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Ok, before I get to the last question, let me share with you some interesting experiences I've had so far...
You see, everyday, we make hundreds of decisions - some small, some big. Decision making is a key skill, but not all decisions require the same amount of effort and attention - which is why we automate as much as possible. Some decisions may control a few hundred dollars, some decisions may impact a few million.
Unfortunately, most of the time decisions come in the form of questions... and it's human tendency to answer a question... if not, once asked - it remains in the mind, like a nagging unfinished task. Why? (hint: that's a big question!)
In investing and trading, it's the same - there are hundreds of questions that pop up each and every day in a traders/investors mind, some of which I shared with you over the last few days (search Food For Thought).
The purpose was to show you how difficult trading and investing really is. Unless you eliminate as many decisions as possible, you'll end up stuck to your screen, possibly making the same mistakes again and again. There's a way around this, you can do so with checklists, but that's only a small part of the solution.
The secret to investing success is - managing risk - reduce or ideally eliminate it.
I love that statement... so much, that I am solely focused on managing my risk in trading and investing. This has done wonders for me, from making massive losses, to making "decent" profits.
If investing is a hobby for you, or something you can brag about at parties, then you don’t have to worry about managing your risk. Investing is my job, the only job I’m qualified to do. For me, ”bragging rights” don’t put food on my table or pay my bills.
Those who want to learn, ask. So I'm sharing the tools and strategies at my disposal that help minimize risk and maximize profits. That's where The 7 Ps of Trading come in. Here's just a preview of them...
All these come under management of money, your trading capital, your gunpowder. (I’m not going to use the word money management - as it a confusing term).
P.S.: These strategies are not supposed to be used with passive, index investing - they’re more trading strategies - but can be adapted if you like. If you have your own strategies, tools, tactics - share them and we can all learn what works best.
P.P.S: Most people act as most people have always acted, be it 2015 or 2015 BC. They are happy to be told what they very much already believe. I’m told the secret to selling success, is telling people what they want to hear. They are interested in being sold stories that match their own passions and prejudices. That’s not my style. I tell it as it is...
You see, everyday, we make hundreds of decisions - some small, some big. Decision making is a key skill, but not all decisions require the same amount of effort and attention - which is why we automate as much as possible. Some decisions may control a few hundred dollars, some decisions may impact a few million.
Unfortunately, most of the time decisions come in the form of questions... and it's human tendency to answer a question... if not, once asked - it remains in the mind, like a nagging unfinished task. Why? (hint: that's a big question!)
In investing and trading, it's the same - there are hundreds of questions that pop up each and every day in a traders/investors mind, some of which I shared with you over the last few days (search Food For Thought).
The purpose was to show you how difficult trading and investing really is. Unless you eliminate as many decisions as possible, you'll end up stuck to your screen, possibly making the same mistakes again and again. There's a way around this, you can do so with checklists, but that's only a small part of the solution.
The secret to investing success is - managing risk - reduce or ideally eliminate it.
I love that statement... so much, that I am solely focused on managing my risk in trading and investing. This has done wonders for me, from making massive losses, to making "decent" profits.
If investing is a hobby for you, or something you can brag about at parties, then you don’t have to worry about managing your risk. Investing is my job, the only job I’m qualified to do. For me, ”bragging rights” don’t put food on my table or pay my bills.
Those who want to learn, ask. So I'm sharing the tools and strategies at my disposal that help minimize risk and maximize profits. That's where The 7 Ps of Trading come in. Here's just a preview of them...
- PICKing stock
- PLAN B
- PILOTING
- PYRAMIDING
- POSITION SIZING
- PRINCIPAL BANKING
- PSYCHOLOGY MASTERY
All these come under management of money, your trading capital, your gunpowder. (I’m not going to use the word money management - as it a confusing term).
P.S.: These strategies are not supposed to be used with passive, index investing - they’re more trading strategies - but can be adapted if you like. If you have your own strategies, tools, tactics - share them and we can all learn what works best.
P.P.S: Most people act as most people have always acted, be it 2015 or 2015 BC. They are happy to be told what they very much already believe. I’m told the secret to selling success, is telling people what they want to hear. They are interested in being sold stories that match their own passions and prejudices. That’s not my style. I tell it as it is...
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