Just because everyone is chatting about it doesn’t mean it’s true. Such skepticism is healthy in everyday life, as well as your investment strategy.

Moneytips.com recently debunked the top 5 stock market myths:

• Higher Returns Require More Risk – “This statement assumes risk equals price volatility, which is only one part of risk. Understanding and managing that volatility is key to success. Rather than focusing on the volatility, focus on the reasons behind the current price and how that compares to the fundamentals of the company,” Moneytips reports.
• The Stock Market is a Form of Gambling – “Gambling is zero-sum since all gains come from others' losses. In the stock market, losses involve the merits of an individual company and its spot within the marketplace, not someone else’s positive outcome. Overall, wealth is created without coming solely at the expense of others,” Moneytips reports.
• Stocks That Go Up Must Come Down, and Vice-Versa – “Prices are where they are for a reason, and that reason is not always rational. Do your research on the reason for the unusual price, and act based on your findings, not on a price trigger,” Moneytips reports.
• You Cannot Time the Market – “For most of us, chasing hot tips or market buzz is futile. You still need to exercise good judgment and buy when prices are reasonable and growth is expected to continue.”
• Stocks Outperform Other Investments Over the Long-Term – “If you use this as a reason to stay 100% invested in stocks when you are nearing retirement age instead of shifting some assets into other investments, a longer-term recovery is of no use to you.”

So even if you such sage advice, don’t think you’re automatically on the path to a personal fortune.

“There are no fixed rules to finding success in investing,” Stanley Lim wrote on The MotleyFool.com.

“Sorry to burst your bubble, but most likely, none of us will be like Warren Buffett in our lifetime. Many have decided to focus on becoming an investor, after knowing about the story of Warren Buffett, on how he became one of the richest man in the world simply by investing. Yet, investing spectacularly for decades is harder than it looks. That is why after closed to 200 years of the formation of stock markets; there is still just ONE Warren Buffett.”

To be sure, there is no shortage of investor traps amid such recent market volatility. You have two choices: being your own best friend or your own worst enemy.

“High-frequency traders, short-sighted fund managers, big fees; for individual investors, there’s no shortage of obstacles to good returns in the stock market. But the greatest obstacle is even closer than you think: It’s your brain,” Forbes.com Contributor John P. Reese warns.

“We humans are wired to be successful at a lot of activities, but investing isn’t one of them. While our instincts to follow the crowd and run from danger serve us quite well in the real world, where we might have to find a fire exit or flee from an attacker, they wreak havoc in the stock market, where dangers are very often short-term mirages and following the crowd often leads to buying high and selling low,” Reese wrote.

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