A 2003 movie call The Cooler is about Bernie Lootz,he is a down-at-heels loser who has made a career out of spreading his virulent bad luck on the floor of Las Vegas' aging Shangri-La casino.
What does this have to do with trading? Well, we all know someone like this ,who just can't pick stocks and is almost always on the wrong side of the markets. This is the person that you dread they just got into the same trade or investment you did. Invariably, you end up losing money.
Do not shun this person. I have found it can be an extremely profitable strategy. "The Cooler" in the markets is typically the average retail investor who listens to all the media hype and believes everything he reads from the pundits. Wall Street thrives on them. I always ask one of these people what they think. This will give you insight into the markets. You will want to trade against them most times. Never let them know you are on the opposite side of the trade and agree with them often. You want to keep them "pure" and not influenced by your ideas. I have found "The Cooler" can be highly paid Wall Street pundits or analysts. Use them-it will increase you probabilities and profits!
