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
23,495 Blog Posts

Hubris Comes Before the Fall

The sense of invincibility, the ephemeral high of nailing trades and then thinking the reason for it was because you were handcrafted by God to be special is about the time you should chill out and go eat a sandwich. I’m not even going to talk about this morning’s 10% jump in $GME and subsequent collapse, but instead talking in my generalities and coded verbiage.

As for me, I came out of the gates very strong +85bps and then gave back 20bps in a trade gone wrong and now sit imperiously +68bps with 62% in cash. My positions are all defensive because I noticed a bust down in risk and a bust up in secular natured stocks. This is really high level finance trading that most of you won’t understand, so I won’t bother explaining it. It’s akin to me talking to my neighbors about private equity acquisitions based off an EBITDA valuation “that is just crazy” knowing he or she has no idea what I am talking about, sort of gazing through me with NPC eyes.

At any rate, I didn’t come here to only condescend but also remind you that today is Friday and the weather is beautiful and the market will soon begin to trade by appointment in the summer climes. Expect the action to be dispassionate and annoying, false drops and pops along the way. The most important thing you can do now is avoid being tricked by way of letting your emotions dictate your actions. If you are long term, fine. Turn off the screen and fuck off. If you are day trading, keep those eyes glued to your monitors and wait for a pivot to snag a 30bps trade in an leveraged ETF and then feel good about that, and then maybe drink a cup of coffee as a reward.

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2 comments

  1. txchick57

    Take your own advice. Go eat a sandwich.

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  2. soupbone

    there must be somewhere you can throw sandwiches out a window?

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