Can You Talk Freely About Stocks?

If you can’t, you shouldn’t be trading them. I made the mistake of jumping into the stock market years ago without learning to talk openly about made trades. I kept things close to the vest.

If my trade lost money, I was a loser so let’s not talk about it. If I made some money, it wasn’t good to talk about because the guy next to me made more. It was a never ending loop of negative self talk, lessons lost, and missed opportunities to grow and improve with others.

Only a month ago did I finally open up and discuss my good and bad trades. I also realized that stock trading should be like blackjack. I finally separated me as a person from my portfolio moves. Now my attitude toward stock trading is more objective and healthy like someone returning from a fishing trip. Good or bad results from my trip had nothing to do with me as a person. The same can now be said about trading. In the past, every trade was tied to my self-esteem and “honor”. Needless to say, my trading prowess had much to be desired. But now at least I am taking steps in the right direction.

How do you separate your stock trades from yourself?

Stay Inspired!
Buck

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25 Responses

  1. MoneyCone says:

    Opinions and emotions are an investors worst enemy! Remember, everyone likes to talk about their successes, none about their failures!

  2. krantcents says:

    I do very little trading. I primarily invest in mutual funds and a few stocks. I usually add to existing mutual funds or maybe I will add a new one to further diversify.

  3. No, I sure cannot! So thanks for the advice. 🙂

  4. IF you’re feeling emotional, cut down on individual stock holdings and move to indexed funds. Keep a small portion for stock picking giving you the necessary time to subdue your inner enemy 🙂

  5. AverageJoe says:

    Being a “recovering” financial advisor, I’m far removed from my portfolio picks. Part of the key is enduring many storms…I’ve seen losses so many times that you just pick up and move on. It’s a part of the game.

    The other part that helped me was reading. One of the best pieces of advice about stock picking is to first realize that you aren’t omniscient. There’s no way to know what forces are going to do to your investment once you hit that “buy” button. Because you can’t know what will happen in the future, there’s no reason to get emotional about what DOES happen.

  6. Jai Catalano says:

    No I can’t talk about stocks. In fact that is why I have my step father mentoring me. He was showing me how I could buy Apple and not pay 60K+ for 100 shares with options. After he explained it to me and I understood he asked if I wanted to do it… I said no because I am not comfortable with knowing about the market. He said that is the answer I was hoping you would give me. Patiences and discipline has helped curb fear and greed.

  7. Shilpan says:

    Buck, I consider market as an ocean with thousands of fishes — big, small and in between. I am an explorer — just learning how to navigate and fish without being eaten by sharks. I am not my knowledge; and my knowledge is not static. We become better swimmer by constantly learning how to swim; so is the world of stock market investing. Learn to swim with the flow; learn not fight with the current(market trend or tape). Rest is all experience.

  8. This sounds like a VERY healthy perspective to take! Sometimes it is easy to become overwhelmed with needless competition. People just are not that concerned about what you are doing. The one thing that I would probably add is that some people are private in general; thus, they have to balance their need for privacy with the benefits of disclosure.

  9. Buck, it is easier said than done. I’m more inclined to go with funds and etfs, because it’s a tremendous amount of work to research and follow individual stocks!

  10. The risk and uncertainty of the Stock Market scare me. However, I think if you can figure it out it’s a win-win type of situation. I really like your new site, it’s awesome.

  11. I learned an important lesson about trading stocks: don’t unless you have the time and expertise! Your risk goes up exponentially with individual stocks and unless you have stop-loss orders placed you can find yourself in a situation you can’t recover from very quickly. I have a few blue chip stocks but invest almost exclusively in mutual funds so as to diversify among asset classes.

  12. JAMES says:

    I don’t talk stocks. There are too many opinions out there. The less I listen to, the better off I am.

  1. April 20, 2012

    […] Buck Inspire  – Can You Talk Freely About Stocks? […]

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