Some quick housekeeping we expect our copy trading program to commence really soon, 1 – 2 weeks. We are making sure that our copier is robust enough for an alpha launch – nearly there.
For those who have been following my journey to becoming an AxiSelect Pro and receiving $350,000, you can see the links at the bottom of the letter. I am happy to report that I am back to my all time high with a get out of jail trade on Silver during the week and finally some trades going my way. Remember you can be very profitable with a 38% win rate, you just need to learn to let your winners run.
You can see my martingale trade with our trading tool TOC. While it was a risky trade I felt somewhat confident (more in hindsight if I am honest) as Silver was up 2 days in a row more than 7% so the probability of more short term rallying was not high giving me a slight edge.
PsyQuation Community Stats
Have you wondered what the split between trading with an EA (robot) versus manually from your windows or mobile terminal is?
What stands out for me is that the % of EA (systematic) trading in 2020 has dropped from previous years and mobile trading has increased significantly.
A few weeks ago I watched the Netflix documentary Icarus again. Then last week I watched a documentary called 30 for 30 Lance it is the Lance Armstrong story by him telling how he lied to the world. I already knew I was going to write about it today and then I got a synchronistic confirmation message in this mornings The Australian. The whistle blower in the Icarus doco Grigory Rodchenkov has just released a book called The Rodchenkov Affair. If you haven’t seen the movie you really should its amazing.
When you watch Lance Armstrong come clean how he simply lied point blank, like a psychopath (my words) to maintain and build his fame you are really witnessing a narcissist of epic proportions. There is a part in the documentary when you just shake your head as Lance after years and years of fighting doping allegations decides to come out of a 3yr retirement to ride the Tour de France again. At that stage there were accusations and depositions but he had gotten away with it, his fairy tale was still in tact. Then the comeback.
Icarus is the son of Daedalus in Greek mythology. They attempt to escape from Crete by wings made of feathers and wax. Icarus’s father warns him don’t fly too low because of the waters dampness and don’t fly too high as the sun will melt the wax of your wings.
Icarus in his mistaken belief that he could fly as high as he wanted made the fateful mistake by flying too high with his wings melting, resulting in him coming crashing down and drowning in the ocean below.
Psychologists coined this narcissistic behaviour as an Icarus Complex.
Last week I wrote about the insanity of the Tesla share price. I couldn’t help think over the last few days of the similarity between Lance Armstrong and Elon Musk. If you think about it they both have archetypal Hero’s journeys. Their stories are “other worldly”. They are both narcissists. There is however one other important similarity. They are both psychopathic liars.
Last week we got Tesla’s second quarter earnings results. The headlines glowed with yet another positive GAAP earnings, $400m of free cash flow and a slight dip in revenue. If you bothered to do a tiny bit of digging you would see that 100% of Tesla’s $327m operating profit comes from the sale of $428m of regulatory credits. If you are not aware Musk is the master of getting government to fund his en-devours. The profits were not true profits they were government handouts.
Another interesting alarm bell that hedge fund activist David Einhorn has been sounding is how does a cash business continue to see a growing accounts receivable balance.
I have been watching this story unfold from afar but the lead character is so fascinating to me. Trust me when I say you should be expecting a similar outcome for Elon Musk as befell Lance Armstrong. Expect some Tesla share price melting from the sunny heights it recently reached.
Speaking of narcissists I have to leave you with an amazing interview over the weekend from Narcissist No 1 – Donald Trump and my latest fascination Dave Portnoy. Dave is pure shtick and a marketing genius, I love his personality, it is important to learn to laugh at yourself and I think Portnoy is a master at this and tapping into the mood of the time. He also has an incredible gift of the gab. Remember Stocks only Go Up & One bite everyone knows the rules.