by Greg Guenthner
Daily Reckoning
Are you a trader… or a gambler?
Gamblers trade out of emotion. They follow hot stock tips and their gut instincts, not facts and research. They may pay lip service to trading rules, but their emotions always get the better of them. And they hold onto losers far too long out of ego or hope.
When you gamble, you’re bound to lose.
I’ve said it many times before—if you find yourself constantly dealing with knee-jerk, mistimed and unprofitable trades, you need to change your approach.