forexstats

Cutting Your Losses

I lost a friend, but I'm not losing money anymore. I should also point out that the investments

I made on my own during that time made excellent gains. And what's most relevant about

that example isn't so much the broker story as it is the fact that I made more money by

managing my own investments. Had I lost more money through my own transactions, that

would have been okay, too. At least I would have been responsible either way since I was

making my own decisions regarding my money.

The point is this-control your own money in all aspects. This means that even if you do hire

a professional to help you, you are still responsible for ensuring that the person you choose is

effectively doing exactly what you hired him or her to accomplish. Make sure then, that you

periodically reevaluate their performance. Don't get sidetracked by things like emotion or

friendship. As with any professionals, if they are not cutting the mustard, get rid of them and

hire someone better.