Remember these days, oh market speculator, for they are the most loaded with milk for you to drink. The first few innings of a swing are great, a sense of relief if you will, that your read on the overall market was verified. You make some wins, they are hard earned.
Then the rally ages, and as it ages, the hits start coming left and right and the biggest problem you have is knowing when to take profits. It truly is an incredible position to be in—taking profits and looking for the next chart set up behind.
I cannot say I have played it flawless thus far, my goodness no there are always improvements to make, but the wins are outstripping the losses at a rapid rate. The second problem, a very real problem, is rushing to increase your position size and forcing into many more positions. You have done well, you were here early, and you have earned the right to become exceedingly selective. Use it today.
On the day I bought GOOGL YOLOs, they’re not participating. I bought another week of SCTY calls in case this chart doesn’t break, but bakes me nonetheless. Aside from that I took some profits across the board. I cashed in most of my MBLY, leaving a runner in case it wants to sock bears in the belly:
That’s Mowgli (MBLY) punching Baloo in case, nevermind…
I brought C down to a runner and closed out YGE, FTW, ahead of earnings. I do not feel the need to participate in such specter as Chinese earnings, especially after that World Cup ad campaign which could not have been cheap.
Maybe Google will decide to join the rally this week. Maybe it won’t—it’s a yolo move, to hell with it.
Stay tight and objective out there.
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classic, good post
i’m fully invested with loads of option paper spreading from sept to dec as of today….i ask myself if this time is different, or if i’m yet going to take another draw down. My trades get increasingly bigger as the streak goes on, so the first round of losers is always most expensive. Hopefully this time it goes on and i can start the unwind process in a couple of weeks on green positions instead of red ones.
Must also not forgot that everyday is a new day and Elon Musk is a dangerous man.