If your account is imploding by the nanosecond, I have advice for you. Stop trading, go to cash and get out. Stop listening to idiots that post longs all the way down. They have never seen a bear market, and if they did they played with monopoly money and not their own. Some guys are writers, not traders, know the difference. If they keep giving you longs all the way down, then they are just bad and I will make my best effort to find them and beat them with a cheese steak. I say this because my own family members are getting crushed in this market. They say to me, “but this guy said this or he said that”. Who is he or she anyway? You know.
A microphone and a camera doesn’t make you smart. Franky it makes you irrelevant in my view. Many are clowns without a track record ( I always find this fascinating). If a stock broker needs a license to give financial advice, shouldn’t the cheerleaders in financial media? They should at the very least show a track record. But that’s just me.
There are exceptions. If you know me, you know I am a half glass full guy, however I am the biggest skeptic on gods green earth. I think most people, especially the media are full of it. That’s just me, I worked on the street for over twenty years, and I have seen every liar, phony, grifter, wannabe, ass kissing piece of crap that you could imagine. It was Washington, but with better looking women.
Folks that will give you the real deal, the real dirty, are hard to find, If you want Motley Fool garbage, stop reading now. I gag on their balance sheet approach. They are truly clueless. You want the party line? Watch what you’ve been watching. My advice, turn it off.
Folks that I follow are my friend Josh Brown at The Reformed Broker. Josh works harder than anyone I know and doesn’t care about conventional wisdom. He will give it to you cold and honest. Josh is a regular now on CNBC. Wicked funny too.
My pal Keith McCullough over at Hedgeye is a blast. He gives you the real deal and shuns the party line. True honesty about the market and he’s usually right. He was a partner at Carlyle and played hockey. He has great hair and I love his ties.
My own financial world flipped for the better with Stocktwits. If you trade, you need this arrow in your quiver. A must.
Follow Greg Harmon at his site Dragonfly Capital or on Stocktwits, no one works harder on charts and it’s black and white, no emotion, just the real deal. Excellent stuff.
The market is getting tougher by the day. Try and surround yourselves with winners. I hope you check them out.