Old Traders and Bold Traders

There is a saying in the aviation world: There are old pilots, and there are bold pilots, but there are no old, bold pilots.

It isn’t quite true as there was one left. Clarence Emil “Bud” Anderson, a 102-year-old renowned World War II fighter pilot credited with 16 kills over Europe died at his home in Auburn, California on May 17. This last surviving triple ace of the war had a very accomplished and highly decorated career that spanned four decades. But that’s it. There are no more old, bold pilots left.

Borrowing that line, I’d like to add that, “There are old traders and there are bold traders, but there are no old, bold traders.”

Just this week, I talked to several bold traders whose aggressive demeanor likely hurt them in the spate of recent tempestuous market swings. We have recently seen record highs and a same-day 10-point collapse, tanking SPY to levels not seen in over a week. Some even blamed us for not predicting it.

I reminded them that our job is not to make them rich but to give them the tools to organically grow their accounts in a systematic, consistent way. Bold, daring, valiant — these personalities do not work in the stock market. At least they never have for me. It was always humility, meekness and modesty that took profits by making a few cents or a few points repeatedly. That’s what works best for me, especially in volatile markets where swings can occur without notice and driving head fakes can shake even the most ardent trader.

Greetings trader, my name is Hugh Grossman and we trade one stock only: the SPDR S&P 500 ETF Trust (SPY). Nothing else. Every day.

Old traders tend to take a conservative approach, harvesting small gains along the way. A modest daily gain of $500 should earn you $130,000 a year, more than twice the annual salary of the average worker. This is quite easily attainable by following our guidelines and proper money management. You can even do that with not a lot of capital. One trader I’m working with is pulling that off with approximately $5,000 currently in his trading account. Imagine how easy it will be for him when he ups that balance to $10,000 $20,000 or $50,000! If he maintains his current disposition and avoids becoming greedy, he can reap market benefits beyond his wildest dreams.

Bold traders, on the other hand, tend to take an aggressive approach, culling the market for as much as they can squeeze out of each and every trade. The problem is that, as the trader keeps pushing the envelope further from the current sell price, at some point, it will reverse. Then, the trader chases it back down, happy to get whatever the market will eventually provide. In the long run, this approach rarely works. Emotions play a huge part in this type of trading and are usually the cause of the trader’s ultimate demise. Bold traders often inject a good portion of their trading capital, sometimes everything. It’s no surprise that the reversal, especially on same-day expirations, leaves many in a severe loss that could affect not just their current trades but their entire trading career.

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