Quote from: Zoomic on Today at 07:37:45 PM

Quote from: collecttmaster on Today at 07:24:31 PM

Quote from: Floxynice on Today at 07:05:50 PM

No one loves to lose money. Don't tell me to invest what I can afford to lose; tell me things I should do to avoid losing that money or even minimise the risks of losing that money.

If you are not losing a lot of money, you are most certainly not making a lot of money and will never be rich. This is the irony that the person with a poor mindset does not understand. Most humans on the planet have a poor person's mindset.

Losing money is good as long as you are earning even more money. Learn that and stop with this childish fear of losing money.

I do not actually understand the perceptive you are coming from. You mean losing money is a sign of being a wealthy man or a sign of having a big money.
I thought that being very judicious and not lose money is a good way to be rich but I am just hearing a different thing altogether this night.
So, it will be fine to say that we should learn how to lose money in order to be rich.

You are mistaken in your understanding because you probably read information written by other poor or middle class people, who are also poor. Most humans are afraid of losing money, like children who don't want to lose their favorite toys. This is why they don't invest and when they invest, they panic and make bad mistakes all the time.

A person who is good with money, does not fear losing it. They have no emotional attachment to money, but the desire for more is what drives them. They take more risks, better risks. They hold investments longer even through periods of massive losses. They do not care. That is the right approach towards money. Remember the key different that I wrote, it is good to lose money only if you are earning even more money. Lose $1000 today, make $2000 tomorrow. If it was not for this difference, gamblers and other idiots who ruin their lives would think they are being smart with their money. Grin

You can use this approach strategically with shitcoins. If you are already down 90% or more on a shitcoin, often it is better to hold it and not sell so you have a chance of recovery. Why? If you sell you recover less than 10%, useless small amount of money. If it recovers you can regain everything or even sometimes earn many multipliers on your money, 10, 100, 1000x. So the reward and risk ratio tells you it is better to hold it to 0% for a chance at massive recovery. Who cares if you lose that extra 10%, you lost most of it already and especially if you are also making more more money on other coins?

This is why you see sometimes very big traders losing millions on stupid leverage bets. Why would they care about losing 2 or 3 million if they earn 50 or even $100 million? Wink