This business of trading (actually of markets) has many parts to it. There are the brokers, the managers, the analysts, the media – and of course, you have the actual traders, by far the hardest part of this business. Think about it, this is called TRADING, so the TRADERS are the whole point of this. And you have BY FAR the easiest part of this business, the totally incompetent pundits. These are the ones who are never right about markets, except due to the stopped clock effect. Think about it. If they are so talented, why are they just pundits? Why can’t they make their main living off of markets? It’s because they are lazy, incompetent, and they think of themselves as brilliant. And anyone who doesn’t agree with their brilliant analysis must be a dope.
Why do I dislike these people so much? Because of the incredible disrespect these pundits show towards all of the brilliant, hardworking, successful traders who have shown the rest of us how to truly do this business. There are many of them, such as Richard Wyckoff, WD Gann, RN Elliott, and of course Jesse Livermore. I do not use Gann methods, nor Elliott methods, but I very much respect their hard work and contributions. And my respect goes to the guys who showed me how to do this business, and my respect goes out to all of the folks out there today who do this trading thing well.
The work Richard Wyckoff came up with is magnificent (and not remotely easy to learn and of course implement, the hardest part of all of this). But I am very glad to have put in the effort. “Reminiscences of a Stock Operator” is the greatest trading book of all-time. When I started trading, every floor trader told me to read it, and to reread it, etc. And my mentor was a huge admirer of Richard Wyckoff’s books.
And then we have the arrogant, disgusting, incompetent moron discussed below. This guy has NEVER been right about anything – ever. And he has the gall, to call people, totally disrespecting these “average” folks, who are bullish on Bitcoin, “really stupid”. How much of a low-life is he. He has the pompocity to tell anonymous people around the world that they are “really stupid”. And yet this guy makes ZERO money in markets, never has, never will. Except when other people pay him for his brilliance. And the funny thing is, in this whole thing, he is the one who is “really stupid”.
It has gotten so grotesque in markets, that we have this incompetent clown calling the Bitcoin bulls “really stupid”. And to prove how adept he is in markets, he added this insightful and super helpful comment, “I have no idea. I mean it could double or triple from here or it could fall to zero. But the point is that it’s not real money because real money for transactions has to be stable“. Wonderful, so it could go up 2 or 3x, or to zero. This is the same person who explained to us 3 1/2 years ago how the “stock market is a bubble and will crash.”, from 8/1/2014, “The Implosion is Near: Signs of the Bubble’s Last Days”.
Like with Mauldin, and all of his idolized colleagues, they should be studying my posts. Just 19 days after Stockman’s post warned us how “dangerous” the stock market is, I wrote this post: “There’s About 0% Chance of a Crash Anytime Soon“:
“For 5 plus years, the geniuses who have claimed that the stock market is about to crash — they are now getting more frantic and strident. There is almost a 0% chance of a crash anytime soon. Since 2009, my friends at ____ have called me every nasty name, as I repeatedly stated that the March 2009 low in stocks is a generational low and stocks are going massively higher. The Dow is eventually headed to 100K, but with several huge selloffs along the way.”
So 3 1/2 years later the market is at more all-time highs. And to repeat, the only market in the world I am concerned about “going to zero” (their terminology, not mine) is the bond market. And for the people who claim we are on the verge of “an implosion in the stock market”, below is that 1999-2000 NASDAQ chart. These things (“crashes”) don’t appear magically, there is the first monster, huge volume selloff – and the SECONDARY RALLY. And bull markets don’t end (the top) on really bad news (and bear markets don’t end on really good news).
In the meantime, we’ve been trading the crypto-related stocks, I’ve given my areas where I’m looking to get long BTC, there have been numerous trading buy opportunities in BTC while it’s been “crashing” (like with the NASDAQ or any market), and to repeat from yesterday –