Top 10 Ways To Lose All The Money In Your Trading Account In 30 Days Or Less – Guaranteed!
Taz Trader Blog has a great article on how to lose money trading.
#10 – Put all of your efforts into finding the perfect technical indicator. Once you find this magical indicator, it will be like turning on a water faucet. Go all in. The money will just flow into your account!
#9 – When your technical indicator says that the stock is oversold, BUY IT RIGHT THEN. Always do what your technical indicator says to do. It takes precedence over price action.
#8 – Make sure to visit a lot of stock trading forums and ask them for hot stock tips. Also, ask all your friends and family for stock tips. They are usually right, and acting on these tips can make you very rich.
#7 – Watch what other traders do and be sure to follow the crowd. After all, they have been trading a lot longer than you so naturally they are smarter.
#6 – Pay very close attention to the fundamentals of a company. You MUST know the P/E ratio, book value, profit margins, etc. Once you find a “good company”, consider going on margin to pay for shares in their stock.
#5 – Forget about developing a trading plan. If you see a good stock just buy it. Don’t worry about when your going to sell. No need to get caught up in the details. Besides, you’ll probably get rich the first year of trading anyway.
#4 – Buy expensive computers and trading software. While your at it, buy a couple more TV’s so that you can watch CNBC on multiple screens! You NEED all of these gadgets in order to trade stocks successfully. Then watch the money roll in!
#3 – Always follow your emotions. They are there for a reason. If you feel nervous, sell the stock! If you are excited, buy more shares. This is the best way to trade stocks and fatten up your trading account.
#2 – Don’t worry about using stop loss orders. When the time comes, you will be able to sell your shares and take a loss. Your emotions won’t even come into play. Besides, stop loss orders are for sissies!
#1 – Absolutely, without a doubt, FORGET about managing your money. Don’t worry about how much you can lose on a trade. Only think about how much loot your gonna make. Then start planning that trip to Fiji!
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August 23rd, 2006 at 3:19 pm
Actually #10 is the secret of my recent success…. of course it shouldn’t be a heavily used publicly available indicator.
A lot of the other comments are correct.
The quickest way to lose all your money is put it all down on out of the money options a few days before expiry