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"Draghi Where's your Euros"

  
Analysis, Education
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Whilst we wait for the outcome of the current round of Cypriot negotiations, let’s have a jolly song to cheer things up. With no apologies whatsoever to Andy Stewart, TMM give you their version of the Scottish classic “Donald Where’s your Troosers”

“Draghi Where’s Your Euros”
I’m back for a while from the Cyprus Isle 
Where if you want your cash you’ll need some guile
And all the locals shout with bile, 
“Draghi, Where’s your Euros?” 
Let the debt blow high and the growth blow low
We’ll levy a tax on your depo
Russia won’t pay so the the Cyp’s all go,
“Draghi, Where’s your Euros?” 
I sat in on a conference call 
There was slippery talk between them all 
And I was afeared that Europe would fall 
‘Cause they wouldn’t give them Euros (more…)

5 Trading quotes for Weekend

  
  Education
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-If you are hesitating to take a position, that indicates a lack of confidence that is not necessary. Just get into the position and PLACE A STOP. Day Traders lose money in positions everyday. Keep them small. The confidence you need is not in whether or not you are right, the confidence you need is in knowing you will stick to your stop no matter what. Therefore you can actually alleviate this hesitancy to pull the trigger by continually sticking to your stops and reinforcing this behavior.

-You want to own the stock before it breaks out, then sell it to the momentum players after it breaks out. If you buy breakouts, realize that professional day traders are handing off their positions to you in order to test the strength of the trend. They will typically buy it back below the breakout point which is typically where you will set your stop when you buy a breakout. (In case you ever wondered why you get stopped out on a lot of failed breakouts).

-Embracing your opinion leads to financial ruin. When you find yourself rationalizing or justifying a decline by saying things like, “They are just shaking out weak hands here,” or “The market makers are just dropping the bid here,” then you are embracing your opinion. Don’t hang onto a loser. You can always get back in.

-Professional day traders focus on limiting risk and protecting capital. Amateur traders focus on how much money they can make on each trade. Professionals day traders always take money away from amateurs traders.

-In the stock market, heroes get crushed. Averaging down on a losing position is a “heroic move” that is akin to Superman taking a spoonful of Kryptonite. The stock market is not about blind courage. It is about finesse. Don’t be a hero.

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