Before you start your investing journey, you might’ve heard people say “Don’t trade, you’ll lose all your money”, or “If you don’t have much, it’s not for you”. In this article, we’ll actually debunk five of the most common excuses and trading myths, and explain why they are wrong.
1. Don’t trade, or invest in crypto, because you’ll lose everything
Starting with probably the most commonly encountered, and most inaccurate myth of all: if you follow some very basic guidelines, you will most likely not lose all your funds. The steps everyone can take to avoid such an event are actually quite simple. First, as the saying goes, try not to put all your eggs in one basket. Instead, try to diversify your portfolio as much as you can, as it tends to be the best practice for possibly reducing the involved risks. Also, remove emotion, invest what you can afford to lose, and avoid using leverage to maximize your chances.
2. Crypto trading and investing equal gambling
We are here to tell you, that crypto trading is far from gambling. If you put all your savings into a random token that just popped up and offered thousand-percent returns overnight, then you’re gambling. However, there’s much more to crypto trading, and investing than that. We recommend setting S.M.A.R.T. (Specific, Measurable, Achievable, Relevant, and Time-bound) financial goals, and thinking long-term when it comes to the majority of your investments. Additionally, if you follow a solid strategy, and make educated decisions based on your knowledge, crypto investing distances itself even further from gambling.
3. You need special knowledge to trade and invest in crypto
Back in 2008, when cryptocurrencies started, this statement was, indeed, very true. However, thanks to visionary companies, such as coinpass.com, trading, and investing in cryptocurrencies is more secure, easier, and more convenient than ever before. Still, we recommend (read more)…
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