Home > Boards > Free Zone > Penny Trading - Technical > Money 101 (Money)

Oscar Wilde once said, "When I was young,

Public Reply | Private Reply | Keep | Last ReadPost New MsgReplies (1) | Next 10 | Previous | Next
Profe$$or  Member Profile
 
Followed By 883
Posts 57,969
Boards Moderated 1
Alias Born 10/25/05
160x600 placeholder
IBM Reports Higher 4Q Profit, Revenue
International Business Machines Corp. reported higher profit and a 6.5% revenue increase in the latest period,
Subscribers: JPMorgan Chase, Wells Fargo and Comerica Earnings Already Reported 4Q Earnings
2-Year Treasury Yield Falls to 0.950% -- Data Talk
10-Year Treasury Yield Falls to 1.735% -- Data Talk
30-Year Treasury Yield Rises to 2.083% -- Data Talk
Wheat Higher Amid Russia-Ukraine Tensions - Daily Grain Highlights
Unilever Up Over 8%, on Pace for Largest Percent Increase Since March 2020 -- Data Talk
Top Company News of the Day
Polymet Mining Up 5% on Appeals Court Ruling on Water Discharge Permit
Front Month Nymex Natural Gas Rose 0.70% to Settle at $4.0270 -- Data Talk
Front Month Nymex RBOB Gasoline Fell 1.82% to Settle at $2.3980 -- Data Talk
GDP Seen +5.5% in 4Q -- Data Week Ahead Update
Nvidia Down Over 9%, on Track for Longest Losing Streak Since June 2019 -- Data Talk
STOXX Europe 50 Index Ends 3.59% Lower at 3646.08 -- Data Talk
EURO STOXX 50 Index Ends 4.14% Lower at 4054.36 -- Data Talk
STOXX Europe 600 Index Ends 3.81% Lower at 456.36 -- Data Talk
FTSE 100 Index Ends 2.63% Lower at 7297.15 -- Data Talk
DAX Ends 3.80% Lower at 15011.13 -- Data Talk
CAC 40 Index Ends 3.97% Lower at 6787.79 -- Data Talk
Toronto Stocks Continue Decline; Enerflex Falls on $1.5 Billion Merger with Exterran
Airbnb Down Over 11%, on Pace for Record Percent Decrease -- Data Talk
FTSE 100 Finishes in the Red as Investors Await Fed Meeting
BlackRock on Pace for Largest Percent Decrease In Over a Year -- Data Talk
Profe$$or   Tuesday, 12/19/06 11:46:21 PM
Re: None
Post # of 3649 
Oscar Wilde once said, "When I was young, I used to think that money was the most important thing. Now that I'm older, I know that it is."

The goal and focus of every short term trader is profits. Entertainment, action, the thrill of victory, even the agony of defeat can be attractive and very enticing lures. But it is the potential to dramatically increase one's wealth that wets the palate and lights the fire of most market players. In short, it is making money that is the driving force behind the desire to trade and invest. But while profitability is, and certainly should be, the primary objective, once a trade is taken, traders must work to forget their profits. Sound confusing?

Constantly monitoring how much a trade is up or down is a destructive activity that has been robbing traders of big profits for years. This process is also referred to as dollar counting. This process, not only increases fear, it promotes moment to moment uncertainty and prevents one from focusing on proper technique. And it is proper technique that ultimately determines how profitable we become. How many times has the fear of giving back a tiny profit knocked you out of a stock just before it went on to score big gains? How many times has the paralyzing effect of a loss prevented you from cutting a stock loose precisely when you should have? Focusing too much on where you are, at the expense of what you're supposed to be doing, leads to knee-jerk reactions and quick responses that lack intelligence and reason. Make sure that your techniques are sound at every step; and if that is done properly the profits will take care of themselves.



Enroll in Wealth University today!
#board-10933



Public Reply | Private Reply | Keep | Last ReadPost New MsgReplies (1) | Next 10 | Previous | Next
Follow Board Follow Board Keyboard Shortcuts Report TOS Violation
X
Current Price
Change
Volume
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist
Consent Preferences