I get to know some people sometimes, either on the Internet or somewhere else, who claim they have never lost. They say they have never lost in any markets, nor have they ever been scammed. And, they are so proud of it 😀
However, they have never lost because they have never traded, and they have never been scammed because they have never signed up for any program as they think all programs and systems are scams.
It is good that they have never lost any money, but it is fool to be proud of it because they will never go beyond what they are:
Anyone who has never made a mistake has never tried anything new. —Albert Einstein
Trial and error is part of life, if you want to learn more and take some steps forward. Challenge keeps you young, strong and alive. Those who are brave enough to take risks are the ones who make history. Those who are afraid of getting out of their comfort zone, will live and die as if they have never existed.
You should avoid two groups of people. First are the ones who always discourage you from doing anything. They create and develop fear in you that doesn’t allow you to take any risks. Second are the ones who always push you to take risks in anything new without doing any due diligence. They are either thieves and scams or idiots. Taking risks doesn’t mean you should lose everything you have.
In trading, we always risk 2% of our account balance in each position, while we don’t take more than one position at a time, unless our first position is in profit and we have already moved the stop loss beyond breakeven, so that if the market goes against us, the first position will be closed with zero loss.
While some people don’t even want to take a 2% risk to see how trading works, some others risk their whole account and wipe it out. The first group are too conservative and timid, and the second are insane.
Everything has a balance. Those who don’t lose because they don’t do anything, and also those who lose a lot because they take too much risks need to come to balance, exactly like those who eat too much and the ones who eat nothing. A little bit of everything keeps the balance.
Maybe it is irrelevant but is not a bad idea to give you an example of someone who had no balance in any aspects of life:
He quit smoking, didn’t drink and even became vegetarian to have a healthier mind and body. But, at the same time, he was full of hate and different complexes. He started a war that killed 50–56 million civilians and militarians plus 19–28 million deaths from war-related diseases and famines. His book, “Mein Kampf”, or “My Struggle”, is full of lie and exaggerations about his family (especially his father), and also himself and his excessive talents. His final attempt (attacking the Stalingrad city, that is also known as The Battle of Stalingrad) that triggered the process of his consecutive defeats and then his suicide, was exactly like how some traders take positions without stop loss and when the market goes against them, they take more positions (average down) instead of closing their losing positions, and so their accounts become blown up. Hitler, insisted in attacking Stalingrad at the worst time and while all his army generals were asking him not to do it. It is insane, isn’t it?
The opposite example is Winston Churchill. I will talk about him in more detail in other articles because he is one of my most favorite people. Churchill almost always smoked. He loved Whiskey. And, he ate everything. He loved to eat, drink and smoke. However, unlike Hitler, he was full of love. Anything he did in his life was an act of love. He did everything he could to form an ally with England, America and the Soviet Union to defeat Hitler, and he succeeded to do it. If it wasn’t because him, Hitler would dominate the whole world and would kill hundreds of millions according to the plans he had.
“Balance” has to be learned and gained. You cannot have it by eating or not eating some special things.
Let’s keep our balance and work hard…
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