But more importantly, I want to give you my thoughts on the upcoming week so you can be better prepared for when the US Stock market reopens tomorrow. I did a video lesson HERE today on how to be safe, but that’s more of a longer term outlook given this historically lengthy bull market, as right now, and for pretty much every day over the past few months, we’ve seen 1 or 2 or even 3 or 4 hot penny stocks spiking 20%, 30%%, 50% or even 100-200% in a day which is NOT normal.
I REALLY could use some time off so I’ve been praying for a bear market, or at least a crash, to halt all this speculative momentum, but my prayers have gone unanswered so I just have to deal with it and do extra cardio at the gym to stay fit with all these extra hours I’m putting in trying to keep up with this market.
As we saw last week, Bitcoin plays have been especially hot, but right when the media started covering this trend and celebrities started buying it in bulk towards the end of last week, this new asset class CRASHED 25%+ and in case you didn’t realize it, Bitcoin trades over the weekend too — that’s why it’s for truly degenerate traders who never want to sleep — and this weekend hasn’t been pretty, although it is already 10% off its lows (yes, it’s that volatile)
The best performing Bitcoin plays were GBTC, BTCS and BTSC which all fit my Supernova pattern so congratulations to many of you who nailed either the long or the short, or both. As those of you in my chatroom know I alerted BTCS at around .075-.08/share before it went to .18 the next day, but Interactive Brokers didn’t allow me to trade it and since I’ve been traveling so much, E*Trade, a broker that did allow trading in this stock, has me on a trading restriction since they think my laptop has been hacked LOL. (I know, I know, I’ve been meaning to call them and get it fixed, but I write about it not embarrassed, but so you can learn from my mistakes, if you travel to multiple countries within a few days, call your bank and broker ahead of time to prevent this situation from happening to you!)
While I’m on the subject of brokers, please, please, please read this post “Warning About Using These Wrong Brokers” because every day I’m hearing absolute horror stories from customers at offshore brokers, prop firms, hedge funds and the absolute worst, these new brokers that promise cheap or even no commissions while screwing customers every other way possible…aye aye aye, when are you guys going to learn it’s better to pay a known fee of $5-10/trade rather than risk losing hundreds of even thousands of dollars on weird fees, terrible executions and bad customer service…no different than those of you trying to cheap out on your education, if you cheap out on your broker, it will cost you far more in the long run, you just don’t realize it yet.
And no I don’t get paid a dime to recommend E*Trade and Interactive Brokers, I use them because they’re safe, big, multi-billion dollar companies and both of them actually hate me since I teach my students to trade less and study more, not the other way around that would make it more profitable for them.
As you might’ve seen in these MUST WATCH interviews with 2 of my top trading challenge students, the way we’ve grown our accounts exponentially (which is supposed to be impossible without the use of leverage of some kind of BS hedged portfolio LOL), is by taking just 1 or 2 positions at a time when the pattern is ideal and then capturing the “meat of the move” on these volatile penny stocks, long and short:
The way I teach is to help you get to that point and then whether you make $500, $1,000 or $2,000/day ONLY when there’s a solid setup with good odds, well, then you’ve mastered my strategy and maybe you want to learn to be more aggressive like this guy has…which is fine by me too, but first learn the overly safe way please.
By now you’re probably thinking WTF Tim, you said you would help prepare us for the week ahead and yet you’re just going over the same old rules and philosophies you always go over…what about trading current events? What do you think of Trump’s European trip and how it will affect stocks? What about North Korea and their launching another missile? What about all this Russia risk?
To those of you thinking that I encourage you to stop reading/watching the news as its become gossip and you think that it’s going to help you in business/finance, but you’re really just wasting your time.
All these news channels make so much about every little thing, none of that shit matters to me as a REAL trader; stop pretending you’re a mutual fund manager or hedge fund manager managing billions of dollars and trying to make 10-15%/year…stop taking 10 longs and 5 short positions pretending you can be like the highly leveraged Wall Street banks and traders who bet hundreds of millions and billions of other-people’s-money while really making crumbs percent-wise, who then claim to be masters of the universe because crumbs on a $1 billion trade is still several millions dollars profit…AVERAGE people can’t do that shit, nor should you want to.
As a wise athlete once said, success in anything comes down to “boring old habits” so figure out what works for you, then rinse and repeat that process over and over and over again…and just be real and transparent about it, don’t be like the scumbags in finance who think they’re above transparency, instead post your winners AND your losers, be honest about your mistakes and learn from them and let’s make this industry great the way it should be, not dependent on world events/gossip or having eight or nine or ten figures and a fancy suit and Ivy League degree just to make seven figures; instead trading for me is all about the average guys and girls out there with a few thousand dollars to your name looking to pull off achievements like this…and as unlikely and tough as it seems, trust me, it is possible and more and more of you will realize it in the coming years as I create more and more millionaire trading challenge students.
Please leave a comment under this post saying “I Get It” ONLY if you really understand what I’m saying…I’m SO sick of the BS lies and misinformation about how to truly make millions of dollars within a few years, wait for a groundbreaking video lesson later this week, fakers and BS artists you are about to have a VERY bad weekSOURCE
This post first appeared on Floating-sharing-bar-for-blogger-blogs.html Blogger Tips|MONEY IDEAS, please read the originial post: here
