| Most share market investors think making | | | | only 10% of people commit to actually |
| money from shares is simply a matter of | | | | crystallising their goals by writing |
| buying them. That's why they listen to | | | | them down? And only a further 3% of |
| other people (who are supposed to be | | | | these people actually review their |
| more expert and more experienced than | | | | goals! So, given these statistics, is it |
| themselves). They listen to share | | | | any wonder that only a small percentage |
| brokers, financial advisers, financial | | | | of traders and investors are successful? |
| journalists, financial entertainers, | | | | It would seem that many traders do not |
| share market newsletter authors, | | | | have effective goals in place for their |
| economic forecasters and a plethora of | | | | trading, after all, how specific is |
| others. What's worse is that they listen | | | | "make money"? |
| to non-experts like friends, business | | | | Your trading goals should take on a |
| associates, relatives and who knows who | | | | long-term view, as trading is a |
| else. | | | | long-term process. |
| Why would intelligent people do this? | | | | Many plans can be repeatedly implemented |
| Because they are responding to the very | | | | for years-and-years. This takes the |
| simple desire to make money and grow | | | | focus away from any one individual |
| their wealth. There is nothing wrong | | | | trade, as the results are insignificant |
| with that. But they are also responding | | | | to your overall trading approach. A |
| to a few other emotions like laziness, | | | | losing trade doesn't have to reflect |
| greed, wanting quick answers and other | | | | negatively on your trading goals but can |
| perfectly normal human factors. | | | | still be a success when considered from |
| Well, unfortunately, this approach of | | | | the viewpoint of the other measures |
| using others' advice only works on rare | | | | mentioned. |
| occasions. A lot of the time, the shares | | | | This concept may sound revolutionary to |
| are bought and the result ends up as a | | | | inexperienced traders, but market |
| loss. Most people do not realize that | | | | veterans have learnt not to take any |
| you only make money when you sell | | | | one, two, three weeks or even the last |
| shares, not when you buy them. How often | | | | months trading results to heart. This |
| do these trusted advisers or non-experts | | | | works both for losing and winning |
| come back and tell you that it is now | | | | trades, which is helpful in overcoming |
| the right time to sell the shares that | | | | the usual highs and lows associated with |
| they told you about last month? | | | | swings in winning and losing trades. |
| Interestingly, some people just seem to | | | | Successful trading is the result of an |
| achieve more of their goals more often | | | | ongoing approach. And, of course, the |
| than others. | | | | best guarantee available is your own |
| Did you know that it is estimated that | | | | successful track record. |