From time to time, I like reading what pros say and write. In particular, guys like Jeff Macke and Eric Bolling. I don't favor their sectors — Macke specializes in retail, Bolling in oil and natural gas. However, they know the pulse of the market, especially in these ridiculously turbulent times.
Having signed up for Google Alerts of Fast Money regulars like Macke and Bolling, I got this in the e-mail. Here's what Bolling wrote on Friday.
Bolling on Market Volatility
A little known fact about me: Before this trading gig, I was a third baseman for three years in the Pirates’ minor league system. During my years on the diamond, I learned many lessons that I have taken with me to the trading floor of the NYMEX. The key to batting is not to try too hard. A batter must stay composed and keep his head on his shoulders. When you’re in a slump, resist the temptation to swing the bat with greater force. Instead, stay relaxed and focused on the ball. The same applies to trading; don’t trade harder - trade smarter. The market has been throwing some curve balls over the past three weeks. Only by remaining composed and waiting for a better pitch will you find success. In this market, perhaps the best play is defensive, rather than offensive. As I've said on Fast Money over and over again, YOU DO NOT HAVE TO BE A HERO. Don't rush into an overly aggressive position with the market down 300 points one day and up 200 points the next day. Instead, stay quick and nimble and be ready to trade another day, or play another inning.
Saturday, August 11, 2007
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