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On line stock trading - what not to do!
Many traders waste a great deal of time on the following; Searching for the "Holy Grail" of stock trading. The stock market is a very complex arrangement. You just are not going to find a "button" to push to make you rich without having to exert yourself. People look for this because it is there desire that it exists. If it was that easy, do you think anybody could have kept it a secret this long? Learning how every stock indicator works. First of all, there are hundreds of indicators available. It is impossible to use them all. Secondly, the majority of traders lose. That's a fact. Most of them are using these indicators, and using them the same way everybody else is using them. If you want to join the losing majority, this is a sure way to do it. Learning the history of the stock market. History is great, but this is not necessary or very helpful. What you need is pertinent information to make vital trading decisions. Looking for ways to get rich overnight online. This is similar to those searching for the Holy Grail. There are those that "hope" there is a way to get rich overnight without having to do anything. Again such a way does not exist. If it did, everybody would be doing it. True trading success requires work. Reading all of those "Rags to Riches" stories of how the latest "guru" made it to the top. There are few that stand the test of time. As market conditions change, they fade away like a shadow because there strategies were not based on sound principles to survive changing markets.
To make matters worse, many traders are busy researching these areas while they already have open positions. Then allow this new, incomplete information to influence their trading decisions with disastrous results. That's like jumping out of a plane and while falling, you decide to read a book on how to fold your your parachute! It is imperative to first gather information. Decide if what you found was what you were looking for. Second, test it. Third, determine if you are comfortable with the results your test before, you begin to trade stocks, options or anything else. To approach this in any other way it to simply throw away your money. You need to stay focused. The book, "Swing Trading, A Scientific Approach" will guide you step by step through this process.
Remember, If you keep doing what you’ve been doing, then you will probably keep getting what you’ve been getting.
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