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RE: I Got Margin Called on HERO Today. Things Don't Always Go Up.
Ouch. Live and learn, I guess. I just you'll bounce back, man! You always do a great job being transparent here, Luke. I'm sure many people would learn from this and be more careful not to go through the same thing you outlined here.
That's my goal! The more we all educate ourselves through our shared experiences, the more we can all grow and improve.
That was my initial goal in Steemit actually :) I really abhor the notion of needing to experience something before learning from it. I mean, why can't we just learn from somebody else's experience? Somehow, it feels like a scenario where people do the same thing expecting different results. We all know how that goes.
When I failed to get my message across, that's when I switched gears and just focused on telling stories haha!
Some people only learn through experience, so I think there's room for all forms of learning. I learned when I made 19k+ BitShares in 9 days shorting the USD and I learned when my margin got called for 17k the other direction.
Oh well, you still made a 2k profit with all things considered.
Yep. I think one of the defining characteristics between those who are financially well off and those who aren't is there willingness to take many calculated risks. Even with some losses, rational, logical risks done over and over again with resources they can afford to lose eventually pay off in a positive way. The challenge, I think, is those who have no extra resources don't have the opportunity to safely take those risks, so they have to be overly conservative which keeps them from ever being wealthy. It's a feedback loop either way... towards more wealth or more poverty.
Very well-put! I think that goes beyond finances, talking about general success. Those who are willing to take many calculated risks, even though they might incur significant losses have a way better shot than those who sit idly by. A feedback loop is right. No one would ever get to somewhere they want if they don't take that crucial first step. Very insightful of you, Luke! :D