Practice, Practice, Practice

I cannot emphasize enough how I need to be prepared to lose my entire investment. Every boat can sink. I cannot trade what I cannot afford to lose. That said, there's a saying "a ship in port is safe, but that is not what ships are built for (Grace Hopper), so if I want to "play in the game" then I must practice while in port.

Practicing while in port is like installing a rudder, engine, sail or simply working on your boat before you head out to sea. You would never set sail without a way to control your boat or keep it afloat, why treat your money any different?

I love movies about underdogs, stories about overcoming adversity and winning despite the odds. It should come at no surprise that I love the Rocky movies. One of my favorite quotes was when Rocky's trainer, Mickey Goldwin, says "For a 45-minute fight, you got to train hard for 45,000 minutes, 45,000! That's ten weeks, that's ten hours a day, ya listenin? and you ain't even trained one! what the hell are you waitin' for, what are you waitin' for?"

That was me stepping into the ring on WCOM #4. Instead of practicing hard and learning my lessons in practice, I lost big in the game with real money!

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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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