I turn dials and fiddle with knobs to hone in on harmonic rotations
Joined Oct 26, 2011
3,377 Blog Posts

It is okay to be wrong

Classic trading axiom—being wrong is totally okay.  It is part of the business.  We are speculating on the future outcomes of things we have zero control over.  Being wrong is inevitable.

Staying wrong is not okay.

Staying wrong will eliminate you from the battle.  The battle to dominate the financial markets.

Like lets say you have a systematic trade based on a statistic.  And that system triggers.  But you are too busy riding around, gettin’ it and you miss the signal.  That is an error, which should make you feel bad, and that is fine, but if you still have the chance to act, to right your ship, do it.

DO NOT COMPOUND your folly by continuing to make errors.

Seeing people ignore their tried-and-true robots makes me sad.  God damn, the system is the system is the system.  Execution is up to you unless you automate your actual orders.

If you keep getting in your own way the market will eliminate you.  Slowly…then all at once.

Listen we all make errors.  They suck and we need to do everything we can to minimize the risk of error.  Algorithms and trading models work for me.  They are immutable.  And maybe something else will work for you.  We all have a job.  As good capitalists our job is to analyze, plan, and execute.  Over and over.

They say good trading is boring.  Maybe, unless you find gratification is following a plan.  If you do not make rules and follow them, then someone else will make rules for you.  Then they will manage you, like dog, and if you don’t perform they will either whip you or eliminate you.  Is that how you want to live?  Along the lines of someone else’s vision?

Discipline is the key to freedom.

Okay I am done.

Listen I have big plans for March, stay tuned.

As for the stocked market, I am bullish heading into OPEX.

Exodus members, the 173rd edition of Strategy Session is live.  Go check out what has me bullish for the next few days

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  1. sarcrilege

    That’s right. Staying wrong is not okay. Yet that’s exactly what goes on here. How can one get it right with so many wrongs here?
    a) there are no markets per se. just the appearance of “free” markets in a marxist centrally run FED engineered kabuki theater.
    b) Blue pill self-delusion: “As good capitalists our job is to analyze…” because there are no capitalists; not you, not even anybody you know, just faux kapitalists

    c) serious question for you:
    can you humiliate me here with your concise definition of (1) marxism/communism/socialism as one regime; (2) fascism as another one; and (3) laissez-faire capitalism; ? Do you even know the difference(s) since you (and that’s just in my opinion) appear to consume the marxist kool-aid served up by the communist lords in unhealthy doses?

    And once I read yours, I’ll give you mine and you can laugh. or not.

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  2. urine2lemons

    Only risk what you are willing to lose. Don’t ride losing positions down. Set a stop loss and stick with it. Average out of profitable buys over time. The average investor doesn’t beat the market over time. Jesse Livermore was rich then went nearly broke many times until he entered the Curt Cobain shotgun cleaning contest.

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