I know that many struggling traders are often amazed at how successful traders make money trading the currency. They can not help but think that what they are doing is right and I am wrong. People who make money in the market have these myths about people making money. I think it is time to dispel these myths once and for all. Here are the top 3.
1) Successful traders are much smarter than struggling traders.This one always makes me laugh. Intelligence has nothing to do with success. You can have a Harvard doctor who can break their account within a week. Then I know a lot of traders who do business, they haven’t even finished high school.
2) They started with more money.That may be true, but it really has nothing to do with success. It is always nice to start any business with more money, but it has absolutely nothing to do with the success of the business. If you’re a business historian, I’m sure you know that the most successful traders in history have started from scratch.
3) They use the most expensive charting software.I can not even begin to tell you how great a myth this really is. Some people sincerely believe that you can never succeed without a thousand dollar chart. But believe it or not, many successful traders use freely available trading programs (like Metatrader) and do not spend their hard earned money on unnecessary programs.