Recently an up-and-coming developing trader d-m’d me with some questions about my own trading journey and what I’ve seen over the years. I’m always happy to answer any questions developing traders may have, we were all noobs once!
I touch on the state of the current market environment and how it compares to what has come before. Here’s Part 1 of that interview:
How did you first get started in Trading, what did you do before then and what made you decide to make the switch?
I was fascinated with the stock market from an early age. I didn’t understand how money was being made there but I was very curious to figure it out. This was prior to the internet and there was no online education out there, so I decided to pursue finance and economics in college instead. That didn’t teach me much about the market, so it was a grueling 10-year process of self-taught learning.
Jeff you’ve been doing this for over 20 years, what are some of the craziest things you’ve seen over this time period, must have seen a lot and have a few battle scars?
Honestly, this market today is about the craziest I have seen. It is making amateurs and seasoned pros look dumb. Technical analysis has been thrown out the window and the markets are in a constant game of forcing out traders on both the long and short sides every week.
One of the scariest times was during the 2007 financial crisis. We saw major banks fail and there was a real fear that the entire system would collapse. That was with way less leverage than we have today so it is something that is in the back of everyone’s mind right now.
By the way, if you have never seen “Margin Call” you should watch it this week. That movie captures the feeling everyone had during the crisis.
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How would you compare today’s market environment with years past? Any major similarities or differences?
It would be stupid to think we had “fair valuations” in 2021. We all know that the market got overheated and now we are seeing a correction from those levels. Things tend to overshoot on the upside, and then they overshoot on the downside. That is the nature of markets. That is also why I don’t believe that we are done with the lows yet for this correction. There hasn’t been enough pain and we haven’t seen the market get stupidly cheap yet. Everyone is still out there trying to pick the bottom and it won’t find a bottom until nearly everyone throws in the towel.
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Did you hear? Next week something BIG is coming!!! A new chat room that will be available to everyone! And just to sweeten the deal it won’t cost a thing!!! Look for the 360 chat room and scanner available NEXT week! Plus the RagingBull App 2.0 has arrived! Never miss another trade alert again! Available in the App Store today.
