Tim Admits that He Sucks at Trading
It comes as no surprise that Tim Knight the putz from slopeofhope.com has finally admitted that he sucks at trading. Today he wrote in his most recent entry;
(2) My ability to trade them is horrible; in spite of me sharp eye for rallies, I tend to buy calls, get scared at the first inkling of trouble, sell the calls at a tiny profit, and “fight the market” all the way up, getting trashed all the way.
There you go; an irrefutable admission of noobness. I knew this all along though, when I wrote months ago that slopeofhope.com is overrated. This quote further validates the fact that slopeofhope.com like Jim Cramer’s Fast Money doesn’t actually help its readers make money in the stock market, and that the buy and hold methodology outlined on iamned.com is much more effective than day trading.
Even funnier and more pathetic, when going long on RUT2K calls Tim still can’t make money:
What happened to Chart Your Way To Profits? More like Chart your Way to Losses. That would be a more apt title for Tim’s blog since that is what he seems to be good at.
With Ned’s buy and hold strategy there is far more upside, no work (besides logging on to your online broker and placing a buy order), and much less risk of blowing up your account, which occurs quite often with options. So far, my picks are up on average of twenty percent in 2008 while the broad markets are DOWN over ten percent. Such winners include EWZ, GOOG, KOL, MA, MOS, and Visa.
No funny log charts, no zig zags, no shade ins, just $$$.