You're probably familiar with the seven deadly sins - you know,
sloth, greed, gluttony and so on. Deadly sins aren't just bad for
living - they're bad for exchange traded fund (
) investing, too.
John at The Essentials of Trading
pulled together a great list of sins to dodge, lest they destroy
Hoping for quick money:
While there are millions of investors who are successful at
trading, they rarely got that way overnight. Trading success
takes diligence and hard work.
Coulda, woulda, shoulda. It's easy to look back and view things
differently than how they really were. Don't revise history, but
do keep track of what you did, your thoughts while doing it and
what you'll do better next time. [
5 Ways to Avoid Costly Investing Mistakes.
Not paying attention to details, such as using the right type of
order, can result in avoidable mistakes.
A lot of folks
jump right into the market
with two feet without taking any time to think through what
they're doing. Understand what you're doing. You can research
ETFs by visiting
. Many investors have learned the hard way: not getting educated
costs a lot.
Fixating on winning:
New traders are often overly confident in their ability to play
in the markets. Temper your expectations and proceed with
Even the safest investments have risks. First decide what level
of risk you're comfortable with,
then invest accordingly
Getting over excited:
Celebrate and acknowledge your smart moves, but don't take them
as a signal to start getting cocky. Just keep doing what you did
to become successful, and you may see more of the same. [
How to Survive a Trendless Market.
Tisha Guerrero contributed to this article.