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With the exception of my core reader base, which consists of the most intelligent and disciplined traders on the web, most of the people I see out there in “Trader World” belong in a Chuck E. Cheese. This stock market game is chess, not some morning after Thanksgiving clearance sale, where you think it is perfectly acceptable to trample store workers to death to buy your LED TV for 80% off. Most of the people I see want what they want, and they want it NOW. If you provide analysis, and it does not immediately pan out, they act like Tony Soprano with low blood sugar, confronting you and calling you out to “keep you honest.”
Here is the real question, would you have the demeanor to sit at a live poker table with nine other people looking to take all of your money, and keep your cool when someone gets lucky on you and wins a $5,000, a $10,000 or a $20,000 pot? Because if you don’t, pal, you are in the wrong business. If you live and die with every trade, you are going to see more funerals than that gay guy in Six Feet Under.
Trading is NOT college football, and it is NOT an individual baseball game. Going undefeated or pitching a perfect game is not a realistic or constructive goal. Rather, trading is an entire baseball season. No baseball team will go undefeated over the course of at least 160 games per season, and no poker player will always win every hand. Losing is part of the game. Take it in stride, and move on.
Now, with all of that said, nothing has changed in my belief that we are set up for a nice rally into the end of August.
Also, I covered my 3/4 $ANV short position for a push. With The PPT suggesting a bottom is in, I can think of better things to do with my money than to short a gold stock.
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TOTAL PORTFOLIO:
EQUITIES: 60%
- LONG: 60% ($SYNA $ARUN $APKT $KOG $LVS $MELI $HMIN $RDWR $CMI)
CASH: 40%
are you holding $ARUN, into earning tomorrow?
With earnings released after the bell tomorrow, I will decide during tomorrow’s session.
Agree. Long AUDJPY today as well.
Good look. I was just looking at currencies.
Well said.
That was an enjoyable read.
Chess unleashed and laying down the smack! Fly-worthy rant right there.
I hope there aren’t people out there claiming you are doing a disservice by researching stocks and giving your analysis, just cause the stock went down after they bought it. If so, F em!! let em lose all their money. I love all the research you do, the style in which you present your findings, and if I don’t agree or like a stock that you do, I don’t buy it! simple as that.
Keep up all the great work Chess. The Blog and IBC site in general are a great service and a shit ton of fun to read.
“If you live and die with every trade, you are going to see more funerals than that gay guy in Six Feet Under” Awesome!
what size bounce are you looking for?
1080 first target, then 1100, then 1120. Reevaluate as each target hit.
1120 before Sept 17th please.
Well spoken and to use a NC expression “keep that sad mess of stuff coming Chess”.
Sad mess = a whole bunch.
Appreciate your style and content.
Well said, sir. No whining in the trading room!
Picked up some PBY yesterday… nice consolidation and oversold as well (via PPT screen). Also am watching RJET but it’s not quite ready to climb yet although it did put in a good finish today.
Surround yourself with excellence – hold yourself accountable!