others. Why? There are many varied reasons such as:
•Emotional trading
•Failing to notice details
•Lack of a plan
•Poor self-discipline
•Poor risk/money management
•Poor memory
But another reason which is beyond your control is insider trading and after hours trading (we are not included in these goodies enjoyed by Wall Street) and the fact that you are competing against banks, highly trained professionals with degrees, hedge funds, huge multi-national corporations, and sharks like myself.
For example,you may have spent a few hours researching the news and markets and have decided that a currency, stock, or whatever will rise in price. So you get in, hoping to do well… and it drops like a stone. What may have happened is a hedge fund may have sold a few million shares, or a huge corporation repatriated a few billion dollars, or some unexpected bad news changed the market.
And you can beat yourself up, think you're an idiot, but there's nothing you could have done-and you have to understand that. Also, the markets change in their behaviour, often from hour to hour, day to day, or even over weeks and months. We all know what happened in the latter half of 2008… the markets as a rule dropped, the US dollar dropped, and gold skyrocketed. If positioned correctly as I was,this was a fabulous opportunity.
In times of uncertainty (daily, weekly, or monthly) the market may very well jump all over the place with no rhyme or reason. A wise trader takes the day or week off and enjoys a holiday.
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