoriety of being a rich man’s business. Though having money at your disposal is advantageous, it is not a valid reason enough to disregard trading. Most amateurs start off with limited resources. One can still grow their portfolio with limited trading activity by generating profits consistently.
Secret strategies
Most people think that in order to become an accomplished traded one should know the secret strategies. The huge global market cannot be treated as a code that needs to be cracked. The only strategy that will help you navigate in the world of trading is right knowledge and expert guidance. In order to achieve success in trading, take up a professional trading course to gain confidence and better insight into the industry.
You can’t trade if you work
This is absolutely untrue. In fact, most people get into trading while having another job in order to make some extra money and create viable business opportunities for themselves. Most people start out as part-time traders with full-time jobs. Having a job is even better when you venture as a newbie in trading, as you can have a sense of financial security irrespective of the market trends. Once enough experience and knowledge is gained you can transition into full-time trading.