Watching my Back on Sketchers

Written by Michael Bigger. Follow me on Twitter and StockTwits. 

It’s no secret; I have a love affair with shoe stocks. Not the sexual kind of affair, just trading.

Recently, I bought a medium size trading position in Sketchers ($SKX) on its gap down after announcing disappointing earnings and some merchant cancellation of orders which inflated inventories.

After I tweeted about buying the stock, I got a few replies about not buying falling knives and other similar advice from the trend type of traders. There is nothing wrong with trading the trend. If it floats your boat, I am cool with that. But I have my own trading methods and they have made me a shit load of money. So I am not about to start taking advice from unidentified (no name, no picture of themselves) traders. Show me the money and show me who you are and I will listen.

That being said, I got a great DM from someone I trust who is very active on Stocktwits. The DM warned me about the management at $SKX. That type of information I care a lot about and I decided not to increase the position and instead investigate further based on this.

Oh…and about trust…If you feel comfortable giving advice about trading stocks, you should feel comfortable putting a picture of yourself on your avatar. It is all about trust and about seeing there is a real human at the other end.