Mark Douglas
Trading Psychology Coach
“I have one big idea and limited savings. Play it safe or bet on it?”
First, fix your thinking, because reality doesn't care about your savings. Anything can happen. You don't need to know what will happen next in order to succeed; you need an edge and the discipline to take it consistently. So define the edge: what do you know that the market of customers will pay for?
Then predefine your risk before you enter, the exact dollar amount you are willing to lose, and accept it fully before you bet. If you can't accept the loss in advance, you'll make fear-based decisions the whole way down. Trade the plan, not your emotions.
Sample response from this soul, not a quotation or endorsement.