After some rather challenging trading today, I shut down my computer for some ocean therapy. With the vog thick here on Oahu, I opted for some simple beach workout time to ditch the stress.
As I walked onto the beach, I saw these signs posted by the lifeguards.
Continue reading “Losing is part of the process”
“But my philosophy is, the problem isn’t being wrong, it’s staying wrong, so I adjusted, and since then I haven’t had a losing month in five years'” — John Welsh
Earlier this morning I popped my head into the chatroom to see who was around and saw someone had posted this quote (right out of Momo Traders by Brady Dahl, a must read for anyone who is considering trading or is currently trading). I laughed out loud, as it was something that struck me as I had finished reviewing my December trading. This sounds so simple until you actually focus on doing it. Then true human nature and the inability we have sometimes to admit when we are wrong rears its monstrous head. I had run into this early on and when I realized I was relatively adept at noticing a potential bottom in a stock’s plummet. But trying to catch a falling knife can leave you quite bloody if you aren’t careful; a falling stock can just keep on falling regardless of how of it you buy. By being cautious and starting tiny in your play and then waiting confirmation can be the simply difference between a large winner or an even larger loser. Safety safety safety friends..
A few days ago I was talking with a trader who was trading the same stock as I that morning. While I exited with gains because my plan was a short term counter trend play, he mentioned he was staying in it despite it reversal. When I asked him when he had entered, he was several dollars away from where this stock was currently priced and heading in the opposite direction…a $40 stock that had started the month of December at $70.
Continue reading “Ego can be your worst enemy”
Nearly all the signs…Because nearly is in that sentence, what I saw here prohibited me from starting with slightly bigger size. It is important to remember that if you are starting out in a contrarian position to the stock’s current move, you need.to.start.small. I have experienced this so many times and it has taken some hard knocks and bigger than intended losers on my plate when I refused to admit I was wrong.
Continue reading “DUST-ending the year on a great note”
Aloha and welcome to my tiny space in the world. This page is me sharing with you my trading journey and life journey, wherever it takes me and whichever is the more exciting. I have two small goals:
#1. Dream really FREAKIN’ BIG
#2. Make #1 happen.
I, in no way, promise to make you money or entertain you…just here to share my thoughts and the look of opportunity as I see it in the markets. The word “simple” in my strategy is slightly tongue in cheek…for anyone who tells you anything within the markets is simple is feeding you a mighty big plate full of garbage. It is simple when you don’t overthink and follow your rules. Simple to say, but your success is truly contigent on whether you are capable of executing and following your plan. Plan your trade and trade your plan is something you will hear from every titan who is in the game and it truly is the best advice I have ever heard.