I’m having a bit of a weird week.
I’m in Baltimore on business with some associates in my industry — this strange world we know as financial publishing.
I’ve had the opportunity to speak to some of them about things that really matter to me. Namely how all the fakers, scammers, and spammers out there make weak attempts at market wisdom. All in service of selling their newest twist on the get-rich-quick scheme.
Worse, this type of “wisdom” has unfortunately become the norm. But the urge to defy this norm was the inspiration for True Options Masters.
As options traders, we can often feel directionless.
Most days I don’t make any money. Other days I make a lot. There’s always money to be made somewhere, but the path to it is rarely clear.
Our purpose in TOM is to fix this. And I couldn’t help but reflect on this feeling during an unusual few hours walking around Baltimore yesterday…
Lost in Time in Downtown Baltimore
I lived in Baltimore many years ago, and I still visit it often. But no matter how many times I return, I never miss an opportunity to stroll the town.
Last night, I got lost. It wasn’t the first time.
I decided to walk back from Fells Point (a trendier, more upscale part of the city) to my favorite hotel in Mt. Vernon, the Revival — which as its name suggests, puts a modern, renovated twist on historic architecture without sacrificing its integrity. It’s a nice place.
My phone was dying, so I tried to get a general sense of where I was going before I headed back.
I could have called an Uber or a Lyft, but I didn’t want to. I wanted to see if I could find my way back. As I often do, I made things harder on myself than I needed.
But I think I did need it. I felt a need to find my own way.
As with many inner cities, Baltimore has a major homeless problem. It’s not uncommon to find people sleeping on the street. But when I walk its streets at night, I’m often struck by how remarkably still it is. The city is almost silent, and not eerily. It’s calm, and peaceful.
On my way back, I passed a canal that separates two major parts of the city. I sat down and let my legs dangle over. I closed my eyes. Next thing I knew, I was waking up a few hours later.
My phone was dead, so I didn’t know the time until I heard a clock in the city strike three.
I got the general direction right on my way back. But I overshot it. The path I chose took me within blocks of the apartment where I used to live. I wonder if it was a subconscious decision.
The funny part is, this wasn’t the first time I’d lost my way. But I’m stubborn. I like to figure things out on my own.
Why? Mostly so you don’t have to.
The Cure to Aimlessness in Options Trading
One of the reasons we publish True Options Masters is to give you ideas that can inform your trading. It can break you out of unhealthy patterns where you feel stuck, or just open your mind to something you hadn’t considered.
Don’t be like me and take bizarre, meandering approaches to your destination. Take the clearest, cleanest path you can find.
For example, I’ve been beta-testing a new trading strategy for the past year with one of our analysts, Adam O’Dell.
He’s another CMT like Mike and Chad who takes a systematic approach to the market. (Meaning, if you like the strategy, you don’t question it and just trade the recommendations. The one time I didn’t, I missed the best batch of trades.)
It’s a simple strategy: You get in on Monday and exit Wednesday. Yet it’s still produced consistent triple-digit returns even over that short timeframe.
Adam is sharing this strategy with a limited audience tomorrow. If you want to see it you can go here.
It’s totally free. Watch it, learn something, and find a way to integrate it into your trading strategy. Buy Adam’s research, if you choose. He’ll do all the hard work unearthing multi-baggers for you.
But above all, keep an open mind.
There are many ways to approach this market.
Most don’t work. Adam’s beat it by 51x this year.
If you didn’t, pay attention.
Don’t get lost in the markets. Take advantage of our experts’ guidance.
Chief Editor, True Options Masters
Chart of the Day:
This Is Where You Buy SOL
(Click here to view larger image.)
Today we’re looking at a chart of Solana (SOL), the newest crypto-platform on the block. (For a refresher on the different types of cryptos, don’t miss the video Chris and I uploaded last week.)One reader wrote in saying to bring on the crypto coverage… So Nick, this one’s for you!
SOL has experienced a frankly ridiculous rally in recent months. Since the price bottomed out at around $20 after the first major crypto sell-off in May, SOL rose more than 10x from that level at its peak.
But recent volatility has taken an axe to the SOL price. It’s fallen as much as 50% from its all-time high in less than a month.
So for those that missed the first SOL run, is now the time to get in?
Well, you could’ve done a lot worse buying SOL over the past few weeks. But I think there’s still a bit of downside left.
SOL’s major gains came after a breakout of the blue rising resistance line, formed during its first bubble in May (hardly looks like a bubble now!). SOL may be on its way to finally retesting that resistance line as support. That would put the SOL price roughly at $110 over the next couple weeks.
Given how it’s behaved with this line so far, that would be a wise spot to add to your holdings. But should it break definitively below that line, it could easily revisit the double-digits. So be sure to use rational position sizing and take profits often.
Managing Editor, True Options Masters