04/06/18 Now With Dave Landry
By Dave Landry | Now With Dave Landry
Now with Dave Landry
What I'm Reading
This week I tried to not start any new books-based on my New Year's resolution (to finish more than I start) but when I saw the size of Crush It by Gary Vaynerchuk, I figured I could start and finish it (which I did). This is yet another Tim Ferriss find from Tribe Of Mentors. The book discusses how to sell your personal brand. My takeaway is that you shouldn't hold yourself out there as the "be all, end all"/admit that your are infallible. Work like a dog. And, don't imitate others. Well, while others are out there pontificating their market greatness--calling tops and bottoms using proprietary methods, I'm emphasizing that I'm just a trend following moron, using these simple fully disclosed simple tools. He also emphasizes being passionate. Well, other than food and sex, for the most part, I live and breathe markets. I think if you wanted to blog about your passion, then yes, it's worth reading. The book could use an update though. There was a few references to My Space (in his defense, he says to watch out for new platforms). This just in: As I'm writing this I did a quick search on Amazon for Vaynercuk
I also read some of The 80/20 Principle: The Secret to Achieving More with Less, Koch. Okay, I get it, the Paretto principle applies to every aspect of your life. 20% of your children give you 80% of your problems. 20% of your co-workers like you while the other 80% are out to kill you. I'm half kidding. 20% of your effort produces 80% of your positive results. Yes, I get it, but am I applying it fully in my life? Nope, not even close. I know that 20% of my trades make up 80% of my profits. I just need to figure out how to get more of those 20%- and less of the remaining 80%. Obviously, I could end up on a Grail Hunt, but I do think that honest post mortems will help. Psychologically, it's easy to see other's mistakes. With that said, a while back I spoke at a conference made up of mostly daytraders. Some have already made thousands of trades and one even has made 100s of thousands of trades. I'd be willing to bet good money that at least 80% of those trades could be eliminated.
I would be happy to look at any of your trades from a purely trend following perspective. Leave a comment below (scroll all the way down) and I'll give you my 2 cents--that plus another 498 cents might get you a cup of coffee at Starbucks!
What I'm Thinking About
Based on the aforementioned Tribe of Mentors, I'm still thinking a lot about the macro vs. the micro. Life is really made in minutes. It only takes a minute to place a trade that you should. And, it only takes a minute to put your hands under your buttocks when tempted to take a trade that you shouldn't. Write that down.
What I'm Trading
Speaking of putting your hands under your buttocks, I haven't been trading much. We're still short 2 stocks in the model portfolio and watching an IPO or two. Outside of stocks, I'm also in "can't stand it" mode. If I reach a point where I can't stand it, I'll step in. Otherwise, I'm going to continue to walk away and be okay. Yes, it's tough spending hours and hours of research with nothing to show for it, but, that's what I signed up for. Well, initially, I signed up for the Lambo and the big breasted woman--see the previous Week In Charts and that will sound much less vulgar. Anyway, the reality is that we have to do a lot of waiting. That's okay.
This Week's Content
In working on the member's area (see below), I found an article titled 5 Things That You Must Know While Building Your Portfolio. Although I wrote this a couple of years ago, it is just as relevant today. It discusses trend transitions, taking trades in iffy markets, hedging (or not!) and some other stuff.
With the market looking dubious at best, I thought now might be a good time to do a refresher on how to recognize when a trend ends and a new one begins. So, check out this weeks chart show.
Around DaveLandry.com
Same as last week: I'm still doing a lot of work on the website back end. The ultimate goal is to enhance the user experience. I think a lot of the content could be organized into the learning management system or, at the least, something more user friendly.
I'll let you know when it's far enough along to introduce beta testers.
The Holistic Trader
When I first began writing and presenting about being holistic, I was referring to the inseparable nature of trading psychology, money management, and the methodology. I've now begun to add a forth strand to this-taking care of you. I read a little of Neuroscience for Dummies this week. I knew that the brain consumes and inordinate amount of energy based on its size, but I never really thought about it. A 3lb. organ consumes 20% of the body's metabolism--sounds like another one of those Paretto things. Anyway, if you think about this, you need to feed your brain. You don't want to trade when you're "hangry" and unfocused. Also, I think exercise is important to get some oxygen up there. Thinking of this got me on the Peloton a few times, logging 40-something miles last week. As far as meditation, maybe next week! I know, those who don't have time to meditate need it the most.
Upcoming Appearences
I've been working to get back on schedule with appearances both here at DaveLandry.com and elsewhere. On Monday 04/16/18, I'll be the host for the Crowd Forecast News program. Join us! On Thursday, I'll be playing the role of Dave Landry in Dave Landry's The Week In Charts. And, on 04/14/18, I'll be presenting at the Wealth 365 Conference (online).
May the trend be with you!
Dave Landry
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.