Today, I would like to share some of the biggest misconceptions of trading that I have seen with many traders.To get more news about WikiFX, you can visit wikifx official website.
These aren‘t tiny misalignments that don’t matter in the grand scheme of things... Im talking about seemingly benign misconceptions that will adversely affect the entire trajectory of your journey to becoming a consistently profitable trader.
Misconception #1: Trading can get you RICH QUICK
To be honest, it's not entirely your fault thinking and believing that trading can get you rich quick.
Today, you can easily see all the ads on various social media platforms telling you how much profits have been made, the crazy returns and profits that trading can give you, the nice and fancy cars, and etc. etc.
I'm pretty sure you know what I'm talking about.
But the truth is trading is not a GET-RICH-QUICK solution.
Yes, trading can empower you to be financially independent, and it can make you rich. But that's not gonna happen until you decided to commit to this journey.
Think of it as a profession. It takes 7 to 10 years to graduate and practice as a doctor, an average of 14 years to be a practising lawyer, and easily between 5 to 10 years to be an architect.
It took me 3 years to transit and make it into a full-time trader, of course with many trial and error, many painful lessons.
But if you ask me today is it worth it？
It's definitely a YES!
Quoting Ray Barros from one of the conversations we had with him, “Where do you get 90% of the population putting money in your pocket？ Only in trading.”Everything we do, especially for the very first time, it looks or even feels scary. Because we haven't fully understood it. Think about the very first time you decided to learn how to swim, or how to ride a bicycle, or how to drive, or even how to cook in the kitchen with a knife...
Aren't they all risky too？ But as we get to understand the craft and skill better, and the more we practise, we get better. And as a result, we learned how to manage our risk.
Trading is the same. What you need is the proper knowledge and skillset to manage your risk, and the reward can be very lucrative.Ha! This one's a killer! Most often than not, I get asked by traders who are fairly new in trading what's the winning rate of my strategy. And they thought that having a high win rate strategy equal being profitable.
This mentality then leads them to start seeking for the 90% winning strategy. And as a result, they will often fall into the trap of constantly searching, instead of becoming a successful trader.
The truth is the strategy is just a small portion within the success formula towards your trading journey.