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5 lessons/thoughts:
1. My BIGGEST losses have come from average down on a losing position & ignoring stops.
2. Long-term emotional capital > short-term account value
-Being able to sleep at night, not sweating through 4 shirts per day, feeling sick to your stomach,etc
1. My BIGGEST losses have come from average down on a losing position & ignoring stops.
2. Long-term emotional capital > short-term account value
-Being able to sleep at night, not sweating through 4 shirts per day, feeling sick to your stomach,etc
Causing sleepless night & stressful days will exert a long-term emotional toll that will ruin you. If you want to achieve long-term success, protect your emotional capital from day one. In short, #YOLO - You'll Only Last One year
3. Surround yourself with the right people
3. Surround yourself with the right people
Find a small group of brutally honest traders that won't be yes men. The market is a Leviathan. It will drag you to the depths if you fight it alone. Have friends that will play Devil's Advocate on every trade. Love to hate them for it.
4. Date many, marry few.
4. Date many, marry few.
There are some stocks worth falling in love with an owning for a long time, but many others will be courtships ranging from a few minutes to a few months. When a stock/company shows you its true colors. Believe it. Even if you once loved it.
5. There will ALWAYS be additional opportunities.
That "It was so easy" or "I should have seen it" trade will happen again. Maybe tomorrow. Maybe next week. Maybe next month. But it will happen again. Let it go, Elsa, or you'll freeze next time & miss it again.
That "It was so easy" or "I should have seen it" trade will happen again. Maybe tomorrow. Maybe next week. Maybe next month. But it will happen again. Let it go, Elsa, or you'll freeze next time & miss it again.
