A beginning trader here. I keep thinking I'll eventually make every mistake there is to be made. Learning to trade is definitely a humbling and frustrating experience. I can see why so few people are able to be consistently profitable.
Yep....never be afraid to sell a position with a small loss before it becomes a big loss if the investment has changed for the worse. Example: Cathie Wood buys the stock 🤣
I like to buy and collect the dividends monthly or quarterly and reinvest them. I love JEPI and JEPQ. I love ET and EPD. With my SSI and dividends I am able to take care of my family peacefully.
Great reminder Greg. After sustaining HUGE loss in SPY shorts last year I almost quit trading altogether. Instead my husband encouraged me to take a break. I spent 6 months learning , reading, focusing on psychology of trading, and then dived back in October. Since, I've been on a tear, although in a different market.
Losses are tough to take especially if a good company goes bad. Had that happen numerous times and then you sell it as a loss and write it off on your taxes. Buy you have to stay in the game long term because a 5% cd is not going to beat inflation or gather real wealth.
For years I was the master of losing trades. took every course I could find. I have a good ability to read charts. My slap in the face came this tax season when my tax guy said I need to become a better trader or find another hobby. That day, I quit fearing a loss (I know what it takes to earn a buck and I was afraid of losing that buck). I've become a much better trader accepting the fact I will have losses, but I will have gains if I take acceptable profits. My mental attitude has made a 180-degree difference in my trading
Smart Money thinks long term, Stupid Money wants to get rich quick!
Thank you for this email, Greg. I need to hear this.
A beginning trader here. I keep thinking I'll eventually make every mistake there is to be made. Learning to trade is definitely a humbling and frustrating experience. I can see why so few people are able to be consistently profitable.
Warren Buffet is a good mentor. He mostly buys and holds and collects the dividends.
Don't beat yourself up. The market already did that for you.
NEVER Beat Yourself Up Over Losses In The Market! No, that's my wife's job.......
Later Jay
Yep....never be afraid to sell a position with a small loss before it becomes a big loss if the investment has changed for the worse. Example: Cathie Wood buys the stock 🤣
Your the best greg!
Amen G
I like to buy and collect the dividends monthly or quarterly and reinvest them. I love JEPI and JEPQ. I love ET and EPD. With my SSI and dividends I am able to take care of my family peacefully.
Get elected to congress and miraculously you will never suffer a loss
Thank you for your honesty. And timing only works by chance.
Great reminder Greg. After sustaining HUGE loss in SPY shorts last year I almost quit trading altogether. Instead my husband encouraged me to take a break. I spent 6 months learning , reading, focusing on psychology of trading, and then dived back in October. Since, I've been on a tear, although in a different market.
Losses are tough to take especially if a good company goes bad. Had that happen numerous times and then you sell it as a loss and write it off on your taxes. Buy you have to stay in the game long term because a 5% cd is not going to beat inflation or gather real wealth.
Sound advice.
I am down hard this week. It is really difficult to ride through this.
For years I was the master of losing trades. took every course I could find. I have a good ability to read charts. My slap in the face came this tax season when my tax guy said I need to become a better trader or find another hobby. That day, I quit fearing a loss (I know what it takes to earn a buck and I was afraid of losing that buck). I've become a much better trader accepting the fact I will have losses, but I will have gains if I take acceptable profits. My mental attitude has made a 180-degree difference in my trading