The title of this post is pathetic I know. I have never done a “how to” post in my life. People that do write how to stuff, usually know nothing about anything, they rehash buzzwords and buzz phrases ad nauseum. They probably did poorly in school or didn’t go at all ( which in the new era ain’t a bad idea anyway). Wharton students are bankrupt before they say “I do” to an employer who isn’t hiring anyway. But Wharton dads have money, so probably not an issue.
But how do you really make money consistently in the market without massive frustration or quitting the game entirely? People do it, I do it. Not many do it, about eighty to ninety percent of traders lose money. If I have bummed you out, or you have read this type of piece before ( most likely penned by a complete schmuck who never traded) then leave now.
Every “win” I have had is cloaked in a loss. I love winners, but obsess over the losers, I tend to learn from the mistakes. I fool around on Stocktwits all the time, my tweets need subtitles unless you know my humor. But when it comes to making money in the market I will tear your esophagus out before I let you get in front of me on a trade. I am confident to the point that I feel like the all powerful OZ when I start my day trading.. Am I cocky? Fuck yes and Fuck no. I’ve lost millions. Made millions too.
I ran money for people from Tangiers to Berlin to Saudi Arabia and all points in between when I ran my hedge fund. I started the fund with fifty cents and grew it to five hundred million bucks. My performance was off the hook. I know stocks. My investors got statements every month, they never busted my balls. When a punk from Wharton at a “fund of funds” (slowly going out of business) who wanted to give me money, who had a daddy that knew somebody started condescending, I politely asked him to leave. I didn’t need or want his money. I didn’t need him to “suggest” changes to my style. Correction..I wanted the money just not his attitude. Bad business I guess, but I detest condescension from a silver spoon. I had just had my office explode on the 78th floor of the World trade Center a month before and I felt happy and safe in my Jersey City headquarters, so he could go play lacrosse. They were fails and they are the the guys on twitter who’s bio says: “I’m an entrepreneur looking to change the world”. Ummm….sure you are.
So what do you do? How do avoid the landmines? I’ve lost limbs and part of my soul in the process, but why should you? This market is due for not only for a correction, but another flash crash in my humble opinion. Those algos are so cute. Play until you start losing real money, but don’t lose your soul. I’m a bouncer, so I’m always positive.
1- If you want to be a full time trader you need to start at 5AM, finish at midnight.
2- Read everything on a macro level, I don’t buy a stock unless the chart tells me too, but knowledge of all things is power.
3- Trade small, your an idiot if you try to be Sammy Sosa, be Lenny Dykstra even though he is going to jail.
4- Use stops, , 1 %, 3%, 5% on any trade, just have a stop.
5- Don’t ever fall in love with a “story”. Just email me , I’ll give all the stories you need.
6- Don’t buy a tip. You should be shot on site if you do.
7- Study ONE stock for a week. Like women, they all have personalities. You will learn its range and nuance. Pattern recognition is key . Patterns ALWAYS repeat. That understanding only comes with time or a mentor. I love women.
8- Do your own work, I haven’t listened to anyone (unless you are new to trading) in ten years on any idea. I would rather self loath than blame anyone.
9- Buy strength and always short weakness. If you catch a knife you won’t help at my barbeques.
10- If you bet on sports call 1-800-gambling. You will never succeed at trading.
To request my performance, email me at [email protected]