Stocks talk…are you listening?
Years ago, I had a trader who worked for me who was up around $9,700 on the
day. The market slowed down around lunchtime, so I told him to stop for the day.
He said, “sure Adam, I just want to break the $10,000 mark and then I’m done.â€
Well, he not only failed to get that extra $300, but by the end of the day he
gave back all of his profits and more. At first he started losing slowly, but
then the losses quickly increased in speed. When it was all said and done, he
was down nearly $8,000 at the end of the day.
Here’s what happens. Regardless of what method of trading, when a trader is
having a good day and decides to “just make a little bit moreâ€, it is no longer
about the trade itself, but about making money. It’s now about making a couple
of extra bucks. Now of course, we all trade to make money, we are traders and
this is our job. It allows us to put food on our table and send our kids to
school. However, you need to be extremely careful with that thought “just a
little bit more†when you are trading.
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