Ho Ho Hum
For those of you who played today and scored your final points of the year, congrats. I chose to sit it out and relax, enjoying the comfort of the fireplace while I watched the snow pile up.
Not very exciting, but it was what I felt like doing. I had CNBC on, a luxury as it is something I don’t usually do when trading. I find it easier to focus on the market without the distraction of everyone’s opinion.
Joe K was rationalizing the obvious decimation to his portfolio, as he remarked “At least we have our health and our family.” And Sue H reflected the pain out there when she said her New year’s resolution was to get her 201 K back to a 401K.
Buy and Holders donated handsomely to the Bear who came to party.
I saw the turn coming today in the cigar trade, while the commentators were praying for a positive finish. It was like being down 23 to 2 and scoring 2 runs in the top of the 9th after this year’s rout.
It’s my belief that a good trader will beat the pants off the buy and hold crowd. Don Miller showed us a different mindset, strategy, and execution than the whiners, and proved that thesis to be true.
“I took a different path, and that has made all the difference.” – Robert Frost
If you read Don’s blog tonight, you will see that failure was not an option for him.
Students of wealth know that desire, a plan, skills, continuous action, and adjustments made as we learn from our experience are all keys to success.
The battle is already won or lost if we can just synch our mind into the market and find the rhythm. By accepting small losses when we are wrong, and letting profits run when we are right, the odds are hugely in our favor if we have a system that has a positive expectancy.
Intuition is my best friend when it comes to trading, and is as important as anything other than my protective stop losses. Last night was a good example of intuition; I included the “Gonna Fly Now” theme from Rocky as a tribute to Don. When I read his column tonight, I find him referencing Rocky’s spirit.
Speaking of spirit, it was great to see Dick, the ageless one still doing the best he can with what he’s got at Time Square.
Happy New Year to all.