Cramer doesn't seem to learn from his past mistakes. In a previous message I commented about how amateurish it was for Cramer to hold/buy more of Hayes even though he knew it was a stinker. He bought because the stock was going up, so he figured it smart to buy more. He knew the stock was a loser (he said as much), but still he bought more. Talk about falling for a sucker rally.
Well, in his latest column, he admits to doing it again with Telemex today. It was trading up a point in a down market, so he figured he should buy. This is like walking into a clothing store to buy a green tie on sale, but buying a blue tie instead because everybody else in the store is buying them. When the stock finally fell in line with the market, he sold, at a loss. This is called buying high and selling low (he apparently has this lesson down pat). Worse yet, rather than unloading his position immediately, he chopped the trade trying to get a couple extra ticks, and was burned even more.
And to make his story even more precious, he persists in using his everybody-is-a-newbie, condescending tone in phrases like "At that point I moved. I bid for 15,000 shares and got hit. (Newbies -- I bought 15,000 shares as someone smacked my bid.)" Yes Cramer, people know what a bid is. Perhaps you should focus less on the buddy-chummy-trading lingo and more on learning how to trade.
In fact, Cramer, for a nominal fee and as a public service to TSC subscribers, might I offer you some trading lessons? We can start slow, then gradually work our way up. |
