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Strategies & Market Trends : Bob Brinker: Market Savant & Radio Host
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To: fahrenheit451 who wrote (22861)8/1/2006 10:34:21 AM
From: queenleah  Read Replies (2) of 42834
 
3. Failure to Accept and Limit Losses
Another major contributing reason to day trading failure, is the reluctance of many traders to exit from a losing position. Many traders hold on to losing positions for far too long, in the hope that the share price will recover.

Excellent point. Failure to accept and limit losses is a major contributing reason of all amateur trading failure, not just day trading. Some people just can't bring themselves to do it. That's why it's mistaken and self-deluding to suddenly consider themselves "aggressive traders". Granted, guidance should have been better. So should autonomy, self-awareness and self-control.
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