Saturday, October 13, 2012

Day's Anatomy- 12th October 2012

Followed along much like yesterday except today ended up with some much needed profits. Note to self: The fear of losing money and/or being wrong must be outweighed by the fear of not following your proven plan.

Incidentally, for those who do not yet have a proven plan; It's far more valuable to lose money trading a plan that doesn't work rather than trading with no plan at all. Losing consistently beats losing randomly every time because you have a constant which can be tweaked to profitability. Trade randomly and you are trading with raw luck (or lack there of).


MBAGearhead said...

Well said! I liked this gem the other day too, "It's really not about the money. It's all about the difference between taking risks and accepting them. Doing the former without the latter is financial suicide..."

James Edwards-Marche said...

Glad you liked it MBA :)

However, now it's time for me to actually put my money where my mouth is and practice that way of thinking everyday

implied volatility said...

For me, I work harder and harder at proving my plan so that I have less and less reason to be fearful of it. :) Lots of hard work, though. But it works with my personality.