Remember the MythBusters? They are back again, ready to debunk more of the biggest myths about trading online.
Follow us for another portion of He said they said Myth busters! In case you missed the first part, you can find it in our article selection.
They said: You were born a trader; you don’t become one.
Patrick S says: While it is true that certain character traits make it easier to trade, no one is born a trader. No matter how they started, no trader was successful from the beginning. They all worked hard at it.
I started without any knowledge or experience. What helped me along the way was my dedication to trading. I think that this is one of the character traits that could make the difference. If you are committed to trading, learning, and expanding your skills – you will succeed.
Another thing is that you should never be afraid to make mistakes. When you are an online trader, mistakes are part of your daily life. It is true that with practice and knowledge, your missteps will be less. Still, never forget that even the most successful investors go wrong sometimes.
They said: You have to have a high IQ to trade.
John B says: Just not true! Trading involves buying and selling stocks, commodities, and currencies on the global markets. On the platform that your broker provides, you will have all the tools you need to trade online.
You can follow every price movement in the charts, and based on that to decide whether to buy or sell. There are no strong intellectual abilities necessary, just to be focused on the time being.
I think that trading involves more attention to detail rather than a high IQ.
They said: Successful traders have the “right trading personality.’’
Henry G says: While it is important to know your personality traits, there is no such thing as the “right trading personality.” Try to figure out what kind of person you are. Ask yourself, what made you go into trading in the first place? How much risk is too much for you?
I am a person with higher risk tolerance. That means I would put bigger amounts of cash in trading to make bigger profits.
If you are afraid to put too much of your money into risk, I suggest you start slow. Just ask yourself: ”how much money exactly am I willing to risk in this trade.”