Tiger proves that no one is immune to slumps. That's What makes the champion
a true winner standing above the rest is his or her ability to manage a losing
streak, to tread water until their bonus luck changes and the inevitable winning
streak begins. Thats what separates the wannabes from the champions.
Most amateur stock investors or the online poker bonus players. dont have the
patience, confidence, or courage to survive bad streak. They fade away, never
to be heard from again. And even if they had the courage and confidence, they
dont have
the bonus bankroll or money-management skills to survive a long losing streak.
They go bust just moments before a huge winning streak is set to begin. They
are long gone when the hot streak starts. Only those with the right temperament
can win on Wall Street or in a casino. As James Carville might say, Its not
the winners that make you a winner either on Wall Street or Main Street, its
the psychology stupid!
RULE 3:
THE PUBLIC DOESNT
UNDERSTAND HISTORY A HUGE MISTAKE.
Im a graduate of Columbia University. What I learned at that venerable Ivy League institution is that history repeats itself again and again. If we do not study history and learn from it, we are doomed to make the bonus mistakes with regularity.
Just like in the sports-gambling world, the importance of history applies with virtual casino certainty on Wall Street. I see the same investors making the same bonus mistakes year after year. Its almost as if the masses of investors act together as a group to subconsciously block out their losses of the past.
Logic would dictate that if investors lose money time and again by making the same stupid mistakes, at least they should change their strategy. But collectively the masses of bettors seem to erase from their subconscious any shred of bonus memory of these past disasters. And they just make the same mistakes all over again. Amazing! Year after year I see investors put their money on stock tips they see on TV or hear on the radio (or now on the web). And year after year, those big tips come up short. Year after year I see investors put their money on public stocks (popular or glamorous companies that are trendy and featured in the media). And, of course, those companies underperform. Year after year, I see investors put their bonus money on stocks recommended by friends. And, of course, they lose money on these tips. Year after year I see investors put their money on hot stocksstocks going up. And, of course, those stocks always come hurtling back down.
So why do the masses of amateur bettors not know this, understand this, or remember this? Is history so hard to study? Is it so hard to remember? The bonus
point in all this is simple: Dont make the same casino mistakes year after year. Life is too short; money is too valuable to waste. Study past history, learn from your mistakes, and profit from history.
RULE 4:
THE PUBLIC HAS UNREALISTIC
EXPECTATIONSA HUGE MISTAKE.
Not only is the public as a whole unrealistic in their perceptions and bonus expectations about the stocks they are investing in, but they are also just as unrealistic about their own chances for success as investors.
As a professional casino handicapper for almost twenty years now, I have an edge over the bookmaker. Its a small edge, but an edge nonetheless. I have a huge edge over the typical amateur bettor. That edge is the fact that I understand my odds of bonus winning. I do not expect to get rich quick. Sports betting is not a get-rich-quick scheme. Neither is Wall Street.
