Today was another great day trading due to how I traded. Listen guys, don’t judge your success as a trader by how much money you made at the end of the day.
Judge you progress by three things and you’ll begin to have small successes, which in turn leads to big ones.
- Consistency
- Following your game plan
- Making adjustments along the way due to changes in the market
“He must have the nerve to stand a series of losses: persistence to keep him at the work during adverse periods: self control to avoid over-trading and a phlegmatic disposition to ballast and balance him at all times”.
“…better to keep in mind that you are playing for points, not dollars. The dollars will come along fast enough if you can make more points net than you lose”.
~Rollo Tape
As far as today’s action goes. Stay the course long or sit on the sidelines. It’s too early to short.
The Nasdaq continue to ride the upper keltner channel while the other two indexes consolidate. We’re going to get a big move one way or the other very soon…the Vix is tipping it’s hand to that. We just don’t know which way it’s going to be, but you have to give the edge to the bulls.
