Category Archives: Traders Only

Late Night Thought

By chessNwine – Thu Jun 9, 2011 12:28am

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Jesse Livermore, arguably the greatest trader who ever lived, committed suicide after a long bout of depression. In his suicide note, he wrote that he considered himself to be a failure. This, from a man who was worth well over $100 million after the Crash of 1929 from nailing the short trade. Later in his life, Livermore broke his own trading rules at various times and endured massive drawdowns from his fortune.

Trading is a tough business for those of us who take it seriously. Even the best of the best routinely fall victim to the dark side of gambling. As quaint as it sounds, consistently surviving each trading session with your portfolio balance intact will put you well ahead of the game over the long run. Keep in mind, over a multi-year period over 90% of traders will be net losers. The biggest reasons for most of them losing are overtrading and routinely adding to losing positions. By far, the one technique that most traders fail to learn is that no trade is often the best trade. When it comes to the stock market, there will always be another opportunity, so a lost chance is not nearly as damaging as a loss in capital from overtrading.

Living to fight another day in the market and in life is something that Livermore forgot in the depths of his depression. You don’t make that same mistake.

“Traders Only” Chess Links

By chessNwine – Wed Mar 23, 2011 12:34pm

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Plenty of excellent sites out there include more macro commentary in their links, namely Downtown Josh Brown and Abnormal Returns. I thought I’d share a “Traders Only” collection. Here are the traders that I am reading today (click on links):

“The Goat,” @gtotoy, with his famous SPY read for the day
@HCPG with an excellent repost from a few years back, still relevant today
@mb_willoughby looking for small cap action in these names
@chicagosean with his latest mega value-added post
@harmongreg profiles dairy stocks related to Japan
@TraderMarket247 with an update on MCP
@daytrend, Vic’s NEW VERSION of his actionable intraday market stats

There are plenty of other key sources that I check everyday, so be sure to look on the right hand side of your screen for my Blogroll.

“Traders Only” Chess Links

By chessNwine – Tue Mar 22, 2011 12:24pm

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“The Goat,” @gtotoy, with his famous SPY read for the day
@HCPG on buying support for an entire sector
@BuyOnTheDip is close to putting back on his bear hat
@mb_willoughby looking for small cap action in these names
@szaman with another awesome watchlist
@SPEEROTHEKID is changing his blogging style going forward
@zotrades with the very best set ups
@daytrend, Vic’s NEW VERSION of his actionable intraday market stats

There are plenty of other key sources that I check everyday, so be sure to look on the right hand side of your screen for my Blogroll.

“Traders Only” Chess Links

By chessNwine – Mon Mar 21, 2011 10:11am

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“The Goat,” @gtotoy, with his famous SPY read for the week
@HCPG with a very interesting piece on rationality and the events in Japan
@szaman with an awesome watchlist
@vjland on the trading range of BIDU
@traderstewie with some stocks setting up as short ideas
@zotrades is staying hungry
@harmongreg with some of his top trading ideas this week
@daytrend, Vic’s NEW VERSION of his actionable intraday market stats

There are plenty of other key sources that I check everyday, so be sure to look on the right hand side of your screen for my Blogroll.

No Respect I Tell Ya

By chessNwine – Mon Mar 7, 2011 3:01pm

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“In high school, when I played football I got no respect. I shared a locker with a mop.” -Rodney Dangerfield

Downtown Josh Brown is out with a great piece today, affectionately titled:

TIME’s Embarrassingly Useless “Top 25 Financial Blogs” List”

Here is the list he is referring to:

Complete with a shoutout to iBankCoin, Josh notes the glaring omissions from the list, namely active traders who blog, as well as writers who focus on technical analysis.

My take: Too many economics professors on the list. Way too much macro; Not enough micro. The TIME list illuminates a basic lack of desire to seek out independent blogs that are actually well-read and respected within the realm of traders and investors who take a proactive role in managing their finances. As cool and intellectually stimulating as a blog post may be about why, for example, people in Spain eat less tapas when the economy is under pressure, I believe just as many–if not more–readers are looking for actionable stock ideas and timely broad market commentary.

(Click here for original TIME list)

(Click here for Josh Brown’s piece)

SEE ALSO: Click here for Abnormal Returns’ take on this issue.