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Online Share Trading

Engage and learn about markets and trading online

Jesse Liver humour

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sponono
Super Contributor
A guy goes to the race track and bets on the daily double and wins. He takes all his winnings and bets it on the third race and wins. He dows the same on all the races and still wins. Then on the eith and final race he takes his hundred thousand dollars in winnings and bets it all to win on a horse, and the horse loses. He is walking out of the tracks and he meets a pal of his who says "Ho'd you do today?". "Not bad" he answers, smiling "I lost two bucks". How many of you always worry about losing all your profits and end up taking them way too soon?
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17 REPLIES 17
Not applicable
I take it your your talking about looking at the individual trades, with that I usually stick to the target, it happens to often that when I take profit early it ALWAYS ends up hitting target.
Its still not easy though.

But whats been on my mind over the past couple of months is how you deal with your profits at the end of the month/year (like in your joke the man reaches thousands of dollars).
Account growing larger means you can take larger risks, however this becomes a balancing act with your emotions.
So far, IMO, the best advise Ive read in a trading book is take half of your profits out, this way your account size keeps growing, but you still do it safely.

Very curious at what the other forumites have to say.
Sorry if its not what you asked and seems like I hijacked the thread.
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Rams
Super Contributor
the race track man should have put away a percentage of his winnings, so the last race would not have wiped out all his profits...in his case he lost more than his profits, he lost his valuable time
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Preston
Super Contributor
My advise to guy that lost his money on the race track, is to "keep walking".
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stores
Super Contributor
BC01...If I have a large position I take profits in thirds, the first two are pre-determined when I buy. I let the last third ride with a trailing stop loss. I find this to work quite well and you get some exposure to the upside if the share runs north after your first two profit takes.
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Rams
Super Contributor
my advice would be to smack him!again and again! until he grows up?
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Not applicable
You are idolizing a man who eventually committed suicide after having made and lost several fortunes. Ultimately a loser
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Rams
Super Contributor
was it Preston who posted that he wrote his suicide letter after he shot himself?
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kwagga
Super Contributor
His wife made him do it. She was married five times. ALL her husbands committed suicide.
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Quakedog
Super Contributor
Yep went from R300 000 in 2007 to R35 000 in 2009. SSF are very dangerous. However I have stood up again and have raised almost a million since then and spent R160 000 on holidays to break the stress. I to have taken money off a few times when I should have just left it however capital preservation is key and with money you can make money. Big losses are a no no but it is really irritating when a stock keeps going and you have cleared the table. Set a target that you would like to sell at and when the stock gets there just put a stop loss on at that price. That way you have locked in what you have gained and everything that comes after that is Gold! However taking profit and using the lump sum somewhere else that might run faster is the risk and mind work you have to work through. All in all good fun!
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sponono
Super Contributor
I idolise how he lived not how he died, there are many lessons to be learned from his experiences suicide or not
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Rams
Super Contributor
all these questions, uncertainty,regret, fear will not happen with a mechanical system...devise a system with a good exit plan, and make it mechanical...
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Preston
Super Contributor
mechanical ,like your personality Mr Walker
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Rams
Super Contributor
i like the thirds approach from Trading in the Zone...just smack him in thirds, keep smacking the last third until you hit the stop loss, then move the stop loss and keep on smacking...totally mechanical
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Preston
Super Contributor
a mechanical response.
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Rams
Super Contributor
okay, go back to the kiddies playroom now, the one for 18 months old
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Rams
Super Contributor
then again, if the race horse guy followed the 2% and 6 % rules, he would have been still playing.Simon says(where is Simon) its impossible to capture the entire move. You just need the juicy chunk in the middle
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Not applicable
How high is high? FA guys, please help.
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