Lots of dashed hopes this morning, overzealous traders dashed up against the rocks — legs and arms broken and left adrift in shark infested waters. I will tell you, mind you, the markets aren’t a place for the faint of heart. If you fashion yourselves to be weakly minded and with a poor constitution, it’s best you avoid the market altogether and instead hire a financial advisor to do it for you.
I have seen thousands of would be traders walk through these halls since 2007. Most of them were very confident about this or that — and when our comments section was live and active — they’d cause quite a stir about their feeeeelings and how they knew more about this or that — because Dunning Kruger.
In life, at least the way I have found it, it’s best to not pretend to be an expert in anything and instead be a student. I myself, a self professed “MASTER ACE TRADER” know full well that I am still learning and improving and not as good as I could be.
For those who’ve demonstrated a knack for this and have enjoyed real success that was not the result of an oversized position fortunately going up — bear down and stick with it. Watch your losses close and keep goals reasonable. If you shoot for the stars without a proper shuttle, you’ll end up space dust.
Up 30bps heading into the mid-day, long risk averse stocks because that’s what’s working.If you enjoy the content at iBankCoin, please follow us on Twitter