What's going on moon gang, this is your dumb money update for today, the first day of december wednesday december 1st. Now i want this particular update video to be a little bit different because well, there's no sugar coating it. The stock market was an absolute bloodbath today. The s p, 500 dropped 1.1 percent, the nasdaq 100 dropped 1.7.

The russell 2000 dropped, 2.2 amc was down 15.8 and gamestop was down 8.3, that's just a few things, but many things were in the red today and notably in the red today and whenever it involves money and losing money. A lot of emotions are involved and that's why i want to make this video. I strongly believe the components of a successful trader are about 10 percent luck. 20 skill and the left over 70 is psychology.

I strongly strongly believe that, and in fact i might even be understating the proportion of that that makes a successful trader. Do not let emotions run the day in the market. There's that saying stairs up elevator down and it's because really fear is a stronger emotional driver than greed and also more mechanically people tend to buy a little bit here a little bit here, all the way up and then, when they start to panic, when they see Red when they have potentially paper hands, they sell all at once. So i would say, there's a psychological component but then also a financial component of why the saying is very much true of stairs up elevator down and that's exactly what we're seeing market wide amc, gme and potentially, whatever other equities you're particularly paying attention to.

But what i want to say here is that emotion, it's bad and it's part of being human, and especially when you're talking about money, which is so incredibly important within culture in society. Money runs the day of for many many people. For many many reasons. So i get why there's an emotional component to it, but remember the market is completely emotionless.

It is very important for everyone, if you identify as an ape or not to stay calm, cool collected stick to your trading plan. Yes, this is applicable to amc and gme, but it's honestly applicable to everything options, futures other equities, cryptos, it doesn't matter whatever your trading plan is, i beg of you, stick to it, don't let emotions of being sad or upset about uh, some form of employment or Even ripping higher and higher emotions cannot run the day. That is the sign that you're potentially engaging in a poor trade that you have really no business being in when you before you get into the trade, you should have a well-defined plan, whether it's something such as amc and gme is like hey, i'm risking zero, and I'm in it till the moment, that's fine, that's a plan. Maybe that's not your plan.

Maybe you have to take into consideration other aspects of your financial health, for whatever trade. This doesn't have to be amc and gme specific. But i know a lot of you watching this right now it's for amc and gme, but trust me this is applicable to whatever you're, possibly engaging in when it comes to the market, stick to your plan and don't let some very fair but obvious emotional event get In the way, so to kick off december, a couple things are going awry. The first case of the new variant is confirmed within the u.s.

We have, i guess, government shutdowns looming once again, and also of course, always the inflationary bottleneck concerns going on in business america. So when you have three things that are negative and some of the aspects of it are unknown, yes, of course, that's going to have a negative impact on the market and then, when you have all three happening simultaneously, you get days like today. Don't let this day go to waste? I know you're sitting there you're probably upset you're down money. I myself.

This is not a fun day like i'm, not sitting here calmly, like i, i try to be, but i'm down tens of thousands of dollars today. It is a shitty shitty feeling, i'm not trying to say you're wrong to feel that way. I'm just trying to say we have to take the lesson from it when in doubt zoom out whether you're looking at an individual equity, especially the ones that we commonly discuss or the overall market. These these happen.

These periods of downturns definitely happen, but given enough time it history has shown us that it bounces back even let's rewind to february march of 2020, when things were relatively even worse, that lasted for about a month and since then, we've ripped higher and higher and higher. I strongly believe this momentary downtrend, that's gon na it's gon na be a blip on the radar. Obviously that's my own opinion. I'm not a financial advisor i'm in no way clairvoyant.

This is just my thoughts and kind of using history as a guide, but the main thing i want to get across to you is: you cannot let emotions run the day for me when we're looking at our moon, socks or cryptos, or any of that. I look at this as i like shopping on discount. I like the fact that some of the weekends are getting out of this situation and people who are kind of really, i guess they have their heels in and they're fighting this battle, they're the ones who are going to survive this um. Other people - hey, maybe the kitchen's a little bit too hot and they have to get out right now and that's fine.

At the end of the day, you got to worry about you. I understand that i'm just sharing my own opinions on the situation, so whether we're talking about individual equities, cryptos or the overall market. This is exactly why you always have to be prepared if you're, fully tilted in one thing, you can't really - and i'm gon na say, take advantage of situations like this, because this is an opportunity, no matter what happens in the market. There's an opportunity to be seized and i don't want an emotional overdrive for i guess, to cloud your judgment and to not see the opportunity that's being presented to us market wide right now.

I very much wanted to get this video out there because i think right now, community-wide people's emotions are high and i just want to give that message to everyone. Calm, cool collected. Do not let emotions run the day. You.