Spare The Rod, Spoil The Gambler
NVDA is a thorn in my side. Time to throw in the towel? C'mon now...
The game taught me the game. And it didn’t spare me the rod while teaching. - Jesse Livermore
That quote is from the 1923 classic Reminiscences of a Stock Operator. I regret that I’ve only read that book once because I remember really enjoying it. It’s the quote that has stuck with me since that reading several years ago. It’s easy for me to empathize with that feeling at the moment. 2024 marks the tenth year since I started self-directing my stock investments. And even though I feel I’ve managed those investment successfully, the market still continues to teach every day.
For every CleanSpark CLSK 0.00%↑ or Applied Digital APLD 0.00%↑ multi-bag realized killer that I’ve had in my day, I also have my degen moments where I continue to average down a losing trade. The most obvious example of that at the moment may be my short Nvidia NVDA 0.00%↑ proxy through the AXS NVDA Bear ETF NVDS 0.00%↑. I put that trade on last year and was fortunate to escape it essentially flat in October right before NVDIA’s big run from $400 to $500 in a matter of a few weeks. Now NVDA is well over $600 and I’m mad I didn’t go long deeply disgusted with this market exuberance.
Naturally, I’ve decided to touch the stove again and I started taking another whack at this hog within the last couple weeks.
Spoiler alert: I’m losing.
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