How to Avoid Failure as a Trader: Throw Out the “Hopium”

From the Eurozone’s Greek crisis to the dizzying plunge of the Chinese stock market to Puerto Rico’s own ticking debt bomb, global investors are now grappling with two of their worst enemies: greed and fear.

The legendary investor Warren Buffett perhaps put it best: “You want to be greedy when others are fearful, and fearful when others are greedy.”

The herd mentality is hard to resist. Many investors behave like lemmings and march right off a cliff. They succumb to the “group think” of the media, friends, the internet, colleagues, family – everyone telling them what stock or investment to buy, everyone ready with brilliant advice.

But what I’m going to tell you right now is why that mentality is totally wrong

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Going for the WYNN!

For non-traders, a lot of the time conversation is just that. Conversation.

For me, conversations lead to thinking, “How do I capitalize on this information?” or “Is there potential for a winning trade based on this discussion?”

I had a conversation with some neighbor friends of mine who recently got back from a trip to Las Vegas.

My friends pointed out that “Millennials” were there, but they were not gambling. In addition, the consensus was that activity was slow across the board for all age groups.

Armed with this “inside” first-hand knowledge, I did what comes naturally: find an opportunity to double my money.

What I found was a first-class WYNNer…

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