The Right Mindset

Throughout my life I've occasionally thought about what it would be like to be extremely financially wealthy but I've never been driven by greed or had an appetite for extreme money and possessions.

I think not driven by greed is important to successful trading (success as defined as low stress, enjoyable and profitable). Of some of the primary contributors  to happiness such as career, money/financial, social/community, health, sense of purpose and entertainment/family, my family has always been by far the key to my happiness.

I think finding happiness from a source other than money/financial is a key to trading stocks. There have been some very "red" trades and dark moments throughout the years that could have been tough to stomach. Fortunately, my emotions have remained very steady whether I've made money or lost money.

Ironically, I do not like to gamble at casinos or bet on sporting events. Despite the fact that I think the stock market is one big gamble, I will never invest a penny that I don't expect to lose. That mindset keeps me grounded and alleviates some pressure. The counterpoint to that mindset is that I've had to learn the hard way the importance and significance of a "stop-loss".

Being competitive and prepared to "lose" is a recipe for disaster. Even though I am prepared to lose, I don't want to lose.

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This is for informational purposes only and the information provided does not encompass all possible or probable outcomes and nothing posted here is an indication of future results. Nothing in this blog is a guarantee or promise of future investment returns and investing in stocks or bonds carries risks including losing your entire investment. I do not recommend, advocate or endorse any third-party links, resources or advertisements of any kind. Any investment decisions are recommended to be in conjunction with a Certified Financial Planner, a comprehensive and personal financial plan and all other components that make up your own financial situation.

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