Not much new news out there today. The New Home Sales Report and the Richmond Fed Report are the big economic news today. One good, one not so good, so the market yawns and goes back to sleep …
A couple of interesting emails came my way, so I thought I would share them. The first is interesting because it hits on some key points for traders; one of them is the value of time …
- Sorry for the long delay in replying, but I’ve been so busy trying to get “Not Busy” that I just haven’t had the time …
Finding time for the “small stuff” is never easy, so we slide it down the priority list, and that’s okay, as long as items above on the list are helping us manage our money well. When one manages his or her own money, one has to make the time to do it right and part of “doing it right” is learning all you can learn …
- You know, there is SO MUCH information about trading out there that it’s overwhelming. Besides all of the online content, such as in here [TraderPlanet] and countless other forums, I also have access to the Dallas Public Library system, which has a mountain of books on all aspects of trading. Add the ILLIAD system to that, and I can pretty much get any book on trading out there… and I do.
When one is active about trading as part of money management, one needs to create and follow a plan. One needs to be disciplined and to recognize when one is not …
- As for trading, I’m doing a little Forex, with a 50 pip/day goal. I have a couple of very reliable setups that I like, and have an outstanding win rate when I strictly follow them.
Time is valuable, so don’t waste it on the “noise” out there, and, as the reader suggests, there is a lot of it.
- So, I try to keep the noise of the “Try Me! – My Way! – Do This! – Buy That!” to a minimum, and avoid the latest, greatest all-singing, all-dancing black belt trading/training/analysis system.
The second email is interesting because it points out how one can waste valuable time …
Do you know about the “secret code” at the website Oil Trading Academy? I’m looking to find somebody who has bought their videos or seen their demonstration videos, or believe their claim about the oil futures being controlled by a computer. Do you think it could really be true?
No, I don’t know about the secret code, and yes, almost anything can be true. Likely, however, is another issue altogether.
Trade in the day – Invest in your life …
