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They tend to be watchful over their money, are mistrusting of large institutions, brokers, or anyone who may use them or take advantage of them. |
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Often suspicious of banks and other institutions, this type may keep their money outside of institutions altogether, preferring to invest in real estate or collectibles. They may also choose to keep their money in a home safe or other such hideout that provides them with the ultimate safety, even if their money earns no interest. |
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For those of this type who may invest online, handling losses of capital well is not their strong point. They tend to be moderate to conservative investors, do not make a lot of trades, and are very suspicious of taking investment advice from online web sites. |
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Those with a strain of the gambler mentality may try active trading. They are the ones you may see explode into rage in a day trading firm, throwing things, pounding keyboards, or yelling at their computer or "the market" when trades go against them. |
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The Victim-Blamer Type at Its Worst |
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The shocking case of Mark Barton, the day trader in Atlanta who walked into his two trading firms in the summer of 1999 and killed people because of his large losses, is the epitome of what may happen when the victim-blamer loses all control. The killer blamed the trading firm for his losses. In fact, it was when firm managers finally stepped in and took a responsible stand by refusing to allow him to trade any longer that he finally exploded. |
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This type should not trade online, as they simply are unable to assume the necessary responsibility for their actions. It would be better for them to deposit their money in a bank or put it in a brokerage money-mart account. The alternative would be to have a financial planner, accountant, or other money manager do their investing for them. In this way, they may feel entitled to blame the consultant if they end up unhappy with the return on the consultant's choices. And, of course, they can always get psychological help to learn to grow up and assume their place as mature adults in the world. |
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Creating a Balanced Trading Style |
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Using the suggestive descriptions of the trading styles presented in this chapter, you might have found that one type was easier to iden- |
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