Once an amateur takes a few hits, he becomes fearful and starts developing strange ideas about the markets. The unstructured environment of the market makes it easy to develop fantasies!
1 - The most popular fantasy is called the “brain myth.” Saying stuff like: “I lost because I didn’t know trading secrets.” (I’M GIVING YOU ALL OF THEM)!
- NO! Successful traders create personal systems of trading. They become some of the most disciplined individuals out there. The have learned through patient experimentation and retrospecting constantly.
2 - Another popular fantasy is called “undercapitalization myth.” Saying stuff like: “If only I had a bigger account, I could have stayed in the market a little longer and won.”
- NO! A loser isn’t undercapitalized. Their mind is just underdeveloped.
- Experts say that it takes at least several years to get to the point where all the experience you’ve gained works harmoniously. It’s a time tested thing! Which is why we’re putting you on the B9 0X program! To get you in the game of garnering as much experience as you can, as fast as you can!!!
- Expect to lose, however, you can de-risk your losses by starting with small incremental “bite-size” chunks of capital. Don’t worry. The crypto market never closes. You’ll have plenty of time to get into the right trades and the right coins in no time!
3 - “Autopilot myth.” - Electronic Trading Systems
The pursuit of wealth cannot be automated
Some try to develop a system
Others try to buy one from experts
“Canned competance” as Elder Alexander once said, are people who are driven by greed, laziness, and mathematical illiteracy." OUCH.
As a scientist, I know that complex human activities do not lend themselves well to automation. Computerized learning systems have STILL not repleaced teachers, and programs for doing taxes have still not created unemployment among accountants.
Markets always change and defeat automatic trading systems. Period. Full stop.
A competant trader can adjust his methods when he detects trouble.
IN TODAYS B90X - Comment below in TheBitcoin.Pub - Have you fallen into any of these trading and investing myths? Have you made mistakes by falling into these myths? If so, tell us a story! We’d love to learn from your MISTAKES!