Here are Ten Tips for Staying Sane in stock market
The market tells you when to trade. If you feel the urge to place a trade or find yourself chasing a trade, walk away from the computer. Better still; take the opportunity to meet a friend for coffee.
They will usually not have clear signals, but you’ve convinced yourself they are there. After losing your premium, or much of it, you’ll look back and wonder how you could possibly have entered that trade. It’s happened to all of us, so don’t be too hard on yourself. Just don’t do it again.
Don’t panic. Enough people are doing that already; you’re needed elsewhere.
Don’t join the Panic Crowd. They are NOT having more fun, they just act that way to attract new members fold. Misery loves company.
Take inventory. Do you have the basic necessities? If so, you are OK. When they come to take away your television remote control, then panic.
Smile at your neighbor. A smile lifts everybody’s spirits, but most of all your own.
Remember the Great Depression. It sucked, but people survived. It’s amazing how many non-essentials we take for granted. Rent a movie about the 1930s, sit back, and laugh about how much better our depression is going to be.
Learn a new skill. In hard times, it pays to be very, very employable. And you may even be lucky enough to have two jobs. Oh, wait. That’s our problem now.
Start saving now. Then when the bottom falls out, at least you’ll have something to live on for three-and-a-half weeks.
Start spending now. It’s folks like you, saving all your money instead of spending it, that are killing the economy.
Stop listening to people telling you to save or to spend. In fact, stop listening to news about the markets. It’s just too depressing.
Ignore top ten lists. They are way too gimmicky and seldom give any truly useful information (except for this one, of course!)
The trades you do when you’re feeling the “need” will usually be lemons – and leave you with a very bitter taste in your mouth!