Hi everyone
I'm currently a equities trader, I enter into short term positions in ongoing trends with a view to take 5 - 7% consistently.
Each trade is roughly $10,000.00 give or take, my goal is 5% portfolio returns a month.
I spent a long time filling out the trading plan form I found on here, for anyone who's interested : http://thesharetrade.com/trading-plan/
Anyway, everyday I hear of people or someone will tell me how they've just made 15 - 30 - 80 - 100% on some speculative share they've bought in a matter of weeks. Then you hear stories of people putting in $x on a hotip and coming out with $400 k and paying off the mortgage.
Now logically I understand, these cases do happen but not often - also for every winner there is a loser.
Just hearing those stories makes me want to scrap the strategy and just buy pennies, when I first started 'gambling' in the market I used to put all my capital into 1 stock which has just fallen rediculously. I wouldn't know anything about it I was naive and just thought that it would go back up - I did make alot of money this way however looking back I'm pretty sure it was gambling.
I know I shouldn't just scrap my strategy on the basis of those stories and my experiences when I knew nothing however hearing those stories is kinda demotivating when you work hard and slowly accumulate bit by bit..
I'm just wondering, what do you guys think when you hear those stories and how do you guys stay back on track?
Sorry for the long winded post, I appreciate all comments.
Thanks
Andrew
I'm currently a equities trader, I enter into short term positions in ongoing trends with a view to take 5 - 7% consistently.
Each trade is roughly $10,000.00 give or take, my goal is 5% portfolio returns a month.
I spent a long time filling out the trading plan form I found on here, for anyone who's interested : http://thesharetrade.com/trading-plan/
Anyway, everyday I hear of people or someone will tell me how they've just made 15 - 30 - 80 - 100% on some speculative share they've bought in a matter of weeks. Then you hear stories of people putting in $x on a hotip and coming out with $400 k and paying off the mortgage.
Now logically I understand, these cases do happen but not often - also for every winner there is a loser.
Just hearing those stories makes me want to scrap the strategy and just buy pennies, when I first started 'gambling' in the market I used to put all my capital into 1 stock which has just fallen rediculously. I wouldn't know anything about it I was naive and just thought that it would go back up - I did make alot of money this way however looking back I'm pretty sure it was gambling.
I know I shouldn't just scrap my strategy on the basis of those stories and my experiences when I knew nothing however hearing those stories is kinda demotivating when you work hard and slowly accumulate bit by bit..
I'm just wondering, what do you guys think when you hear those stories and how do you guys stay back on track?
Sorry for the long winded post, I appreciate all comments.
Thanks
Andrew