Today, I closed my day-trading accounts hopefully this time for good. Above quote by Einstein comes to mind. I have over last 13 years day traded stocks off and on. I started during the 1999-2000 period of internet stock boom/mania. I initially did make a lot of money but then kept loosing it. I would close the account and vow never to trade again but then few months latter will again open a trading account. Promising myself this time I will be very disciplined follow all the rules like never put good money after bad, take my losses early etc. I know all the rules of trading.
But the question is that just knowing something is not enough but to follow it is most important.
Again the same pattern will repeat as if is in my DNA, after initial success again I will loose big. I am not against day trading, I as am sure some can (less than 5%) do it successfully. More important is to recognize early in life ,after some attempts as .What is in your DNA and what is not.? To know your Dharma, to know yourself. I am sure a successful artist, a cook, a brain surgeon etc all have different inherent inward nature. They cannot follow others path.
So my friends I just gave a example of one habit of mine. But it can for me and others can be about any negative habit. Worst is drug addiction; probably this day trading will also qualify as an addiction. As by definition addiction is when a person knows a thing/substance/drug will cause harm but still cannot resist doing it.
So always keep in mind this definition of Einstein. As “What insanity is ? Doing same thing again and again but expecting different result each time”
I am going to get it printed and make a poster for my room. Symbolically that I am giving this day-trading habit for good, I took a stock trading book and burnt it in the fire pit repeating the Hindu mantra “Swaha” As if asking the Universe to please burn this tendency and negative habit of mine.
I hope I have learned my lesson.