Trade only with money that you can Afford To Lose...BullS**t!!!

Yes, one thing. I seriously dislike it when I hear people say that
they’ve been taught they should trade only with money that they can afford to lose. I might be the only guy saying this out there, but I seriously believe that that phrase is enormously damaging because it teaches people that the money they’re using to trade is not significant enough to be protected. The first and last and most important thing is that I’m a defensive trader. So I feel that there is no excuse for losing the entire amount of trading capital, meaning if that’s money that people can afford to lose, then I’d rather have them give it to me and I can take them to the movies and we can take a long walk on the beach, hang out together, and we still have something to show for it later. But it is not money that people can afford to lose. It represents somebody’s financial future. We would never move into a house that we could afford to have burn down. We would never buy a car and only buy it if we could afford to have it smashed into a semi-truck. But we regularly open our trading accounts with money that we say we can afford to lose, and so it’s as if we’re from the beginning saying: “Well, this money wasn’t very important to me.” I think to certain degree that the money that we’re entrusted with to trade is sacred money that not only represents the amount that’s in the account today, it represents what it could be later on in life—the quality of life that it could provide for someone. So it’s much more important than just money that someone can afford to lose.

Millioanaire Traders - How Everyday People Are Beating Wall Street p.73