DUMB MONEY Stupid money Brainstorming series

Author: Joe Annafor
Publisher:
Publish Date: 2001-07-01
Features: The author is a seasoned day trader who has experienced numerous booms and busts in the stock market but has repeatedly survived through decisiveness and self-control, steadily accumulating considerable wealth. He not only shares his own stock market experiences but, more importantly, presents a philosophy of life – you shouldn’t think that placing a bet is challenging fate. Buying stocks is essentially gambling on tomorrow’s luck, so stockholders may suddenly wake up at night, dreaming of a crash or doubting that they have already become wealthy. No one knows what tomorrow will bring; sudden riches and bankruptcy can both happen in an instant. However, a new type of stock trader has emerged. They resolutely reject the torment of tomorrow, buy stocks today and sell them tomorrow, sleeping with cash instead of stocks. No stocks overnight! This is the current fashionable stock trading method in the U.S. – day trading – which completelys the traditional meaning of stock trading. Fate can no longer make them suddenly go bankrupt, but it also closes the door to sudden riches for them. They can only ever be second-rate winners and will live in regret for the rest of their lives, because tomorrow will too easily prove that they gave up an extraordinary opportunity. Or you could say it’s a case of not being able to have both the bear’s paw and the fish, or that there’s always a trade-off. But day traders don’t see it that way. They have turned gambling on luck into a true intellectual game, and only they are qualified to laugh at the “silly money” that get-rich-quickers earn, because that money is completely unknowable.