Asked by Anonymous
Asked on 06 Jul 2018
That's part of the learning process in investing. Infact, this makes me realise that i need to learn more.
Understand that it is a "wiser choice" to minimise sunk cost as early as possible, then you will feel better
Everyone knows that the chances of winning is not high and it does highly depends on luck. So pre-condition yourself not to feel sad about losing gambling money
Wrong Puchase Decision:
It happens, resell it or give it away (can consider as a charity act :p )
I suscribe to this mental thinking for moving forward.
Look forward to what can be done now. Instead of lamenting the lost. Sunk cost (lost of money) can't be reversed. Same for doing business. Look to cut losses, change position, change mentality, revamp your system (never to gamble high or over leverage).
A movie ticket of a poor movie is just that. Why spend time to watch it (er ok I paid for is so?), when the time spent could be better utilised on other aspect of your life. (instead of watching movie, why not spend time with family and friends since the movie sucks).
Losing money is part of the game. I truly believe you have to lose money to make it back. What goes around come around.
Every lost you will gain a practical experience that you can truly learn from and have this as your edge when you invest or trade the financial markets in future and come back stronger!
Always keep a positive mindset and learn to control your emotions and psychology.
Investing is 20% strategy and 80% psychology.
Learning how to control your psychology is half way to success.
Accept the loss.
Find out why you made the loss. Learn from your mistake. Think back what were your thoughts and emotions when you execute the order.
Improve your knowledge and skills. Train up your psychology and emotions.