One of the funniest and at the same time most insightful videos I’ve ever seen. So much truth involved in that ‘Giraffe Quicksand’ video. These really are the 5 stages you go through if you fail to cut your losses short and instead hold on to a losing position. These are the 5 stages Elisabeth Kübler-Ross discovered during interviews with terminally ill patients once they find out about their illness.
- Denial – Trading Rule 48: When the ship starts to sink, don’t pray – jump!
- Anger – Trading Rule 28: The market is cruel, it gives the test first and the lesson afterward
- Bargaining - Trading Rule 1: Never, under any circumstance add to a losing position…. ever!
- Depression – Trading Rule 3: Keep a positive attitude, no matter how much you lose
- Acceptance – Graciously accept losses
Talking about stages, those are the 6 Stages of a Trader you want to go through in order to achieve trading mastery.
Read, every day, something no one else is reading. Think, every day,something no one else is thinking. Do, every day, something no one else would be silly enough to do. It is bad for the mind to continually be part of unanimity. – Gotthold Ephraim Lessing