I will start this morning by reminding myself and all our colleagues about the importance of remembering how setup and propped large parts of the glamorous spec end of the ASX are, and that a healthy dose of scepticism is a vital part of successful trading in that environment. This is not to say that we need to become as bitter and twisted as the Presidential candidate Donald Trump, who in his classic persona of entitlement, said that the system of Emmy Awards was rigged because he didn't win his third in a row for "the Apprentice" category, and has also just announced that he will not be accepting the result of the Presidential election. (this in itself is astounding, just think about it, what a horrible sore loser even before he has lost!)
But it is important to know and remember, (without becoming twisted by the system) that the rewards for bigger players in the spec end are enormous and often got in short time frames, so you have to study the action in all your trades and try to think from the perspective of a speculative fund manager (broker) who wants maximum profit and has the resources to push and pull in any direction with the end goal being a huge price run up and profit taking. Learning this game is knowing how to profit from the waves, and be patient and confidant in your observations and positions. Also ,knowing when to run.
