Stock Doc: Don't Trade With Your Wallet

Trading in our markets is not for the faint of heart nor the weak of stomach. It can be fraught with tremendous risk and uncertainty and requires great skill and emotional discipline to be successful. The slightest turbulence can cost the amateur trader or investor the monthly mortgage payment and maybe even his sanity.

My client "Greg" was an amateur investor who was very proud of his Scottrade account and the returns that he achieved. However, as successful as he believed himself to be, he was still small potatoes when compared to the top traders that I worked with in my private practice in New York City.

Greg lacked the conviction that seasoned traders had when it came to making tough decisions. He came to me for a variety of reasons, one concerning his transition to a new law firm and the other related to his recent floundering in the markets. His Scottrade account had taken a hit and so had his confidence level. ...