I suppose I should be pounding my chest a bit here, as I have leveraged long instruments in my portfolio going back to last Friday. However, the bottom line is that I have bigger goals and higher expectations for myself than simply some nice trades to start off the new year.
Keep in mind, trading is a very tough business where most professionals not only fail to make money, but suffer damaging losses to capital. The seemingly smart, savvy veterans on Twitter often come and go as they please and when is convenient to how well they are doing at any given time. Here at iBankCoin, we show up all day, every day.
Consider this story from the New York Post this morning. Maintaining that focus and humility that it can all go away at any given time is necessary.
How the mighty have fallen.
A former Wall Street guru who once pulled down $250,000 a year now spends his time wandering the hard streets of New York — as a cabby.
Jack Alvo, 49 — who escaped the World Trade Center on 9/11 — lost his sweet finance job after the financial plunge in 2009.
Desperate, a friend suggested that the father of two start driving a taxi.
“I thought, ‘You must be crazy.’ Forty-eight hours later, I called up how to get a hack license,” Alvo told The Post yesterday.
Alvo found the first few months of driving to be much more interesting than he had anticipated.
“There’s a bit of ‘glamour’ period,” he recalled.
“You’re meeting a lot of people. I think like anything else, when you first start out in a business, there’s a honeymoon phase.
“It was kind of freeing, like letting your hair down,” Alvo said of the career switch.
The Forest Hills, Queens, native — who worked at Morgan Stanley…