Saturday, March 20, 2004 9:03:31 PM
For Lazarus a Newbie Do
NEWBIE DO...
first of all - great advice from BOB.
i like this: NEVER risk more than you can afford to lose. If you have $100 to put into the markets consider that you will be risking a night out dinner and a movie for the entire family, or something comparable, that you will not be able to Enjoy if you lose those funds.
TO THAT I WOULD ADD ...when you make a winning trade --- take some $$ of the table and consider turning portion of those profits into something tangible like that dinner out or a movie for the family bob mentioned ...or a fishing pole or a lamborgini or whatever.
dont put ALL your winnings back into another bet. translate a portion of them into a reward or something with less Risk.
i take a portion of my profits from penny stocks and move them into my PENNY LANDS account. it is still an investment but much less liquid and i am forced to hold for a longer period but less likely to lose.
to date i have purchased 14 properties with profits from penny stocks all paid for with CASH - including a condo i deeded over to my eldest son. Week before last I purchased 5 acres in fremont valley [about 20 miles north of mojave] and last year i picked up this 3.6 acre property.
I would not sell this property cuz its a great place to go for the weekend with the kids. sunrises and sunsets are Awesome:
by squirling away some of my profits like this i protect myself from making some foolish trade where i put in all my chips and lose.
imo opinion its very important to translate your winnings into some type of Reward. dont make a pile of $$ and then plow it ALL back into the market. Make sure to Reward yourself for any Success that you might have. Do not put all of your Eggs into one basket but look to use what you have to get you something that you will Enjoy and Always be there, where stocks might not.
Lazarus
NEWBIE DO...
first of all - great advice from BOB.
i like this: NEVER risk more than you can afford to lose. If you have $100 to put into the markets consider that you will be risking a night out dinner and a movie for the entire family, or something comparable, that you will not be able to Enjoy if you lose those funds.
TO THAT I WOULD ADD ...when you make a winning trade --- take some $$ of the table and consider turning portion of those profits into something tangible like that dinner out or a movie for the family bob mentioned ...or a fishing pole or a lamborgini or whatever.
dont put ALL your winnings back into another bet. translate a portion of them into a reward or something with less Risk.
i take a portion of my profits from penny stocks and move them into my PENNY LANDS account. it is still an investment but much less liquid and i am forced to hold for a longer period but less likely to lose.
to date i have purchased 14 properties with profits from penny stocks all paid for with CASH - including a condo i deeded over to my eldest son. Week before last I purchased 5 acres in fremont valley [about 20 miles north of mojave] and last year i picked up this 3.6 acre property.
I would not sell this property cuz its a great place to go for the weekend with the kids. sunrises and sunsets are Awesome:
by squirling away some of my profits like this i protect myself from making some foolish trade where i put in all my chips and lose.
imo opinion its very important to translate your winnings into some type of Reward. dont make a pile of $$ and then plow it ALL back into the market. Make sure to Reward yourself for any Success that you might have. Do not put all of your Eggs into one basket but look to use what you have to get you something that you will Enjoy and Always be there, where stocks might not.
Lazarus
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
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