Still another response to last week’s question that came in from a student researching the communication styles of traders …
In response to the student, I too trade alone. I frequently email two other traders and know when and what they’re trading, but as they have different “self rules” this info doesn’t affect my choices. So student, you probably will need to contact pros, just make sure they really are traders and NOT financial advisers.
The point of the last sentence above is an interesting one, as it suggests that those with an agenda will not give you the straight scoop. I don’t know about financial advisors specifically, but many “sharks” out there do have an agenda; however, just asking questions for research does not seem to be problematic. The statement about “self rules” is one to pay attention to, however.
On another note, I have been wondering lately where the market is headed. Even though the VIX has been dropping steadily from the high it reached in May (the mid-forties), the market is still volatile. For day traders, this is ideal, but for my style of trading, this is difficult indeed. Thus, I am dialing it back a notch until some semblance of stability takes root, which brings me back to my thought – where is the broad market headed?
The economic news this month has not been stellar, to say the least. The drop in housing sales in May is not a good sign, as housing is such an integral part of our economic recovery, and the slow pace of rehiring is a buzz kill; yet, other news is positive enough to indicate other aspects of the economy are recovering. So, like the market, the economic recovery is a bit schizoid.
These are unstable times, and for a mind like mine, instability is the last thing I want. I don’t function well in an environment that is volatile. I seek stability, but life does not always give me what I want. How about you?
Trade in the day; invest in your life …
