Yesterday was my first day trading online, ever. I decided to take advantage of the unstable stock market and some low prices. I bought some stocks that were pretty low in comparison to how they usually do. Today, they are even lower. I am kicking myself in the ass right now, considering I lost couple of points already. I know it’s hit or miss with trading. I know if I wait at least couple of days there is a possibility I can make at least 15% of what I have invested.
My question is: how can I stop looking at the same stocks every minute? How can I stop the urge of selling everything I bought, as my amateur self says ‘you should have just left the money alone in your account at 3.5% yield rate’? How can I stop my self from pushing that button? Those of you that trade, know what I am talking about.
I would appreciate any advice.
The hole quite often is deep. And there is always some danger that you might not be able to get out of it. Which means that you shouldn’t go in there, unless you have a good rope and a good plan how to get out of that hole with the gold.
The rope is your hope. And it has to be a good hope based on extensive knowledge and reasonable assumptions.
And your plan is a way to get out of that hole if your rope turns out to be too short.
Before you go into any trade, you must have a plan for virtually everything that can happen. The price can go up, it can go down, or it can stay the same for a long time. And when you have a plan that you believe in, then you will have the courage to keep going down that hole even when the daylight temporarily disappears, and for a while you don’t see your way out of it.
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