Honesty

For everybody, honesty is critical in life, but as far as careers like trading are concerned, honesty with oneself is more important than any other trait. On that note, let me admit we are taking a very hard beating lately. I don’t have too much to say today, other than it will take time to turn this around, not only will this massive, surprise downtrend have to slow down and then reverse, it will take even more time for a full uptrend to kick in and start making us money. Am I worried about making money on our positions, not really, and even if we don’t score big, I am quite sure we will exit at far more favorable prices than what we have today. These are the times that really test a trader, and I can hear the whining from all angles now, in fact it’s the only thing that has me thinking we are close to a bottom, however, that is not enough to go “all in”.

About the only positive I can mention is that I stuck to the plan, and didn’t buy on the open, as I mentioned I would do in the Friday recap. Fortunately, I waited until just after 11 am when the intraday 30 minute stochastics finally reached oversold before I started doing any buying. Make no mistake, this was a very painful two hours to start the week, watching accounts I manage bleed, then bleed some more, expecting them to go even lower before I get a signal to add. I won’t lie, it can be torture, but we must stay true to ourselves and our plan. At times that is all we have to lean on, and more so lately than usual!

I will spare you the charts this afternoon, and please understand that while I am fine and still looking to position for a score, I also need to decompress at times. The beating has been relentless, but my hope is that if readers can see I still come out of this intact (and even wealthier), then they know what is possible in this business. Difficult as it can be, I still maintain this is the best business in the world, and certainly for a person that can think and act on their own.

As the markets just closed, I need to unwind and review everything. I might make another post later tonight or more likely in the morning if anything is worth noting. I hope readers understand the realities of trading, too many sites trumpet their successes, all too often ignoring their losses. In these crazy times with governments printing unlimited money, lies and lockdowns, etc, it’s getting hard to find people that tell the truth. I may be getting spanked hard, but I can handle it, and I tell readers the truth. It is the ONLY way to success, and keep in mind that just like we take merciless beatings as in the last month or two, we also get paid too much and far too fast at times. Just the thought still brings a big smile my face. People need and appreciate the facts more than ever, its my promise to continue to deliver on this. Despite the pain, try and stay with the strategy until we see it through, I am quite sure the results will be nothing like where and how we feel today, it is just another step in the process. I have said it before, but I will not be the least surprised if we cash out with big gains by the time we exit. It is these times like this that show us who we truly are. Can we stick to the plan, or is the pain too great to continue?

Stay tuned (for more beatings, or the turn of a lifetime that ushers in a rip yer nuts off rally!) 🙂