The Four Deadly On Line Stock Trading Sins
By Ultimate Trading
Dont Fall For These Simple On Line Stock Trading Mistakes
Everyone knows the seven deadly sins: pride, envy, gluttony, lust,
anger, greed, and sloth. But did you know there are
line stock trading sins as well? Sins that are surprisingly
similar to the seven sins, and that can be just as deadly to your on
line stock trading career. The on line stock trading sins are:
pride, envy, greed, and laziness. Im sure there is a way to work in
the other three if I really try, but lets stick with these four,
since they cause a great deal of difficulty to your on line stock
But where do these on line stock trading sins come into play? From
traders reactions to the markets. Most markets have predictable
trends and repeated patterns. Why? Because most movements in the
markets are a result of the motivations of the people in those
markets. Many people say that what drives the markets is greed and
fear. Greed makes people buy, and fear makes them sell. Greed and
fear can actually benefit on line stock trading: Greed, or at least
the desire to make money, is why we trade in the first place. Fear
is a healthy response that occurs when we sense danger or disaster
closing in, and it motivates us to get out of a bad on line stock
But when they get out of control, greed and fear are two of the
basic psychological pitfalls that make on line stock trading fail.
Other pitfalls include wanting to seem wise, or not admit to making
mistakes (pride), trying to do what everyone else is doing because
they seem to be doing better (envy), being unwilling to stop on line
stock trading in case there is more money to be made (greed), and
being too willing to follow advice and not investigate on your own
when youre on line stock trading (laziness).
If you want to improve your on line stock trading, you must identify
the mistakes you make consistently so that you can recognize your
own stumbling blocks. Look back at ten losing trades you've made in
the last few weeks. Can you find any similarities? Look closely and
be completely honest with yourself. Part of being good at on line
stock trading is being able to look at things with a clear eye and
seeing what's really there, not what you wish was there.
Now here's the harder part: Look back at your recent successful on
line stock trading endeavours and find the ones that succeeded only
by luck. How would they have turned out if you hadn't been lucky?
What were your mistakes with those trades? If youre not certain
what your mistakes are, or how to correct them, read the next
articles in this series. Ill be discussing each on line stock
trading sin separately, with tips on how to overcome them.
Your goal for on line stock trading should not be to trade perfectly
all the time, to win on every trade, or to be perfect in any other
way. Putting too much pressure on yourself to be perfect is one of
the best ways to make lots of mistakes. Besides the fact that no one
can be perfect, there's also the fact that you don't need to be
perfect. You can make amazing amounts of money in the on line stock
trading markets by being a good, consistent trader. In on line stock
trading, you'll be richly rewarded if you do your job consistently
and well. You'll be doing far better than 99% of the other people
trading stocks in the market, not to mention money managers,
analysts, and other so-called experts.
The purpose of identifying your stumbling blocks is not to make you
feel like you're bad at on line stock trading. All traders, even the
best, have weaknesses - they just recognize and control those
weaknesses. Instead, this process enables you to develop a realistic
sense of your strengths and weaknesses so that you can recognize
mistakes before they happen. Being realistic - about yourself, about
the market, and about the trades you make - is the way to succeed at
line stock trading.
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