Sorry, no charts for this one. This is just filler, while I work on the weekend report.
Cheers... Jason
There is a fundamentally sound reason that I chose to stay out of the markets after the March bottom and didn’t enter in until May 5<SUP>th</SUP>. This is the same reason I missed out on a potential 33.9% gain. What might that reason be you ask? It’s simple, I was wrong, wrong, wrong, for much too long.
Sometimes I have to set my ego aside and acknowledge that I am a fallible human being. And let me tell you, once I release myself from that burden I’m able to focus on rebuilding a better position, and start making profits again. Now the big question is why was I wrong and what did I learn from it? <O
<O
Position Size - Well for one thing, I had a huge position in FAZ which is an ETF that shorts the financial sector. Because I didn’t use position sizing, I needed to be right, or I was going to lose a whole lot of money. Well guess what? I was never going to be right anyways and because I couldn’t acknowledge that fact, I ended up losing twice as much. Freaking 3x bearish ETFs can murder you...
Bloggers – Just so you know, I’ve stolen most of the bloggers I follow from Robo & XL-entLady . At one time I was reading 20-50 a night but I have to tell you that during March a good portion of them were wrong. When we hit 666 a whole crap load of bloggers were short and because of that they needed to justify their positions. Sometimes you have to be careful and know that even brilliant bloggers can write with a Bearish/Bullish slant which can mislead you into keeping foolish positions.<O
CNBC – Aka “the screaming channel.” If you want to confuse yourself, then watch Larry Kudlow. He’ll pit the Bulls & Bears against each other but nobody ever wins and if you were confused before you started watching it, you’ll be even more confused afterwards. Nowadays I DVR through Fast Money for the Jeff Macke one-liners, and I study PBS’s Nightly Business Report (the best market/economy show ever.) <O
The Charts – The biggest reason I was wrong was that I wasn’t listening to what the charts were telling me. While I was letting position size, bloggers, and CNBC cloud my judgment, the charts were SCREAMING at me to get back in.
<O
<O
To sum all this up, it’s ok to be wrong, just don’t be wrong for too long. <O
Cheers... Jason
There is a fundamentally sound reason that I chose to stay out of the markets after the March bottom and didn’t enter in until May 5<SUP>th</SUP>. This is the same reason I missed out on a potential 33.9% gain. What might that reason be you ask? It’s simple, I was wrong, wrong, wrong, for much too long.
Sometimes I have to set my ego aside and acknowledge that I am a fallible human being. And let me tell you, once I release myself from that burden I’m able to focus on rebuilding a better position, and start making profits again. Now the big question is why was I wrong and what did I learn from it? <O
<O
Position Size - Well for one thing, I had a huge position in FAZ which is an ETF that shorts the financial sector. Because I didn’t use position sizing, I needed to be right, or I was going to lose a whole lot of money. Well guess what? I was never going to be right anyways and because I couldn’t acknowledge that fact, I ended up losing twice as much. Freaking 3x bearish ETFs can murder you...
Bloggers – Just so you know, I’ve stolen most of the bloggers I follow from Robo & XL-entLady . At one time I was reading 20-50 a night but I have to tell you that during March a good portion of them were wrong. When we hit 666 a whole crap load of bloggers were short and because of that they needed to justify their positions. Sometimes you have to be careful and know that even brilliant bloggers can write with a Bearish/Bullish slant which can mislead you into keeping foolish positions.<O
CNBC – Aka “the screaming channel.” If you want to confuse yourself, then watch Larry Kudlow. He’ll pit the Bulls & Bears against each other but nobody ever wins and if you were confused before you started watching it, you’ll be even more confused afterwards. Nowadays I DVR through Fast Money for the Jeff Macke one-liners, and I study PBS’s Nightly Business Report (the best market/economy show ever.) <O
The Charts – The biggest reason I was wrong was that I wasn’t listening to what the charts were telling me. While I was letting position size, bloggers, and CNBC cloud my judgment, the charts were SCREAMING at me to get back in.
<O
<O
To sum all this up, it’s ok to be wrong, just don’t be wrong for too long. <O
