Absolutely! You should only risk bigger amounts when you are completely sure of what you're doing, otherwise you could find yourself in some real financial trouble, sometimes something as simple as an unexpected fee can be troublesome.
I believe that Livvy really makes the most sense with how much to start off with. I think the tendency is to start out with too big of a roll - I'd rather not run the risk of losing all of it right out of the chute.
The big decision to make is what size bankroll you will need to become a full-time trader. As a part-time trader and investor you should run a small account with money you can afford to lose. But to become a full-time trader you need much more. To learn how Warren Buffett started read The Snowball by Alice Schroeder.
I've been very interested in Warren Buffet, but I was thinking of reading The Essays of Warren Buffet first, do you think The Snowball is a better read? I'll probably read both but there's probably an order that makes it easier to take in.
I think that if we are beginners are good book will lead us in the right direction, both Snowball and the Essays seem good books to start with.
Well, "big amounts" are relative to the person. My initial buy-in of $1000 is what I determined I could lose without it affecting my every day lifestyle. Obviously, if I lost it all, it'd sting, but it's not like I'd be living out on the streets if I went broke. If there's one thing I know how to do, it' BR management from my poker experience. Never bet (or invest) more than you can afford to lose.
The Snowball is very comprehensive and has quotes from many of Buffetts essays. It is a long and detailed book and I recommend it as there is so much to learn. I would read the Snowball first to get a good understanding of Buffett and then read the Essays- but it doesn't really matter.
What about if you're using stop-losses wisely? I don't know whether I can agree with your statement as you have stated it currently. There are ways to mitigate your losses even if with huge amounts.
Yep, it seems a good advice to me, if for some reason we feel we're not enjoying it we can always look for one that suits our needs better.
