U.S. Markets closed

Gartman calls out his critics and offers his most important investing tip

Brian Price

Commodities king Dennis Gartman has a clear message for his critics: Don't knock me before you try what I do.

"I'm making picks every day," lamented the editor and publisher of The Gartman Letter in a phone interview with CNBC. "The critics don't have to make calls. They can just sit back and go after me."

Gartman has recently been the target of criticism following a call to go long on oil on Feb. 21 before the commodity took a 6 percent dive.

Soon after, Gartman took to his daily newsletter on March 9 to explain the misguided call, saying, "We failed miserably. This is unforgivable. It shall not happen again."

Admittedly, Gartman explained on " Fast Money " on Monday that he did not properly assess key levels in the global oil market and that he didn't pay proper attention to the shifting nature of the term structure for crude. That led to him misplacing where the bottom was.

However, from every mistake comes a learning opportunity, and Gartman emphasized that while he will fail again, he's never beyond divorcing himself from a losing position.

"The most important thing in the world of trading and investing is to not become married to a position," concluded Gartman. "Defending a bad trade is the only thing that shall take you out of this business. There is nothing at all wrong with being wrong, but there is everything wrong with staying wrong."

From here, Gartman believes the winning trade remains being long U.S. debt and gold (CEC:Commodities Exchange Centre: @GC.1).



More From CNBC