Wednesday, July 26, 2006
Hotel California
Up 0.5 percent today. I was having trouble falling asleep last night. Lying in bed, I started thinking to myself what I would do if I got so rich that I didn't need to trade any more or so poor that I couldn't afford to trade. I realized that I either way I could never leave the game. If I blew it all, I would just sweat it out until I could raise new capital to put back into the market. And if I got super rich, I still wouldn't cash my chips, at least not all of them. I think the title of Cramer's first book, "Confessions of a Street Addict" says it all. Trading is an addiction. A very strong addiction. It really is Hotel California from the Eagles' song: You can check out any time you like, but you can never leave. So really the choice for me is not whether to quit trading or keep trading; rather the choice is whether I make money or lose money. Knowing this makes me realize that I need to continue to work hard to reach the top of my game. Does anyone else feel the same way?
# posted by Stockcoach @ 8:51 PM 
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The Cramer reference reminds of Keynes quote - " The game of investment is intolerably boring and over-exacting to any one who is entirely exempt from the gambling instinct; whilst he who has it must pay to this propensity the appropriate toll.
Although Cramer didnt pay a toll - had big numbers. That was pre Reg FD days though.
P.S. Check out CRWS.OB - 4x FCF.
Although Cramer didnt pay a toll - had big numbers. That was pre Reg FD days though.
P.S. Check out CRWS.OB - 4x FCF.
# posted by 
: 11:23 PM, July 26, 2006
: 11:23 PM, July 26, 2006
Yes, I feel exactly the same way. Trading is the most fun I have ever had, very addictive. I could never be too rich to stop, because I can't think of anything I'd rather be doing.
However, I probably could be too poor -- if I lost it all or nearly all of my capital, I think I'd be too discouraged to want to trade and be reminded of the old losses constantly. Fortunately, that hasn't happened (yet!), but I do have my share of nightmares.
However, I probably could be too poor -- if I lost it all or nearly all of my capital, I think I'd be too discouraged to want to trade and be reminded of the old losses constantly. Fortunately, that hasn't happened (yet!), but I do have my share of nightmares.
# posted by : 6:14 AM, July 27, 2006
: 6:14 AM, July 27, 2006
Read "Adventures in Daytrading" about a trader's experiences during 1998-1999
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# posted by : 9:49 PM, July 27, 2006
: 9:49 PM, July 27, 2006 << Home
