“Do not trade every day of every year. Trade only when the market is clearly bullish or bearish. Trade in the direction of the general market. If it’s rising you should be long, if it’s falling you should be short.”- Jesse Livermore
I want to thank WeeklyTA on StockTwits for reminding me of this quote from Jesse Livermore. This is actually one of Jesse Livermore’s rules and this was one of the best days to be reminded of it. The volume today has been nonexistent and nothing has fit my plan so far today. Being reminded of this rule and having it at the forefront of my thought process has helped me do nothing today. Trade setups that make sense to you and if what the market is doing does not fit your plan than don’t commit capital. There will always be opportunities but the need to be disciplined on days like today will be the difference between you being a breakeven trader and an extremely profitable trader.
Basically for the day I am still watching the 1040 level in the S&P 500 and am only trading around that level. If it holds as support I may test some longs and if we break through I will get more aggressive from the short side and with more share size. Best of luck for the rest of the day.
Kyle
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