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Avoid overconfidence in stock market

Posted By On 5/13/2008 03:26:00 PM Under
1. As a thumb rule do not be over confident in the market as stock market is a giant which do not like people who have inflated ego. It respects those who respect the trends of the market and never tries to impose their will on the market.

2. A person becomes overconfident when he has a number of profitable trades however small may be those and as a net result one start taking higher risks which is detrimental to the interests of an individual.

3. If a person has a stop loss set at 2% than the maximum amount he can lose is predefined but when the success goes to head than one starts taking higher risk and considers himself to be always correct. As a net result a single wrong trade can wipe out all the profit which one has accumulated by having a number of small profitable trades which had led to his inflation of ego and also bragging in front of his stock trader friends.

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