You May Start to see a few ‘Gurus’ Disappear

Think about this: There are many younger traders out there who have never been through a 2008-2009 market. They are usually the cocky ones. I’ve actually seen some of these idiots on Twitter tweeting about how easy it is to make big money trading. This of course comes along with pictures of their cars and stacks of money on their desk or bed. One jackass even charges for phone conversations with him that you can buy through PayPal.

The market is changing lately and very few stocks are following through on breakouts. Seasoned traders see this and adapt immediately. Others don’t. On a bright note, we will have fewer moronic tweets to sift through.

My advice? Cash is a position! In fact, it’s my only position at the closing bell each night. I start each trading day with a watch list that I put together the night before. I add a list of gappers in the pre-market that may give me a setup. Then, I take a trade if, AND ONLY IF, I get an A+ setup. I have about 6 A+ setups that I look to trade each day. If I don’t get one, I don’t trade.

This mindset has not only kept me in the game, but it has given me a very good win rate as highlighted in the video below.

 

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