#1 and #3 are right on. #2 is bizarre to me. If my Mom needed money, I sure as hell wouldn't 'lend' it to her. I'd give her anything she wanted, down to my last dime, and it wouldn't matter whether it was for a gambling debt or whatever. She lived her life for her kids and gave us the means to do anything we wanted.
It NEVER ceases to amaze me...
- Thread starter coyotetrader
- Start date
LOL! That's because moms are not supposed to pay back what they borrowed and they usually don't anyway. Of course, I wrote that as a joke. I would never place my own mom on the hook if she were in need of my help, especially when it comes to money matters. I guess what I meant was that you should not lend but to give her the dough. So lighten up.
But on second thought...
But on second thought...
Great story coyotetrader! Tweaking is the biggest problem for most traders, especially experienced ones. Tweaking is done because the trading system failed one time (fear). It is also done to increase profits (greed). I know that every time I deviated from the plan, I lost money--except for maybe one time. The deviations occurred when the stop loss is exceeded (the need to get back to even--greed and arrogance). The other deviation is failing to collect greater profits, for I exited the trade too early (fear again). For a newbie with a sufficient bankroll, these problems should be minimal--especially with a mentor. All he has to do is follow the plan. The mentor explains the fear and greed and arrogance--and simply tells the newbie to sit tight. A mentor is the key, for lossed should be greatly minimized--wish I had one..the money I would have saved.
I would have told him, I am going to teach you something. After that, you should plan to blow out at least 2 $ 5,000 accounts and spend the next 2 years practicing what I taught you. After that, you may have a 50% chance of success assuming within that time you learn to master your emotions.