subject: The 3 Deadly Mistakes in Online Share Trading [print this page] The 3 Deadly Mistakes in Online Share Trading
Online share trading has taken on a whole new dimension. With countless software programs and with the dozens of online brokers, virtually anyone from anywhere in the world has access to the world markets. Buying and selling stocks has never been easier.The problem is that most novice traders never make it past the first hurdle. Online share trading has a steep learning curve and learning to judge the value of a stock is as much an art as it is a science. Having said that, anyone can learn to trade shares.The reason why most people lose money is not because they don't have the ability to trade well. Most of the time it is just a lack of experience and a lack of guidance and knowledge. Having a mentor and always learning is key in becoming a successful trader. Here are 3 big mistakes that I see novice traders make. Avoid them at all costs.1. Never Trade Against The MarketAlways follow the money. Yes, those who go against the grain can (and sometimes they do) make a lot of money but it is not a wise way to trade. As you become better at trading online you can start to take more risks, but for now you should know that following the money and riding the wave is the easiest way to get your share of the money that flows in and out of the stock markets every day.2. Stick To The PlanThe old saying that if you are trading without a plan you are planning to fail is so true. You always need to set your own rules for every trade you do. Be very diligent in your entry and exit points on every trade and never bend your own rules. Holding on to stocks for too long or selling too soon is one of the main reasons why beginner online traders fail.3. Never Be Guided By Your EmotionsThose who trade on emotion never make it. Yes, having a good feeling about a stock has a place but in the end you need to let the facts guide you. This is how you will make intelligent and informed stock picks. Having an almost mechanical mindset is the best way to trade. When your emotions starts making decisions for you, it spells disaster.To learn more about online stock trading, visit my site for more information and to learn how to minimize the risks of online share trading.
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