This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

A New Year's Resolution to Consider

TheStreet Premium Services

A complimentary preview
of Options-Profits Previews

A long time ago I decided that if I was ever to learn what I then thought I needed to know in order to survive in this business that I was going to have to teach myself all of that required material. That was an easy decision when the process came to learning all about the options world, as practically nothing had been written about options trading by 1975. As for learning the basics of the machinations of the stock market I had an array of books on the subject, but even most of those were of dated material. So what was a newbie to do back then? The answer was and still is: teach thyself in any manner that produces positive results and trash can the rest. Thus the path taken and best taken today was and is that of: "Do It Yourself".

The temptation for the newbie trader in the media-dominated 21st Century is to become what I label as the "Do It for Me" type (DIFM) of trader. The DIFM trader has increased in size to somewhat epidemic proportions in its rate of growth as I sense things. And I do understand the rationale behind the DIFM mentality. That rationale is based on the fact that for many traders they just do not have (or make!) the time to do the homework that is required to survive in today's trading environment. Thus they instead seek out the latest "hot" experts who thanks to an enabling media are thought of as quasi-infallible stock, options and futures trading genii.

Critical for that DIFM path of logic is whether or not the "hot" experts are such and if so, can they continue so. My experience suggests the following: 1) do not confuse brains with a bull market; 2) do not buy into the fear sold to you by the permabears as all things must pass, including bear cycles; 3) never annualize any return; 4) the opposite of "hot" is "cold" which of course averages out to lukewarm; 5) permabears as well as permabulls are mere salesmen, but both are very adept at growing their subscriber totals when their bias is both market and media "hot"; and 6) live by the DIFM credo, die by it too.

If you are in the DIFM category you might want to resolve that in 2014 (if not today!) to alter that situation by becoming a DIY. Try it. You might like it. And OP/ is one very good place to begin that quest!

OptionsProfits can be followed on Twitter at

EXCLUSIVE OFFER: Jim Cramer's Protégé, Dave Peltier, only buys Stocks Under $10 that he thinks could potentially double. See what he's trading today with a 14-day FREE pass.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Real Money
Try it NOW

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Top Rated Stocks Top Rated Funds Top Rated ETFs