Your Instincts Are a Problem
Throughout my career as a retail investor, a number of my mentors have stressed to me that involving emotions in your trades should be avoided at all cost. I took that to mean I should approach life with an almost Mr. Spok-like attitude. I struggled mightily and that led me to doubt myself, an absolute death sentence in retail investing!
Essentially, I failed because I just wasn’t actually able to tune out my emotions. I just couldn’t find a way to stop myself from feeling those emotions, and because of that, I felt like I was pushing a boulder up hill.
Scott O’Neil, who I admire greatly, is one of the proponents of removing all emotion from trading. However, I modified his recommended approach to line up a bit closer with my own personality. With that said, this month I will be discussing the 4 Deadly Sins of Trading – Fear, Hope, Greed, and Pride.
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