This action isn’t up my alley — too orderly for my taste. We just moved up 20%, so naturally a small dip is in order. But is this it — or is there more? These types of questions cannot be answered on a Friday and if I’m not careful — I’ll end up leaning one way for too long and get absolutely raped.
It’s likely the path of most pain is nowhere. Most are looking for wide swings. What if we trade small and range bound after this?
I had some position from yesterday and two failed day trades today, all closed out. The results.
In all, those losses amount to about 185bps for me, since my trades are typically 5% of my portfolio a piece. When I get a 50% winner, like I did yesterday ( I had two of them), those aren’t life changing for me either — maybe 2.5% for my overall portfolio a piece. The point here and the reason why I am telling you this is because I KNOW YOU AREN’T ADHERING TO POSITIONS SIZES and figure on making it big on just a few trades. How can you ever get good without practice? You need at least 10,000 hours of fucking up before excellence. Trade small and try to up your winning percentage. Only on rare occasions will I average down. I actually did so today and am up 12% from my second basis.
I’m not special and neither are you. Just because I crushed the market the past 3 months doesn’t mean everything I touch turns to profit. I am bound by the laws of mathematics and eventually I too will have a losing streak. The way I stay in the game is by humbling myself, taking losses quickly and not letting past successes get into my head — thinking I’m impervious to loss.
I’m not, and neither are you. If anything, you fuckers ought to just go to cash and wait for warmer climes.If you enjoy the content at iBankCoin, please follow us on Twitter