If you aren’t worries about the markets – you should be. If you think you’ve got it all figured out – you’re dead wrong. If you think you are a professional trader – you won’t be for long.
I took the time over the past few days to peruse the financial blogosphere and get caught up on my reading – after a much-needed (and extremely enjoyable) “holiday from my holiday”. Bonefish put up a pretty good fight, and watching my father reel in the only “Permit” caught in recent weeks was an absolute thrill. For a moment I too imagined – I’ve got this covered.
Passivity and complacency play no part in successful trading. It only makes sense to me, as one feels even the slightest sense of either – markets are gearing up to smash you in the face.
You have to keep in mind (as hard as it is for you to accept) that right around the time you imagine the coast is clear, that all is well, that you can surely do no wrong ( and likely that you’ve just received a call from your broker encouraging you to buy) that you are retail.
You are the life-giving blood of wall street and the “last of the last” to jump on board. The train left the station weeks if not months ago, and right around the time you’ve decided to jump onboard – you guessed it, it’s coming off the tracks.
Until you’ve mastered the psychology, until you’ve flipped this thing completely upside down – you are …and will always be…..retail.
They don’t call it risk for nothing right? – personally I can’t get excited re entering long here, and see more than a couple of reasons to start looking short. Take it for what it’s worth – I’m 100% cash – and would not be buying risk tomorrow….not even close.