stock market crash

[DealorNoDeal]

And you trade it every day - Crazy -

No, crazy is risking losing $250,000 on options. There are many places in the country where you could buy a house for that.

[_V_]

No, crazy is risking losing $250,000 on options. There are many places in the country where you could buy a house for that.

It's not a risk when you are never wrong and you can see the future in a chart.

[DealorNoDeal]

It's not a risk when you are never wrong and you can see the future in a chart.

Has anyone ever heard of an investor/trader making a small fortune with that kind of belief?

And I don't mean someone who started out with a large fortune!

[_V_]

Has anyone ever heard of someone making a small fortune with that kind of belief?

And I don't mean someone who started with a large fortune!

1000's of self proclaimed weathly gurus on youtube selling expensive brainwashing TA courses have become very wealthy. I wonder how they did it?

[scooterscot]

It's not a risk when you are never wrong and you can see the future in a chart.

Exactly - believe in yourself.

If you have a doubt, you've either got too much skin in the game or you're playing the wrong game.

[_V_]

Exactly - believe in yourself.

If you have a doubt, you've either got too much skin in the game or you're playing the wrong game.

[DealorNoDeal]

1000's of self proclaimed weathly gurus on youtube selling expensive brainwashing TA courses have become very wealthy. I wonder how they did it?

I know a guy, who lost money trading and even had to sell his house, who is doing exactly that. He's not making a fortune but he gets by selling online courses and material. The funny thing is he doesn't appear to see the irony in it.

[Whorty]

Exactly - believe in yourself.

If you have a doubt, you've either got too much skin in the game or you're playing the wrong game.

Or you're delusional

[scooterscot]

1000's of self proclaimed weathly gurus on youtube selling expensive brainwashing TA courses have become very wealthy. I wonder how they did it?

Have spent around $20k maybe more, not exactly sure, on think tanks, course work, memberships to various sources in the last couple of year since I took investing seriously in an effort to move away from contracting. I even consider cUK as a source!

What I learnt... always do your own research. That's goes without saying. However more interestingly I found it very useful to have sources from left to right of the political spectrum. Biases are everywhere, you don't obviously want that. However you have to know what the other side (to you) is thinking, otherwise you're biased. And that's more difficult than you might imagine.

Take Gold for example. The internet right now is full of people telling us to buy gold and a minority saying, er no, stay away its overbought. What did I learn from that? The majority are bullish. The herd are without doubt, gold is going higher.

Now I know many will be rapid fire to tell me about central bank printing, inflation / deflation whatever, unemployment, etc to defend their bias. That's okay. I'm not here to argue that, I'm just here to know what people are thinking. That's the point. In fact everyone here, the opinions, their strategy, it is fascinating to me.

I learn the majority of people are bullish on gold for whatever reason. Now I go technical.

I study a chart of different scales, with gold the 1-month makes the most sense. And to my surprise (actually not), whilst the world is bullish on this stuff the chart is telling us a very different picture.

Now whether you believe in TA is not the point. You don't have to. However you can make scientific observations, ask questions, look left, and repeat again and again. Circled in orange is RSI relative strength index, Gold price action has been at its strongest for years. Now we take this information and ask some questions:

1) Can price increase? Sure that's possible.

2) Is it probable? No.

Isn't it fascinating that when everyone is bullish the strength of price action has never been stronger, leaving only one direction to go.

Now I look for an asset that turns those questions around, that's what I do. That's the ticket laddie. Now go and make your own fortune, I know you can do it.

[scooterscot]

fook yeah. Although lose the music and the shouting.


"Believe you can and you're halfway there"
Theodore Roosevelt