TraderMike - Happy Thanksgiving to the thread leader and all who follow!
A thank you personaly from me for all the good you have done with this thread. It has been a fun ride for the smart money this year and last. A good, disciplined trader, with tight stops, fundamental chart reading capabilities and an ability to have patience with timing - can come out on top in any market environment.
If you are a trader and have been slammed hard this year, then I say it is time you find another job. This market has sorted out those that understand the dynamics of the market and those that will never understand it.
Trading takes an ability to understand information and apply it to the markets. This includes issues on a global scale, economic issues, technical pricing levels and then have an inate ability to understand the psychology of how this plays out in the market.
The days of buy and hold, income average in as a stock falls, income allocation and other old school trading tatics no longer apply. Today it takes a different approach - one the old school money managers do not take the time to teach their clients.
Add to this the crims of Wall Street, the old money boys that play (manipulate) a price to allow big block exits at attractive prices and sucking in the retail investor to sell to. These analyst price targets day after day based on air are a joke and overall embarassment - in the end it will cost them the distrust of the buying public.
And last but not least the consistent blame of outside factors for this stock market fall (elections, middle east or whatever is the news de jour). And everyday this talk that the Fed will bail this market out - when this is not the purpose of the Fed to begin with. Not to mention the insane consumer spending leading to massive trade deficits - in the end will lead to a dollar collapse and further Fed tightening.
The only person to blame in the end is the American public, for taking on so much credit debt, living beyond their means, buying houses bigger than their budgets, leasing cars they can not afford, not saving for retirement and looking to old Uncle Sam to bail them out when they do retire and on and on........ We as a people have a certian responsibility and that lacks sorely in America today.
So keep up the good work TraderMike - and once we do reach the bottom in the next 12 months or so - we can then look to the future and start a new thread to spot the next economic trend!
Happy Thanksgiving Day all - count your blessings for being an American and be proud!
West |
