All too often, particularly in a rampaging bull market, underprepared traders are busting to jump into the market to grab a slice of the pie they think they are missing out on. Fuelled by stories in the press — from their mates, work colleagues, or anyone else with an opinion — of the huge profits people are making 'trading', they become fearful of missing out or of being left behind in the rush.
Fired up on adrenalin and just enough information to be dangerous, they launch headfirst into their trading career. Swept along by the wave of euphoria, they usually experience some success and become complacent at the 'ease' of trading. With little (if any) awareness of risk and money management, underprepared traders are struck by the greed mistress and their position sizes and risk profile become misaligned with their abilities.
Suddenly, and without warning, the market changes and they are blown out of the water by the speed and severity of this attack on their abilities. Under siege, they panic. With no notes in their instruction manual, they self-destruct and suffer a devastating psychological and financial blow.
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