Following Your Own Advice

On Xmas Eve last year, John "The Gambler" posted a list of 20 questions / comments when asked for advice on successful investing. You can check his full list of rules at http://john2e.typepad.com/ Most of them are common sense, but I am highlighting numbers 17 and 20 which are:

17. Don't drink and bet.
20. Don't chase your losses.

It is therefore sad to read in his blog that yesterday's losses were, in his own words, down to "Mainly horse racing after one too many lagers" and on February 23rd he says "Somehow nearly 5K up on the month. Not quite sure how. Probably as I keep bringing in the tanks to get out of trouble. Not a good strategy in the long term".

...after one too many lagers? ...bringing in the tanks? (high stakes at low odds)

Now John seems a genuinely nice guy and I wish him all the best, but I have to agree with the commenter on his blog who wrote that this was an accident waiting to happen. In mitigation he has had a few 'off-field' issues lately which have no doubt been distracting, but if he returns to trading, I hope he heeds his own advice. Making money at this game is not easy, but discipline, whether it be not drinking or controlling your stakes, is absolutely vital at all times. Good luck John.