Most people who get into trading, do so because they want to get rich. Maybe it’s because they want to take coals that life has dealt them and turn them into diamonds, or perhaps they received a $100k from a loved one that passed away, and they feel propelled to gamble it away in the stock market. There are tons of reasons why, and for most of those that dabble or jump into the market are sorely disappointed when they leave poorer than what they started with (and many times they leave with nothing).
The purpose of this article is to talk in depth about something that I believe is at the heart of most people’s trading problems – and that is “The Love of Money”.
It can take many different forms – you can love money so much that you take ill-advised risks that costs you everything and more.
OR…
It can take the form of a person who loves money so much that he’s afraid to risk or trade it at all, and as a result you miss out on some very nice profits.
AND…
Because of this fear you take on some bad trades because of the psychological damage caused by missing out on those previous big winners you were too fearful to take.
I’ve been around trading long enough to know that this is a prevalent problem. And you may doubt me and ask by saying “So what should I do then? Hate the money?”
