It only takes a short 10-minute drive to reach the busiest intersection in my town. Every town has one. In fact, I’m sure you can picture yours right now.
For me, on one side, there’s a busy shopping center with a gargantuan Acme grocery store and Home Depot, with my favorite pizza shop called Amalfi’s tucked in between. On the other sides, are the main artery into town and a spur that leads to bustling Interstate 95.
Like I said, it’s busy.
It’s also dangerous.
You see, while everyone knows – on some level – that it’s important to follow traffic rules, it’s a long stop light, and no one likes waiting.
That means drivers are constantly zipping through a stale yellow light or trying to sneak by a light that “just turned red.”
Now, for most of my life, when someone ran the red light, nothing much happened – a few horns beep, choice words are yelled, creative hand gestures exchanged – but nothing drastic.
That was, until we had our first major crash – a driver had run a red light, t-boning another car.
Thankfully, no one was injured.
However, the accident left an almost tangible aftertaste with everyone in town. Looking at the intersection now, it’s completely changed. Outside of the newly installed red-light cameras, people tend to treat the intersection with a little more caution every time they pass through.
Now, there’s a reason why I’m telling you this story.
You see, as traders, it can be easy to fall into some of the same bad habits of those time-stressed commuters at my local intersection.
Only instead of traffic discipline – investors struggle to maintain stop-loss discipline.
Thankfully, here at The 10-Minute Millionaire, we have steps we can take to avoid such a fatal accident.