The Tycoon Report

Maybe you've caught this recent run up we've had or you've made a killing in energy stocks or perhaps you're flush with cash from your real estate investments. At times like this the urge will be strong to plunge into trades with reckless abandon.

Here's my advice: when the urge hits you to trade even when the trade isn't there to be had; do something less hazardous to your health. Like BASE JUMPING! Just kidding, but I know how much of a thrill many of us can get from trading and how hard it can be to sit on the sidelines but sometimes the best thing a trader can do is keep his money in the bank.

When I'm faced with this dilemma I've trained myself to turn off the screen, get on my Harley Davidson Road King Classic ,and satisfy my inner action junkie that way. For you it might be something different but for me nothing beats rumbling through the local back roads astride my steel horse.

I've been trading stocks professionally since I was 18 when I started my career at Lehman Brothers. On my way to becoming a successful hedge fund manager I have made just about every mistake in the book. Mistakes are only good if you learn from them. So learn from mine, be patient, let the game come to you and remember DO NOT CHASE STOCKS HERE!!!