A common trading mistake that traders fall into, is trading solely based on the opinions of others.
Other people may have good reasons for recommending a stock, but there are other factors to consider, like your personal risk tolerance, your trading style and your trading objectives. Trading based on someone else’s opinion can sometimes lead traders to stray from a plan or not stop out on time, and not managing trades the way they should.
Another reason to steer clear of trading based on the opinions of other is simply that they don't care as much about your money as you do. It might even be a friend that's giving you their opinion, but still, when it comes down to it, you care most about your hard-earned money. At the end of the day, you're the one clicking the button to trade. So it's a really good idea to set up a plan and see it through.
You care most about your hard earned money…
Set up a plan and see it through!