Actually starting a task is often seen as the hardest part, once you have gotten going, things are pretty easy. So why do we find it so hard to actually start a task? Why do we always look for excuses to do the housework or some exercise? These excuses do not avoid trading either, there are a number of different excuses that people use to stop themselves from starting to trade, either actually trading or beginning to learn about it. So let’s take a look at some of the more common excuses that people make in order to avoid trading.
Not Enough Money
This is one of the more acceptable excuses, not having enough money could make it impossible to actually start trading, what it doesn’t do though, is prevent you from learning, considering that learning is the first part of trading, there is no reason why you cannot begin doing this while you save up some money. As the years’ progress, however, the excuse of not having enough money has become almost obsolete, there are brokers allowing you to open up accounts with just $10, we know that you cannot execute proper risk management with such a small account, but it is a way to begin and to get a feel for the live markets.
Not Enough Time
When you talk to a professional trader, they will often tell you how long they have to trade each day, how much of their time it takes up just for them to break even. This may be true for those that are doing it full time, but when starting out you are not going to be looking to make up your wage, you are simply there to learn. There is more than enough time to dip your toes in after a usual job, spending an hour or two per day is more than enough to analyse the markets and put some trades on, once the trades are on with a stop loss and a take profit, there is no need for you to stick around, get on with whatever it is that you need to do and allow the trade to do its thing. Yes, you need a lot of time to be a professional, but certainly not if you are just starting out as a beginner.
It’s Too Complicated
I would agree with this statement if there weren’t 1,000 different user-friendly resources out there that can teach you pretty much every aspect of trading. If you were just thrown into the markets with no information, then yes, it being too complicated would be a very valid excuse, but in this day and age, the excuse is no longer valid due to the resources out there. In fact, there are courses that walk you through the trades in person, there can’t be anything more straight forward than that.
Trading is all about learning, taking time to read and understand what is going on before jumping int other markets will help things seem a lot less complicated, any guide or advice would be to learn and demo before going live. Doing this will help you understand what is going on and everything will be a lot clearer for you, read, learn, and then trade, nothing complicated about that.
One of the misconceptions is that trading is a form of gambling, from the outside it looks like the markets can just go up or down, of course, in reality, there are far more probabilities that you need to take into account which tips things in one favour or another, there are reasons why the markets move and knowing them greatly reduces the risks. Of course, there are some risks, but there are also a number of different risk management techniques available that people can use to reduce the potential risk that they are in and to protect their accounts. So from the outside, it may look risky and like gambling, but once you gain an actual understanding of what is going on, it is clear that there is an amount of strategy behind it, if there want then why would there be so many different strategies out there? Don’t forget that there is risk in everything you do in life from crossing the road to trading the markets, life is about mitigating those risks and this is more than possible with trading too.
It’s a Scam!
More often than not, things that involve money that you do not necessarily understand would be classed as a scam, it is too good to be true and so it is a scam. However, with a little learning and knowledge of what trading is, you will understand that it is not a scam. A lot of people who jump in and then lose will call it a scam, but this is simply down to their lack of understanding about what they were doing and how things work. Many brokers out there are regulated by various different regulatory bodies based all around the world, these pout restrictions on what brokers can do and also offer certain protections for your money, why would there be government-backed agencies regulating something that is considered a scam?
Having said that, there are scams out there, certain trading systems or products that promise to make you money in trading, some are real, some are not, so it is best to avoid them outright, if you put the effort in and learn how trading works so you can trade yourself, trading is certainly not a scam and not something that you should avoid just because you think it could be too good to be true.
So those are a few of the reasons why people may try to avoid trading or starting to trade, while from the outside they do seem like valid concerns, in reality, they are not, trading is becoming more and more accessible and easy to pick up, the only person or thing preventing you from trading is you. So if you are thinking of trading, jump in, start reading, its easy, quick, and free to learn and use a demo account.