But it's not dumb, blind luck. It's the kind of luck one creates by having a process or method and staying true to it day in and day out.
On Tuesday of this week, two days ago, AtaiBeckley $ATAI printed a new 9-month high.
Was there news? Maybe. I don't know. I don't care. The only thing that mattered was the stock was trading at its highest prices since November 4th.
As a trendfollowing trader, that's my signal.
Price. Nothing more.
What was driving the buying on Tuesday? One could argue it was insiders trading on knowledge of the upcoming news released last night that AtaiBeckley was about to be acquired by the much larger Eli Lilly $LLY for a substantial premium. Today, the stock opened 33% higher:
Were the insiders trading illegally. Maybe? Probably?
Should they be penalized?
Who cares? That's not my problem. The price action told me all I needed to know to take a position.
I got lucky being in the right place at the right time, buying alongside the insiders who knew something I didn't.
I didn't need a press release to buy the stock. I didn't need a phone call from an insider. I didn't need to have a friend at the investment bank or law firm advising the deal.
All I needed was to listen to the only thing that won't ever lie to me or steer me wrong: Price.
