Apr

19

a vanishing typeThere is The New Chartist who believes his future wealth and yours are guaranteed by the angles and size of the lines on his screen. He will tell you about every formation he sees and the technical strength of any stock you own free of charge.

There is The Saboteur, who will find faults with every issue in your portfolio. He will laugh heartily when you tell him what you own. He will call you on the days when your issues are pressed hard by the momentum crowd to tell you, “I told you this was going to happen.” When an issue is up, he will call to tell you to “sell into the strength.” He will always be in a strong move before you (but after the fact) and get out at the top (but after the fact). He is the most dangerous type of market prognosticator, as he comes in the form of peer, friend or mentor.

There is The Blind Gambler. He is neither bullish or bearish. He is in what ever he is in. He has all his chips in behind his bet. If he isn’t fully leveraged, it’s just not worth his time. He travels the road between wealth and poverty the way most of us drive to work. When his hunches work out, the entire world will know. However, his calls should not be taken when his bets go against him…

There is The Afraid-Of-His-Own-Shadow Commentator. Every tick is measured and commented on. Nothing should be trusted. You must wait for a pullback, but maybe the pullbacks aren’t a pullback at all and the end is near. This move can’t continue. This can’t be the bottom. I don’t like how its trading. Someone knows something. It’s too late. It’s too early. While this person has never made any money in the markets, he is always on a business news channel or radio program telling you how to trade.


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