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RE: This ONE Simple Rule Will Determine If You Succeed Or Fail As A Stock Trader. By Gregory Mannarino
To add, ALWAYS spend lots of time on a demo account first till you are seasoned and hardened. NEVER play with real cash first.
Amen to that!
You're completely right! But with a demo account I know it's not 'real' and therefore my whole psychology is different. As an analogy, it's like tight roping from 2 feet off the ground, thinking "yeah I've got this" and then trying it from 100 ft....completely different! I'd appreciate some thoughts on how idiots like me can overcome this problem?
Yes, it's like playing strip poker without actually removing your clothes. Therefore take it from me since I've been through hell before, always respect every trade you make. You need to zone your mind before you begin, tell yourself repeatedly how crucial it is to treat it real coz one day the training wheels will be off, and you may only have 1 chance. And when you start real, start only with a tiny amount. This is not to get rich off. But to convince yourself you are good enough not to be margin called.
Thanks Ranchu.
When I have time, I'm going to write a blog on the mistakes I've made to date. And I'll guarantee you that there will be others that'll have done similar....(even if they won't admit it!!!)
You are 100% correct.