What is the hardest thing for a faux confident trader to do? By faux, I mean a person who pretends to have high esteem, but always is in need of reassurance — either by flaunting his success or by surrounding himself with sycophantic morons who idle themselves by showering praise unto someone else.
The hardest thing for that person to do is admit being wrong. We all go through periods of low confidence and most of us were raised by fucked up families, into circumstances that created an air of insecurity, whether it by via lack of prosperity, education, or malevolent parents. With time and a bit of maturity, some of you will escape the yolk of this personality disorder and live your lives freely and without feeling less than others.
I mention these uncomfortable traits because it’s part and parcel of being a better trader. When times are good, everyone is a genius. But it’s markets like this one that separate the crop from the chaff — spiraling markets without decency or regard for decorum. It wants to ruin you — because it hates what you represent.
Heading into next week’s trade, be mindful of two distinct possibilities.
1. Market bottoms and soars heading into Turkey Day.
2. Market does the impossible and plummets into Turkey Day.
Anything is possible. Your positions might get ravaged and your accounts zeroed out. If you’re not careful, this could be the last week you’ll ever trade stocks again.
What I’m trying to say, in a very long winded and round about way, is detach yourselves from your bias and the stocks that you own and admit to being wrong. The only way to do this systematically is by setting rules for yourself. Stop losses at -5% and -10%. During periods of flux, minimum cash balances of 30-50% and so on and so forth. No matter how great you think a stock is and what its prospects are, do not place more than 15% of your account in it.
These rules sound rote to many professional traders who are reading this — but truthfully, the majority of the readers of this here site are new. Doing live demos with many of our Exodus members, I’ve come to learn that many have only been reading me for a few months. One gent never even read the blog.
Out with the old and in with the new — the circle of life and the everlasting struggle for dominance continues — even within the confines of this treasured space on the internets.
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Moment of zen: After the 2018 midterm elections, it is clear that (almost) all Congressional districts represented by Republicans are uninhabitable shitholes populated by shit-tier human beings who ironically yet sincerely believe their race is superior.
(Even Staten Island ditched their Republican Congressman.)
Interesting that you find peace in those thoughts… sounds like you need a hug
Sounds like it needs a tongue taco.
A tongue taco sounds more palatable than whatever trash your mom fed you.
Lyndon
Have a drink!
Sure. Let me buy a round.
I like that you said “almost”.
This small step away from your habit of talking in absolutes may indicate that there is yet hope that you can overcome your anger and bigotry.
Glad you like. I neither ever believe in absolutism nor possess any anger and bigotry–as they are so defined in the literal sense.
Jesus Christ you people are all the same NPC. First off actually ate them with the men in the fields. Decent meat. Listen to Los Tigres Del Norte you idiot. Good music.
“..or by surrounding himself with sycophantic morons who idle themselves by showering praise unto someone else.”
Indeed. You should be proud that you outgrew the days of banning anyone who didn’t post “FIG” 24/7.