Home > The Stock Market > PLAYING TODAY’S STOCK MARKET TIP #7: NEVER PLAY WITH SCARED MONEY!

PLAYING TODAY’S STOCK MARKET TIP #7: NEVER PLAY WITH SCARED MONEY!

October 24th, 2011

NEVER PLAY WITH SCARED MONEY: When you gamble with money that you can’t afford to lose, you’re setting yourself up for automatic failure.

Success in the stock market requires patience, flexibility, resiliency, and decisiveness. These qualities are not present when you’re too afraid of losing money. If you find yourself investing in a fearful manner, either get out of the market or else sell down to the level of play that allows you to enjoy a good night’s sleep. Don’t let fear cloud your thinking and cause you to play the investing game poorly. In many instances, playing with scared money indicates that you haven’t allocated your assets properly. You will learn more about how to correct this mistake later in the next chapter on money management.

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“If I can’t afford to take losses, I have no business at the gambling table or at the Casino of Wall Street. Wall Street is not a philanthropic organization. I walk into the Casino with my eyes open as I would if I were walking into a Casino in Las Vegas. I ignore the chatter, I watch the action, and I try my luck.”

Nicolas Darvas

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