Watching and waiting are two things I need to get better at. Those are two skills that I must develop. Honestly, some days, I am much better off going to play golf because it keeps me away from the greatest casino known to man.
Wall Street's allure for many is that they treat it like a casino. You constantly hear the media referring to a trade as a "bet". Penny stock peddlers will promise you instant 100% returns, it sounds like Las Vegas, doesn't it? Hell, it feels like Vegas, just a better version.
Investing or trading must be looked upon as a business, with financial statements, profits and losses, growing revenue, etc. All with a "cold" detachment. It is not that easy. It can be very difficult to take emotion out of the equation.
Do you ever think about how online brokers give you tools that are useful yet are designed to look like a slot machine? Don't think for a second that this is a coincidence. They are designed so you will pull the trigger and put a commission in their pocket.
Patience, Discipline-I say these words over and over and over to myself. When I incorporate those 2 things, watching the market can be like watching paint dry. Most days it is a slow climb or even a few steps back. Boring...
I'm not complaining, far from it, it's just the nature of the beast. A product of the style I utilize to reach my goals. A 20% profit since 12/12/11 in retrospect is very exciting but when you look at it from the standpoint of a percentage point a day, its not like a dragster ripping down the track.
The stats so far:
STOCK MARKET DOUBLE PORTFOLIO
Start Date: 12/12/2011
Starting balance: $10k
Current Balance (interday): $12,043
Gain: 20%
..
Wall Street's allure for many is that they treat it like a casino. You constantly hear the media referring to a trade as a "bet". Penny stock peddlers will promise you instant 100% returns, it sounds like Las Vegas, doesn't it? Hell, it feels like Vegas, just a better version.
Investing or trading must be looked upon as a business, with financial statements, profits and losses, growing revenue, etc. All with a "cold" detachment. It is not that easy. It can be very difficult to take emotion out of the equation.
Do you ever think about how online brokers give you tools that are useful yet are designed to look like a slot machine? Don't think for a second that this is a coincidence. They are designed so you will pull the trigger and put a commission in their pocket.
Patience, Discipline-I say these words over and over and over to myself. When I incorporate those 2 things, watching the market can be like watching paint dry. Most days it is a slow climb or even a few steps back. Boring...
I'm not complaining, far from it, it's just the nature of the beast. A product of the style I utilize to reach my goals. A 20% profit since 12/12/11 in retrospect is very exciting but when you look at it from the standpoint of a percentage point a day, its not like a dragster ripping down the track.
The stats so far:
STOCK MARKET DOUBLE PORTFOLIO
Start Date: 12/12/2011
Starting balance: $10k
Current Balance (interday): $12,043
Gain: 20%
..
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