Now with Dave Landry
Why I've (Still) Been Somewhat AWOL
I underestimated the time to create the Member's area by a factor of 10. Not so much the technology-which did present some challenges-but the content. I'm still busy loading. I reached a point where if I load everything that I have (and am still creating!) that it'll never get launched! I do seriously think I have everything there for you to become a trader or more importantly, become a better trader. And, it's getting better by the day as I continue to load. Check it out by taking the free course! Also, take the trend follower's pact while you're there so you'll no longer have to bug me about stocks that aren't trending, or worst, trading sideways (I'm half kidding!)
What I'm Reading
I've been so slammed with the Member's area that I haven't had much time to read. I did manage to start, and nearly finish, The Art Of Thinking Clearly by Rolf Dobelli. One of my problems with all of the behavioral finance books is after a while, they all start to sound the same. Picking red balls from boxes, a ball and a bat cost $1.10, the bat cost $1 more than the bat-how much does the ball costs? No, it's not 10 cents. We get it, be careful of your first instinct, drawing conclusions etc. Mr. Rolf does have the those same lines of reasoning in his book-although he uses a "ping pong paddle" vs. a bat, and his balls are blue. Overall though, it is a good read. All of the stories are divided in to bite sized "one sitters." This makes it nice knowing that you'll be onto a new topic in a page or two, even if you're eyes are glazing over because you already know the answer/argument. I really shouldn't pick on Mr. Rolf too much since my copy already has plenty of dog ears, underlines, and notes scribbled. It's just that, again, they all tend to sound the same. And, it seems that most draw from Amos Tversky and Daniel Kahneman. This brings me to my next book, The Undoing Project: A Friendship That Changed Our Minds by Michael Lewis. This is a good read and of course, draws heavily from Danny and Amos because it's a story about their friendship. I did enjoy this one (even though a lot of the same behavioral finance stuff was rehashed). In this day of so called "soy boys," it's nice to read about real men. They're real men not in some sort of macho sense, but in the sense of "ordinary" men bravely doing extraordinary things-e.g.,often running towards war vs. away from it. Anyway, so far, I've never read a bad Michael Lewis book. Some of his references to Amos and Danny have already made its way to my Week In Charts. This also has me inspired to (eventually) re-read Thinking Fast and Slow. See books to read for more related books.
What I'm Thinking About
Interesting! This was left over from the last time I did a "Now" column, several months ago: With the market getting questionable at best, I've been thinking long and hard about putting capital into harm's way. I've had a few of you ask me if it's okay to sit on your hands. Absolutely! If your hairs don't stand on end and you're not feeling "F-yeah" on a potential trade, then leave your hands under your buttocks.
I've also been putting some thought into what I'm going to bring to the Charles Kirk retreat in St. Lucia this December. I'm the guest of honor. I do love saying that. 🙂 Seriously, my thinking is, keep it simple: simple ways to get on trends and ride them, simple ways to trade IPOs, attitude is WAY more important than aptitude. And, sprinkle in a little money management with all that! Like I always do, especially with these international events that people are paying an arm and a leg to be there/to get me there, I wonder if there is some "gee whiz" things that I can bring to the table but then come back my keep it simple, develop the proper attitude mantra!
What I'm Trading
I'm still trading hourly Bowties in Forex off of major highs lows. I'm currently long the AUD/USD and NZD/USD with this pattern. This isn't my bread and butter, just something that I do when the opportunities present themselves. In stocks, I'm nearly out of all of my positions with just one lonely long left over (IIIV) and another small position that I somehow must have fat fingered yesterday (F-bomb!). I am looking to do some shorting, given the current conditions. The model portfolio is now short GDDY. I am feeling the urge to do more (trading in general), but I have to constantly remind myself to be patient and only take the best opportunities--all that stuff I constantly preach to you! Yes, I'm human too!
This Week's Content
I did a Week In Charts on Thursday to room full of crickets--my reminder email went out around 12 hours AFTER the show. Dang! To those who are looking for it, by the time you read this, it should post to my home page. I also did a webinar for London Investment Week's Round The Clock Trader. I'll let you know when that posts.
Again, I continue to add to the Member's area. As mentioned previously, the ultimate goal is to enhance the user experience. Someone once told me "You have a lot of great content. Why do you hide it?" Well, it's no longer hidden! I'm building all this for YOU, so please, give me some feedback!
The Holistic Trader
As mentioned before "holistic" means a combination of psychology, money management, methodology, and as I have learned over the last year or so, YOU. Take care of YOU. This isn't an easy business and certainly not without stress. You have to make sure you're operating at peak performance.
I logged 40-50 miles on the Peloton and dieted a bit. My goal is to fit in my bikini before St. Lucia!
I'll be playing the role of Dave Landry in this week's Dave Landry's The Week In Charts. I'm scheduled to be one of the first guests on a new Italian financial network on Monday. I hope they know that il mio Italanio non 'e molto bene! I guess my Cajun English ain't so good either.
Over the last year I've been dealing with family matters (my parents) and projects (the member's area that I can't stop jabbering about). I'm ready to get back out there both online and in person. It's time to dust off the "World Tour" page!
May the trend be with you!
P.S. Now that you know what I've been up to, leave me a comment below to let me know what you've been doing.