Reliance on Outside Sources is the cousin of Deadly Sin #2: Flip-flopping. This is a natural tendency of all traders and investors, because investing successfully is a difficult task. As a result, when we experience challenges, we tend to look outward for solutions as opposed to inward; we look for someone else to give us a solution to our problem.
Of course, no one else has the magic bullet either. No matter what anyone will tell you, there is no magic formula, no secret potion, no crystal ball which will allow you to see into the future and predict future market movement. It simply doesn’t exist. As any veteran of the game will tell you, success comes from diligent research, patience, and emotional fortitude. There simply aren’t any shortcuts in this respect. Clearly some people are more adept at investing, just as some people are natural athletes or scholars. But just like anything else, investing is a skill which can be practiced and honed over time.