Tuesday, November 27, 2007

after losing a boatload of money since Oct 31/ Nov 1, the fed cut did not help, Foolishly made a trade into c, wm, bac, lost 100K, hoped for a rebound, got more losses, I am finally admitting I am a stupid trader. Forget about preserving capital, position sizing or anything you have read.
It is all about making money. If you dont make money what is the point of trading??

Do you know why short swing traders and day traders lose all their money? It is because when you are down 50 % or more you try to catch up and end losing it all. Believe me! I know and learned the hard way! You get the Vegas/compulsive gambler syndrome of " it is different this time" and when you hear all the talking heads and so called pundits compelling you to buy when there is blood on the streets, then you realize that you are only pouring more blood on them, but you only notice when your head is chopped off and blood spills from your neck!

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