Many traders treat the market as a hobby. We all know what they say about hobbies, they cost money. I think Mark Cook said it best in Jack Schwaggers Stock Market Wizards: "If you decide to trade for a living, you have to treat it just like any other business endeaver and go into it with a plan. If you want to start a business, and all you do is walk into a bank, smile pleasantly, and ask for a $200,000 loan, do you think you will get it? Are they going to say say, "You have a really nice smile; here's the money". I dont think so. You need to have a business plan. The trouble is most people start trading without any definative plan."
Hopefully we can use this forum so that some of the "old hands" here at SI can help any of the newer people coming into the market. I have noticed that over the last few months, less new people are coming into the market, but those who are coming in are MUCH more serious about it than the ones we saw a year ago, and much more informed of the risks. |
