["I'm genuinely sorry that trading for a living didn't work out for you"]
...Ed;
I never traded for a living.
I DID recognize a market anomaly for what it was & "traded" it while the risk vs. reward ratio looked enticing... it doesn't any longer; except for Gold & Silver and select shorts.
This is still a historically over-valued market undergoing a debt contraction-collapse; with Terrorism on hold; but hardly stamped out and with the fork imho; put in the "end" of the Recession a wee bit early... not much attraction for me (or any other rational investor) here at these valuation levels ?
What makes me different; is that I recognized this "Bubble/Mania" for what it was AND what it was not.
What it was.... was an anomaly; a unique opportunity to take advantage of... and I did.
What it was not... was a "new paradigm", or a time for Insurance Agents, Small time Slip & Fall Attorneys, Software Engineers, Dentists, Housewives, Pensioneers and School Teachers to become lifetime/fulltime day traders.
At the end of August and into the first week of Sept of 2000; as the OSX crossed 130 and went to 140... I took 75% of "all" of my funds out of the market; after being primarially 100% invested in the oilpatch. I took nothing but criticism for leaving early then and I was among the very, very few who were in at THE bottom in late '98-early '99 and left at, or near the TOP.
I took my OSX cycle profits and plowed them into the business I know best... the Mortgage Business.
...a private business investment that I just exited - ie: "selling my business & wrapping up a few loose ends".
I did pretty well on riding the OSX cycle and I think I did pretty well in the "acuracy & timing" on both entering and exiting the Mortgage Refinance Boom cycle in private business as well (VBG)... ( thank you Mr. Greenpimp).
So Ed; sorry to say I never traded for a living, never intend to and don't intend to (at least not for another 20 years) as I am a "rational" man.
I am a Pig, not a Hog... I got fat, but didn't get slaughtered.
I think 99.999999999999999999999999999999% of all people will do better (much better) keeping their day jobs.
This was a time to remember, to learn from and to be honest about.
Yes; it was a time where virtually anyone & everyone could & did trade profitably... but, those days are over.
I like out of favor cyclical value plays.... Oil & Gas; Gold & Silver etc.
The Oilpatch presented an anomaly in 1998 at $10 Oil with cover stories of and endless glut of energy and a bottomless pit of sentiment - I saw it for what it was; I seized the opportunity... I saw, I came, I conquered and I left...it's as simple as that (VBG).
...recently, I saw the same cyclical value opportunity and sentiment in Gold & Silver stocks.
In the Fall of 2000; I saw, I came and I loaded up on Gold & Silver...jumping from "Black Gold's cyclical TOP - to "Yellow Gold's" cyclical BOTTOM.... and again; I saw, I came and I conquered...
I'm still holding LT Gold & Silver positions; as this cycle is far from over... doing a little "swing/position" trading... but, not watching the tape daily, not daytrading... because I don't have to.
Will another market anomaly occur that makes near "full time trading" worthwhile, worth bringing business venture capital back into the market ?
Yes; another market, cyclical, or commodity anomaly will ultimately occur.
But what will separate me, from all of you; is that I will wait and wait patiently like Sitting Bull... and I won't be daytrading in the meantime ... I will be making MONEY in the real world, with a day job (for another 20 years)... and will continue to view the "MARKET" as an ancillary wealth builder; one for which I will wait patiently for "anomalies" in which to make LEVERED/FOCUSED moves; be they every 5 years, 10 years, or 20... but; what I will not do; is begin to believe that we've entered some new paradigm, or that in reading 3 or 4 TA books begin to believe that the "Candles" are going to make me rich...or to believe that I can daytrade any & all markets and leave the "dayjob", or the "Real World" and outperform the returns one can make in Private Business.
I'll leave you Chihuahua's to continue to ignore your losers and exaggerate your winners and otherwise dwell in the land of candleabra day-trading fantasies...to the detriment of your day jobs and your families.
ME ? - I've got distressed Real Estate to buy, a couple of rental properties, some land and maybe another start up venture in the Security Business with a friend... and the Gold & Silver Stocks can continue to work for me while I live & dwell in the "REAL WORLD"... not the land of daytrading dancing chihuahua's (roflmao)~
cie le vie~ |
