Mad Money Recap
Cramer's 'Mad Money' Recap: Back to Basics
04/17/08 - 06:00 PM EDT
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Editor's note: This show originally aired Dec. 27, 2006. In order to beat the market, investors "need to know a handful of extremely important rules" and "unlearn some of the worst, most harmful myths that all too many people seem to believe about stocks and investing," Jim Cramer told viewers of his "Mad Money" TV show Thursday.
Cramer: Make Room for Steel |
Don't Dwell on Regrets
The second worst mistake people make when they invest is harboring regrets, he continued. In his Real Money book, Cramer made this rule No. 13: "There are no woulda, shoulda, couldas." And even though people know it's unproductive and bad to dwell on missed opportunities or past mistakes, they still do it, he said. "Every second that you spend wistfully wishing you'd made different decisions is a second wasted," Cramer said. "It's just human nature: We want lots of money, and when we miss an opportunity or make a mistake, we can spend hours or even days beating ourselves up over it." In fact, Cramer said he's the worst trespasser when it comes to this rule. When he worked at a hedge fund and got something wrong, he'd "just sit there, totally mesmerized" and totally hating himself, he said. But market players "cannot afford to get thrown off their game" like that. "So you need to be proactive," Cramer said. "When you make a mistake that you can't stop thinking about, you need to make sure you don't get mired down thinking about how you made such a bad decision." Instead of thinking about the past, think about the future, as that's the only way to make money, he said. And second, don't let the mistake weaken your confidence.Cramer says it takes more than a hit pick and good advice to make mad money
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