“Have no fear of perfection – you’ll never reach it.”
— Salvador Dalí
Speculate based on what you can lose, not what you can gain. Successful traders often have more losing trades than winning ones. They don’t mind taking losses, as they are expected.
As a general rule: Don’t overbuy a position or add to losing trades. Smart money management in trading is key for you to survive and thrive in the market. It allows you to avoid getting knocked out when you are wrong and be there to reap the benefits when you are right.
Dalí’s words are helpful to remember as you navigate through life’s ups and downs, as well.