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RE: Never depend on your bankroll.

in LeoFinance4 years ago (edited)

For me, a huge thing is to set fixed budgets and the the money out of my sight. Its called parkinsons law.
I also always calculate on the bad side, meaning that you expect the worst. This means yoeu are happy if things work, but not upset if they dont.

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This is what I told my uncle when he expressed concern about me trading crypto. I'd still feel sick to my stomach if it tanked and I lost out on whatever gains I've made so far, but my original stake is so small that I'm out almost nothing if it all goes to zero tomorrow. Set it up so there's only upside and you literally can't lose. One way to do this is what Jim Cramer calls playing with the house's money. When you get something that's a multi-bagger, like Doge for example, take just the original stake out and there's absolutely no chance you'll ever lose money on that trade. Everything is gains.

I am always exited when charts go down because that means I can go shopping cheap.