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So What Do We Do?
Jules from Pulp Fiction, Source: Miramax Films
A money manager-who I have the utmost respect for-recently emailed me to say that we (a collective with himself included) were are all sounding like broken records. It’s nice to know that I’m not the only one out there that’s being prudent. It hasn’t been easy but sticking to your guns has been the thing to do. So, I guess, nothing has changed. Pump up the volume and put the needle on the record: Consider a short or two but don’t bet the farm just yet. Be super duper selective on the long side. Like Jules said, “that would have to be one charming…pig.” Regardless of what you do: Wait for entries and honor your stops if triggered. And then, take partial profits if blessed with them and trail a stop on the remainder. Never forget (wait for it) that it’s better to be on the dock wishing that you were out to sea than to be out to sea wishing that you were on the dock. No one knows what ’16 will bring but the lessons of ’15 should help us to navigate the waters. Hopefully, you were able to learn in spite of an often bad teacher.
This will be my last column for the year. So, Happy New Year!
You guys have been great to me and for that I’m thankful!
Best of luck with your trading today!
Dave
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