“Nervous” Nellies

What is a a nervous nellie?

nervous Nel·lie

nounoften capitalized 1st N-ˈne-lē

: a very fearful or nervous person

:  a timid or worrisome person

In my opinion a good trader needs to be confident and should never be nervous.  Guess what happens to nervous traders - they get eaten alive - at least the ones that aren't sitting "in cash" waiting to make an ill advised entry.    Nervous traders  end up buying  late - hold losing positions too long and winning positions too short.    Nervous about upside, nervous about downside?? - don't ever  let your emotions dictate your investment decisions.

Any trader that wasn't sobbing violently in the corner awaiting market  Armageddon yesterday would have found tremendous short term entries in $YHOO, $EBAY, and others  I highlighted on the blog, private twitter, and bought in the dittotrade.com account yesterday.

nervous1

https://www.optionmillionaires.com/bidu-buydo-buydont/

https://www.optionmillionaires.com/fb-selling/

https://www.optionmillionaires.com/amzn-support-holds-sharp-reversal-coming/

$AMZN up 3%  $BIDU up over 6%, $FB up 2% $EBAY 3.5% higher today.  It was a great day to be long some of the beaten down names, not a day to worry about what may be, or could happen.

Since the lows in March 2009 a tremendous amount of skepticism remains about this market.  You can count me as one of those skeptics however I also know a nice buying opportunity when I see one.  I'm not saying we are going to spike to record highs tomorrow.  I did lock in a lot of my profits today.  But whether the market heads higher or lower  I am not nervous about what tomorrow will bring,

The negativity and skepticism the last 5 years, I believe,  has truly helped propel this market higher.   Nervousness?  Sounds like the time to buy.  Confident?  Looks like the time to sell.  While its easy to take jabs at CNBC contributors, I am thankful for the service.

 

Known to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

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