I took from this insight one important life lesson: look at what's adding value to your life or your business before deciding what to do more or less of.Ī business coach, for example, might earn a significant income from their practice that enables them to work fewer hours.
"If you don’t stay with your winners, you are not going to be able to pay for the losers," he said. Marcus's most important takeaway for aspiring traders and readers is to hold onto winners and cut losers. Or, if I really feel like spoiling myself, I can charter a plane I don’t have to own one. I learned I don’t have to own a house in every beautiful place in the world I can stay at a hotel and walk on the beach or climb a trail there.
I have learned not to be as attached to material things. Reflecting on a career during which he's lost and earned millions, Marcus said. It's up to you to decide if these costs are worthwhile and determine what's important to you. Or if you spend several years working for one company, the opportunity costs might be an alternative career in a different industry. If you decide to start a business, your opportunity costs might be your favorite hobby that you now have little time for. Deploying their capital into one trade means they've less for the next one. He also discovered successful commodities traders weigh opportunity costs. That way you can be wrong more than twenty times it will take you a long time to lose your money."
He said, "Always bet less than 5 percent of your money on any one idea. Golden Percentage Signs On White Background - Goldene Prozentzeichen Credit: Getty Royalty Free
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