iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
18,593 Blog Posts

Get Your Head Right, Else Get Zeroed the Fuck Out

I enjoyed last week, immensely. The down ticks were exhilarating and made me remember how much fun the market is when it’s behaving like a market, instead of a rigged cesspool for the rich. I also had a good Friday, with gains in TLRY, NBEV, DOCU, NTNX, NEWR, OKTA — and a 2.5% rally in the quant.

For the week, naturally, I lost money. My losses, however, were limited by the fact that I had limited my exposure to the market and because I was disciplined enough to stop out of my longs before they did some serious damage.

I was going to do a post about how much money I am going to make when the market finally repairs itself and boast and brag and chortle about how superior a trader I am, to the likes of you. But that’d be self-serving, and also boring. You’ve read a thousand Fly posts like that and it only serves to make you laugh.

Pretend you’re a monkey and you keep seeing other idiot monkeys slipping on banana peels, falling down the trough and into the crevasse, where they end up breaking limbs and eventually perishing. That’s how I feel when I bear witness to some of you investing. Even though you’re not telling me what you’re doing, having been doing this forever, I can feel the danger and the care-free regard for risk — in your endless pursuits to become rich.

By the way, money only takes away problems — it won’t make you happy.

Back to the subject at hand. I know what you’re doing and how you think this will play out — but let me be the asshole to tell you now: YOU’RE NOT GONNA GET RICH TRADING STOCKS. Wealth is hard to attain and this iteration of the simulation is set on difficultly level 8, meaning you have to earn your money; and when it comes to stocks — it will take a long time for the gains to amount to something meaningful. I always tell people, the fastest way to zeroing out your account is trying to increase it by 1,000%.

Sure, you read online by self-professed gurus, of grande stories — high school drop outs, C students, attaining Gatsby like wealth, driving lambos, all by whipsawing in and out of stocks. While those instances might occur in real life, let me be the one to tell you, you’re more likely to be struck dead by lightening, whilst bathing in your tub, than getting rich trading in and out of stocks.

The only way to get rich in stocks is by compounding returns, over a long period of time, diversified, and managed position sizes.

How do I know this?

BECAUSE I FUCKING KNOW IT — GOD DAMN IT.

Did you see the correction last week? Any idea how many people got wiped out?

I have over a thousand subscribers in Exodus and I’ve received email after email about extreme hardship due to the recent slide. Years worth of progress down the drain, all due to avarice, greed, and temporary insanity. I know most of you mean well, and some of you do not get enough oxygen into your brains like normal people, but will you please stop swinging for the fences? Fly is older now and doesn’t really care about notoriety or getting people to visit his blog. I just want to see everyone do well and not have to go thru the pangs of misery, a feeling that I am all too familiar with.

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11 comments

  1. dragun

    did you pop the bubbly on the 1000th sub? Congrats

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  2. thegametheorist

    Good post fly. Completely agree. I had 15 months of gains in my brokerage wiped out this week. Should have diversified more. Luckily that account is only about 10% of my net worth – well … was…. but still a learning lesson. And a fairly inexpensive one only costing me a few thousand

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  3. cancel19

    I heard that risk parity funds reallocating was reasonable for this market puke. Is that true?

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  4. chuck bennett

    Buy yourself a nice mutual fund. You won’t get hurt

    As Jim Table-top like to say. That and these people are animals.

    Last I herd he was dating trainees.

    Regards

    Chuck Bennett

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  5. bennyhill

    Like I have been saying you will never beat being long SPY with long term gains. THe only exception Is maybe half SPY, 25% half brk.b and 25% FAANG

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  6. tradingnymph

    It was finally a very nice week for us Bears. You are so right about trading stocks. If it wasn’t my crazy passion to follow all if this, I would have given it up years ago..One killer historical bubble has been created, all bubbles pop..only rule in this game.

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