Trading Online? Watch Out For The "Get Rich Quick" Crowd

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Trading The Stock Market Online

Trading Stocks Online? Watch Out For The "Get Rich Quick" Crowd

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By RightLine Staff

Few people who set out to get rich quick trading stocks online actually become rich. The small group of get-rich-quickers who do make lots of money fast do it purely as a result of chance. They rarely keep their trading gains for very long.

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Tempted by the lure of easy cash?
Learn to limit stock market trading risk.

This is because trying to get rich quick causes stock traders to take on way too much risk. This is normally done by trading with excessive margin or by investing too much money in one position. Unfortunately, people who are in a hurry to make a lot of money trading online tend not to do a good job of managing risk.

Managing trading risk involves focusing more on the potential downside of a trade or investment than the potential upside. In practical terms this means using an objective stock market trading method designed to limit drawdowns in the value of your stock portfolio.

If you do a good job of managing risk you will almost certainly make money trading the stock market over the long-term. Those who consistently ignore risk and overload the wagons in an attempt to get rich quick are guaranteed failure.

For example, most traders with a get-rich-quick mindset don't realize that if they repeatedly bet everything on trades in which the probability of success is 90% they will eventually lose everything. Sure, they look like a genius for a while, but the one out of every ten trades that happens to be a 'loser' will wipe them out.

Bottom Line: Wall Street would have you believe that there is a direct correlation between the risk you take and the return you make. That is pure Market Myth. You don't have to increase your risk to increase your return.

Stock market trading online is a type of speculation where education and skill can dramatically improve your odds of winning. Risk management is a skill. Reducing your stock market trading risk dramatically increases the odds that you will win.

Stay focused on what you need to know and what you need to do to be successful trading the stock market online. Remember that money is just a by-product of wise trading methods and actions.

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