For those of you that are wondering what a V-shape recovery in the stock market looks like you only need to take a look at the market since the Grexit vote. You do not have to look in any textbooks for examples as the last few weeks have produced the perfect example!
Not only that if your swing trading and have survived intact both mentally and financially you can put that feather in your cap as trading experience well earned:)
These markets are tough and do not let anyone give you any idea that it is easy to make money trading.
I had a phone call from a poker player I have known for some time asking about trading the stock market and the best way to start. He is around my age which if you’re just starting out needs to be a consideration!
I told him what I typically tell everyone regarding gambling for a living. There is no easy money here. Not only does it require a high proficiency in technique but also iron clad mental discipline. Something that most gamblers not only do not have but are incapable of obtaining. Its only a rare few that can harness the part of their psyche that leads them down this road.
To make a long story short I did everything I could to discourage him and also told him that I could assure he could make money year in and year out in the markets but he would have to give up the idea he could do it by using his thinking ability. He would have to rely on others. I told him when he was ready I would give me a few names of advisors that would give him the best chance at making money without the impossible task of learning from scratch at 70.
Needless to say, I have not heard from him again. Hopefully, he took my advice. As its almost 100% that he will lose whatever his risk appetite is in the markets!
Now you might ask how do I know this? You do not become a successful trial attorney and gambler without being proficient at evaluating human nature. It has become almost 2nd nature to me to size humans up and figure out their capabilities within minutes.
It’s very similar to the top professional poker players being able to pigeonhole a new player before they even play a hand. They most likely are able to know more about how he plays then he does!!!
Enough rambling this morning. The markets are off a bit over .5% which one would expect as overbought as they are right now. As I see it a pullback here would be a buying opportunity. This V shape recovery has been extremely strong and would not think it would end abruptly here. But we are due for a pullback.
I have a few positions and looking to get long on this pullback.
Finally, I added another link to my list of the top 10 free trading sites. This site deals with system trading. It’s well written and if that is what interests you it will consume an enormous amount of your time getting educated on the different aspects of system trading. If you’re a TradeStation user you will be rewarded with plenty of systems you can download and use on the TradeStation platform.
My list only applies to the free portion of their sites and in no way evaluates what they sell. I plan on a 2nd top 10 list of the sites that charge for their services.
If you wish to follow my trades you can follow @rickjswings. It’s my private twitter feed and it’s free fo now.
Good Luck Today
RickJ’s Handicapping Picks