Part 3 of 4
NEW YORK (TheGoldAndOilGuy.com) -- Mistake #3 -- Failing to Control Risk
If you were to engage in something risky like skydiving, you or a team would check your parachute to be sure it's packed properly, strapped on to your body correctly before you jumped out of the plane.
If for some reason you were not told how to use the gear, like when to pull the ripcord, etc., I guarantee you would ask before you threw your body out of the plane. There is a real fear of dying, so you naturally make sure you are in control of what you are about to do so your risk is managed and you can live another day.
But when it comes to trading, this is not the case. You and I both know a good part of why. We all know people who have said rude things, quit jobs or broken up with a girlfriend or boyfriend over the Internet (email/text message).
Let's face it, it's easy to be brave online and do things we would never really do in person. Heck, some of the emails I get from readers are so rude and some are threatening that all I can do is laugh. Because I know these people would likely never say the things they did to someone they have never met, and do it to their face because they think my short-term market prediction does not fit their bias. I think you get the point here.