Who doesn’t like thinking about the smell of freshly printed hundred dollar bills wafting through the air?
Of course everyone does, but there is a time and place… Like when you actually have freshly printed hundred dollar bills mounded atop a plush California king sized bed.
Until then, focusing on what you want instead of what you actually have will lead to Gluttonous Mistakes. What good is having a plan if you don’t stick to it? It’s literally worthless.
Saying “I want to make some money by making good trades.” is definitely a plan, a terrible plan.
So, get the calculator out, define your plan with hard numbers and stick to it by believing in it. Be detailed and intentional with the rules you set for yourself. If your rule is to sell at 2.5% don’t risk waiting around for 3% because it feels good and you think it’ll keep climbing. You did your research with a clear mind before open and in the heat of the moment, your judgement just simply isn’t as good.
Just a little motivation as we head into the weekend. Trade with purpose my fellow Sorcerers!
Z. Rowe Price