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Michael,
My biggest challenge has been a wash of over/under confidence flowing in waves on various entry points, even if I believe my research (and gut) was correct on a particular trade. Years ago I got wiped out on multiple positions related to Amazon calls when the stock was trading in the $400.00 to $420.00 range: I was overconfident. The stock retraced and I could not get out of the positions. The following week the stock began its soar, but I was not in a mood or position to do anything about it. I have not really traded since that time. Sure I have invested a little bit here and a little bit there, but I have not actually traded.
I was speaking to a former/retired broker that I was friendly with in May of 2020 and he was discussing his “dirty bidding” on mining shares for mostly penny offerings. Honestly, I was not really paying attention to any markets and thought, “Well I can at least take a look, maybe do a little research and see what is new”. After a review of the metals, I asked the friend if he had access to the LME because it looked to me that nickel was going to rise steadily based on renewed demand from China. He did not have access through his broker and I was too under-confident to take action. The rest as they say is history, although I was advising that 25 or 26 would be the top, which we now know I was wrong on.
So, emotion seems to be a tough one for me once a position is on. Funny as I am typing this, I reflect back on your podcast with Mr. Ed Seykota and how much he has worked to take emotion out of that mix. At the time when I was trading actively, I was even working on emotion with Mr. Michael Martin, however, we were sort of a mismatched pair. Please do not get me wrong, I like Michael and deeply respect him, however, we just had a different way of viewing things.
What I am seeking from TurtleTrader is to review some of what I already know, learn a new methodology that systematizes my actions in a way that may keep emotions in “check”, and have some fun in the process. When I last traded more actively, I had taken the fun out of my own process and thought I needed to “get serious” with all of these nonsensical actions on my own part. My work mimicked what I thought serious traders needed to do, rather than trusting my own common sense and (personal) way forward. After I saw nickel move in the direction that I thought it would, I began doing some paper trading again at the end of last year, I started listening to your Turtle Trader text. With the eclectic group of individuals that made up the “Turtles”, I found freedom from my preconceived notions of what a trader is supposed to be.
I hope this message conveys an answer to your question.
All my best,
Brian
Thanks for the thoughtful feedback.
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