SOMETHING TO THINK ABOUT:
Have you ever stepped into a casino and made a few losing bets? Have you ever felt the urge to unload your entire bank account on the next hand because you had a very good feeling about the next card? Most people have, and lost.
Like a casino, the stock market can work the same if you don't understand its intricacies. You place a trade and wait for the outcome much like dropping a quarter and pulling the handle. The numbers spin as fast as the dials on the slot machine. Sometimes you win, but most times you lose when you're guessing and gambling. We've all heard stories of stock market gods who never lose as much as we've heard horror stories of average joe's that just can't catch a break.
Here is today's reality check:
- Winner's don't gamble, they take calculated risks.
- Winners use proper money management techniques and play only when the odds are in their favour.
- Winners don't trade with emotions, gamblers do.
I don't care if you, your mom, your neighbor's dog or NiteShift all think that the next stock is the big one. I would not unload my bankroll on it, nor would I chase potential gains to recover losses. If you want to be a winner, you need discipline. Here's a few simple rules you can follow: Only risk 5% of your bankroll per trade or pick, don't trade with emotion, don't gamble-analyze your pick. imo
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