The Naked Truth about Trading
Trading is one of those industries that people think they know too much about when in actual fact most people do not even understand its basics. Trading has been around for the longest time, but people still seem not to get it nevertheless. People think trading is a fast way to get money. They think it is easy. They think it is an overnight success. People think anyone and everyone can make it in the trading industry. Well, the truth is all these are nothing more than just myths. In this series of articles, I will go in and out of every myth in trading and demystify all of them to the best of my knowledge.
1.Trading Is Gambling
I cannot stress this one enough. Trading is not gambling, never was and never will be. However, there is a fine line between it and gambling which if one is not educated on the topic can never see. Trading unlike gambling has got a lot of winning strategies, way higher odds of success, and big institutions (billion-dollar financial firms) participating in it. This alone should tell any average mind that this is different from gambling by a milestone certain group of people, especially the ignorant ones turn to classify the two in the same group.
2. Anyone Can Trade
The irony of this statement is that only people who cannot trade use it in the first place. You cannot be able to trade and then say this. This is because anyone who can trade knows this better because for you to be able to trade you have to have a certain level of emotional intelligence and not let everything get to your head. Not being able to control your emotions alone is fatal to anyone’s trading career. People who are not able to work under or under pressure never really make it in this industry as well. Their careers never see the light of day.