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Don Kaufman here. |
I covered some futures contracts this morning. |
So everybody should thank me for covering a couple things right before the market decided to take a dive. |
That's why we're selling off right now - because I actually did something. |
Holy crap, can't make this stuff up. My timing is absolutely perfect... in the wrong direction. |
But here's what's really got me fired up today, and it has nothing to do with my terrible account management. |
It's watching everyone scramble around trying to figure out who's to blame for what just happened. |
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The Iguana on My Roof Has Better Market Analysis |
There's an iguana back on my roof, and he's mocking me. Somebody's gonna die today. |
It's probably gonna be me trying to kill the damn iguana. But you know what? |
That iguana has better market sense than most of the talking heads on CNBC right now. |
I think everyone's running around trying to prove who's the one that has caused this selloff. |
It's like hearing a car crash - everybody turns around and starts pointing fingers about who's at fault. We just start looking for anything to blame for what happened. |
Let me tell you something: I put no bearing whatsoever on any of the crap that's coming out. |
None of it matters when you're the idiot who covered shorts at exactly the wrong time. |
While Everyone's Blaming the News, I'm Taking Responsibility |
Here's where I'm different from everybody else in this market. When I screw up, I own it. I don't blame the Fed. I don't blame geopolitics. |
I don't blame some random news event that happened to coincide with my bad timing. |
I think the problem with most traders is they're constantly looking for external validation for their mistakes. "Oh, it was the CPI print." "Oh, it was the earnings miss." "Oh, it was some random comment from a Fed governor." |
Bull crap. |
I covered futures contracts because I thought we were getting too extended. |
The market immediately sold off. That's on me, not on some news event that conveniently happened at the same time. |
The Real Edge Nobody Talks About |
You want to know what gives you an actual edge in this market? Stop listening to the noise. |
Stop trying to predict which news event is going to move markets next. Stop playing the blame game when your trades go wrong. |
By the way, this is exactly why I focus on my own account management instead of trying to be some market guru who predicts every twist and turn. |
I can't even predict when an iguana is going to show up on my roof, let alone what the market's going to do based on some random news headline. |
The reality is, most of the time when something big happens in the market, we're all just making up stories after the fact to explain why it happened. |
It's human nature - we need a narrative to make sense of chaos. |
What I'm Actually Doing About It |
Instead of pointing fingers or trying to analyze every piece of news that comes out, I'm focusing on what I can control: my positions, my risk management, and my timing. |
I think the key is accepting that sometimes you're going to be wrong, sometimes your timing is going to suck, and sometimes you're going to cover shorts right before a selloff. |
That's trading. |
The difference between successful traders and everyone else isn't that they're right more often - it's that they take responsibility for their decisions instead of blaming external factors they can't control. |
Here's what you need to do: Stop watching the news for trading signals. |
Stop trying to predict which headline is going to move markets next. Focus on your own risk management and position sizing. |
And when you screw up - and you will - own it instead of looking for someone else to blame. |
The market doesn't care about your excuses. It only cares about your decisions. |
And right now, my decision to cover those futures contracts is looking pretty damn stupid. But at least I'm not blaming it on some iguana. |
To your success, |
Don Kaufman |
P.S. Don't cry for me Argentina, tomorrow I'll be slinging earnings trades. Last week I hit 3 triple-digit winners. If you want to learn more about the strategy, click here to get started. |
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