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Friday, July 15, 2005

Saving Money by Doing Nothing

Some weeks ago I published a post about overtrading (taken from Investor's Business Daily) as a common mistake made by a lot of traders and investors. There is another good article about this topic in column by Barry Ritholtz.

Apprenticed Investor: Nothing Doing
By Barry Ritholtz
7/14/2005 10:22 AM EDT
Let's be blunt: There is something exhilarating, even thrilling, about trading. The adventure of putting a position on, the buzz of watching it rally -- it can be such a delight that it almost feels illicit.

Clearly there is a rush to trading, especially when the market is really hot. But if you are getting that excited by trading, then the odds are you have become far too emotionally involved in the trade.

This is a huge mistake.

There's nothing wrong with having, say, 5% of your portfolio in a "mad money" account for more speculative trades or just to have "some skin in the game." But if you are trading to get your jollies, then you are not spending your money well.

There are times when doing nothing is your best course of action. But knowing when to sit one out is a problem many investors have.

All too many investors are on autopilot; they always buy 1,000-share lots, they trade the same stocks, they make about the same number of trades per week. Why even trade if you don't like the market? That's a decision that too many people make without actually considering their options carefully.
Read further: Apprenticed Investor: Nothing Doing
The Big Picture: Apprenticed Investor: Nothing Doing

See also:
Avoid Overtrading By Pausing After Losses


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