3 Big Misconceptions About Cryptocurrency Trading

[Good-Guy]

Cryptocurrency trading is considered as one of the greatest ways to make money. Since the creation of bitcoin, the cryptocurrency market has been many great days and many bad days as well. Since the popularity of cryptocurrency has rose, the misconceptions related with the cryptocurrency market has also been spread.

Cryptocurrency Trading Is Gambling

This is one of the biggest misconception about cryptocurrency trading. Cryptocurrency trading is not gambling rather it is a market that is dependent on market capitalization, liquidity, investments, and many other factors. Gambling involves betting and it depends on your luck. Cryptocurrency trading does NOT work that way. Cryptocurrency trading depends on the kind of strategy that you use to make money.

Cryptocurrency Trading Is A Get-Rich-Quick Scheme

This is another big misconception. Cryptocurrency trading is not at all a get rich quick scheme. It is a market where fluctuations and a surge in price is a common thing. You may end up losing money if you invest in the wrong coin. Making money from cryptocurrency trading takes time.

Rich Cryptocurrency Traders Are Lucky People

This is another great misconception. Rich traders are not rich just because they are lucky. They are rich because they understand how the market works. They know when to invest in the right coins and when to sell those coins. They use stop loss features and they are good at reading charts. They never depend on luck alone.

 

[eldavis]

The three things you made mention of are actually the mindsets of beginners today, and this is exactly why most people do not make it in crypto trading or even forex trading. Alot of persons rush into crypto trading with the belief that once they go in, they would start making huge amount of money, this has lead to most beginners taking unnecessary risks or trading without the required knowledge.

 

[Kingsley]

This indeed is very correct and the misconception still last even more at this time, Some people just have this wrong notion that we working online are into some sort of scams or quick way to make money. But this is absolutely not true. There are many of us who are working online and are not into any scams but struggling on several platforms and also trade on crypto as our major means of livelihood. And we are doing this things decently and not involved in any thing that has to do with fraud or scams.

Trading crypto is never a get rich quick venture as many newbies and potential traders due to lack of experience has formed the opinion that trading crypto currencies will make them rich overnight. But today that have themselves to blame as they have learnt the hard way by losing their hard earn money on the system. Coming with the mindset of making it easily on this platforms is what is really making a lot of traders to fail in their quest of becoming a good trader. And of a truth many take it a kind of system where they can just go by any predictions without doing their own home work properly but they just depend on hear say from other people. And for this reason they fail woefully in their expedition in the crypto space.

Anyone joining crypto because of fast go in will end up losing.