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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Learn To Trade and Not To Make Mega Stocks Trading Mistakes That Are Repeatedly Made

Learn To Trade and Not To Make Mega Stocks Trading Mistakes That Are Repeatedly Made

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sriranga

sriranga
Co-Admin
Logically, if you put in an amount of money into stocks and equities from then, you would have made a neat profit till date. However, you would be surprised that even in an uptrend economy, there are still people losing money. What worse was, they are even losing more money than before, in a booming economy. That is because human beings ALWAYS make the same mistakes over and over again.

Learn To Trade Mega Mistake No 1 - Listening to tips
How many times have we come across books, news, advices and real life stories that NEVER ever listen to tips? Unfortunately we still do. With an uncanny similar cycle, the tips always proved to be accurate in the beginning. And we get boulder as confidence heighten, we started to trade more in volume, more in size. The greed factor sets in. Now, it is not wrong to be greedy. Everyone who invests wants to make more money. However, it is stupidity that kills. It is not possible for a winning streak to keep going and going. The "wrong tips" will always come and hit it where it hurts most; when the investment size increased. We advocate the need to learn how to fish ourselves, not depending on others to hand us the fish. Intriguingly, some peoples' way of fishing is to find another broker for more tips after the present one failed them.

Learn To Trade Mega Mistake No 2 - Treat stock trading as a form of gambling
For some people, they treated stock trading as a form of gambling. To them, it is the same. It's either won or loses. However, learning the right technique, be it fundamental analysis or technical analysis, enable us to tilt the probability in our favor. Usually, a gambler, without House Advantage, has a winning probability of 40-45% at best. An effective stock trader will only enter trades that have a good chance of about 70% winning probability. And usually the trader will have a projected return over a certain time horizon, whereas a gambler will want instant returns. If someone still insist that stock trading IS a form of gambling, then an effective trader is liken to a professional gambler who can accrue more winning bets and losing bets.

Learn To Trade Mega Mistake No 3 - A huge barrier call Ego
Although generally the men make up of a larger group here, essentially every lousy stock traders have a huge barrier that prevent them from racking up consistent returns; ego. No one likes to lose, but there are some who take losing harder. Due to the nature of their character, they are unable to accept loss. Usually after a short winning streak, these people start to behave and talk like a guru. But when the loss set in, they could not believe they made the wrong call. They blamed it on a temporary shortage of luck, and they prepared new position to average down their loss. They simply have to make that wrong call right, otherwise they will feel embarrassed. Like a winning streak, a losing streak does not halt that fast. In fact the latter always last longer and very painful indeed. It is not shameful to be wrong, but it is sinful to know the fault, yet refusing to accept it. An effective trader cut his loss almost as soon as possible and let the winning trades run, while an amateur trader will take profit almost as soon as possible and let the losing trades run. The next time you see someone attempt to behave like a guru, you know his pocket is going get hit hard soon.

Edited Article from A Timid Trader

http://sharemarket-srilanka.blogspot.co.uk/

Ajith Rajapakse


Equity Analytic
Equity Analytic
Hi Sriranga! Thank you for sharing this article. I saw most of the time you try to help fellow members by giving them correct guidance. Keep up the good work!

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