Undoubtedly we will break through at some point, today next week I don’t know, but what I do know is I am buying the dips and selling a portion of it into the resistance area. I have been up since yesterday trading my little ass off, scalping, hedging, pressing, easing, shorting you name it. I don’t typically trade this way unless I know which way the direction will go with a fair amount of certainty. Such as this. believe it or not, I have made back my money and than some. I DON’T GIVE IN TO TERRORISM! 😛 I don’t blame Mike, Me, You or anyone else! Not even the fuckers that did this schitt! I don’t give up and go home with my basketball, I don’t put on my tin foil hat and start with conspiracy bullschitt. I DON’T CARE! I deal with what I got like a big boy an turn lemons into lemonade!
The amount of learning that should have taken place over the past few months should have been enormous!
❶ Position size! Position Size! Position Size! Not even my little schitty portfolio got completely wiped out. Imagine! I still have $GBPJPY trade left! LOL! As you recall I was uncomfortable with my total exposure at 12%. So I bet against my position. Now you know why I did. This is a marathon not a sprint! DO NOT TRY TO BE WARREN BUFFET IN ONE DAY!
❷ Turning points or flat markets are EXTREMELY Difficult! No matter which way you place a position you will end up wrong at some point. Ask yourself if I had done the opposite would I have been right? if the answer is NO! You know what kind of market you are in.
❸ NO STOP LOSE ON THE PLANET would have saved you last night, early morning. Because it opened at 121.35 and kept going down! Result? You would have taken the hit anyway and if you didn’t get a margin call you would have missed the entire rally. yet again more evidence stop losses guarantee losses and position size is extremely important.
❹ Trading around a position, I made a comment on the GBP that i don’t car if it goes to 1.22. Why? Because in that position, I had traded around it, so many times, that my actual cost basis was 1.22. Even after a flash crash I am still up and made even more money than had it not happened. Wait till it goes back up to the 1.30s LOL! I will have killed it! Why? As Mike Norman says MENTAL FUCKEN GAME! I am not a loser! I am a winner! I will make fucken money no matter what! Fuck the Market! I refuse to defeat myself! Self sabotaging is not an option for me!
❺ Oil! $45, $43, $41, $39.. Where is it now? $50! TIME! Use time to your advantage! Time is equally as important as price. You saw my 600 days analysis. What happen after the 600 days? Market went up. I expected a resolution.one way or another. I was bearish at the time, it went against me, I flipped. No problem. It went flat, I stayed out of SPX. Than bearish again. Balls deep? No. tiny bit.
❻ Mike’s flows, I have asked him to show a correlation chart, I still have no response with all that has gone on. But I can tell you this, they are extremely important to be aware of. If i get the Okay from him I will post it. MMT is huge if you want to trade successfully.
❼ Mechanics of trading, Psych plays, FUCKERY, today’s sentiment vs future sentiment. What are the zombies doing, cockroaches, technical analysts, Big name idiots! Remember Icahn scaring the schitt out of everyone a year ago? Sorors and his fucken gold with a 3% deficit? WTF OVER!
and many, many, other things which I won’t get into since I already wrote too much. I just wanted to post the GBP chart. Anyway. I hope you guys did not get hurt too bad and hopefully not at all. But we have been through a lot in the past few months. BREXIT, Oil, 15% drops in the markets, Flash crashes, Flat markets, etc.. etc… Believe me it would have been far easier had i done this 8 years ago. My post would have been buy stocks see you tomorrow! Anyway I hope you found this a bit helpful.
Author Jim Boukis