Comments on: Psychological Aspects of Buying Stocks http://www.financialjesus.com/money-psychology/psychological-aspects-of-buying-stocks/ Some people are rich long before they have money Thu, 09 Feb 2012 12:03:36 +0000 hourly 1 http://wordpress.org/?v=3.1 By: Roman http://www.financialjesus.com/money-psychology/psychological-aspects-of-buying-stocks/comment-page-1/#comment-1211 Roman Tue, 17 Feb 2009 22:38:55 +0000 http://www.financialjesus.com/?p=924#comment-1211 I have never tried day trading - the closest I have come was when I took part of an IPO that I was 100% convinced will go up on the first day of trading. I did something stupid that I never recommend anyone do - I took all my money and gambled on this 1 hunch. I probably got lucky and won big time - made about 50% of profit in less than 2 hours (was well worth the English class I had to skip to keep an eye on the stock movement). Everything ended happily but actually I was scared to discover that controlling my feelings when so much money was at stake was more difficult than anything else I had done in my life. Controlling the urge to make more money and the fear of losing everything is very tricky and needs a lot of practice when you can make or lose thousands just by selling your stock 1 minute later. I have never tried day trading – the closest I have come was when I took part of an IPO that I was 100% convinced will go up on the first day of trading.

I did something stupid that I never recommend anyone do – I took all my money and gambled on this 1 hunch.
I probably got lucky and won big time – made about 50% of profit in less than 2 hours (was well worth the English class I had to skip to keep an eye on the stock movement).
Everything ended happily but actually I was scared to discover that controlling my feelings when so much money was at stake was more difficult than anything else I had done in my life. Controlling the urge to make more money and the fear of losing everything is very tricky and needs a lot of practice when you can make or lose thousands just by selling your stock 1 minute later.

]]> By: Roman-J http://www.financialjesus.com/money-psychology/psychological-aspects-of-buying-stocks/comment-page-1/#comment-1208 Roman-J Tue, 17 Feb 2009 08:20:31 +0000 http://www.financialjesus.com/?p=924#comment-1208 I spent a lot of time trading stocks. Had all these rules for myself setup before the buy. What I expect the stock to do, when to sell at profit, when to sell at loss. But no matter how detailed my rules where - I always broke them. Before the buy and during ownership are two completly different psychological states of mind. Of course, like 90% of traders I lost. I spent a lot of time trading stocks. Had all these rules for myself setup before the buy. What I expect the stock to do, when to sell at profit, when to sell at loss.

But no matter how detailed my rules where – I always broke them. Before the buy and during ownership are two completly different psychological states of mind.

Of course, like 90% of traders I lost.

]]>