Short Term Trading Weekend Lounge: 21-23 Dec, page-128

I would just like to offer some unsolicited advice...

I spent more than 25 years gambling in the casino. I once had plenty of money, I now have plenty of experience. For those who are a little anxious about the market at this time.... a few words of wisdom [cost me plenty but ... for you..meh.. I give it to you]

*If you are concerned, worried, frightened or all 3 .... sell... go to cash and wait. There is always an opportunity later.

*Don't insist. [this is the single most important rule...in all seriousness] Gamblers who increase their bets when they are losing frequently get back to break even...BUT.. they also frequently get totally wiped out.

*Be 100% certain you are playing with money you can afford to lose [and it is all your own money].

*If you have real confidence in what you are holding ...then hold on [wait till things calm down... and then buy more]. In a market crash [if this is what it looks like] the odds are well and truly against you [something in the order of 20/1 against you]... but so long as you are obeying the earlier above recommendations then don't let a little bit of panic infect your judgement. [In the GFC crash out of about 2000 stocks 1950 of them lost significant value ... but there were about 50 which doubled and tripled... for those people with the right portfolio it was crash?, what crash?...]

What prompts me to write this post is I see various people talking about shorting and others about buying a bounce... and I thought, I've seen this before... it's called gambling. I don't gamble anymore... I speculate. There is a difference.