Early this morning, combing through news feeds, premium chat rooms, and my precious twitter stream there was a recurring sentiment among market participants–a toxic mentality that often leads to errors.
This will not be a long lecture, only a quick reminder:
You are not in control of the markets.
If you feel anger or frustration or confusion, it could be a [failed] attempt by your psyche to impose your will on the marketplace.
Step back, lads.
Moving on…markets are ripping higher after being in balance since Thursday. This is hypo 2 from the morning report. Why are the markets attempting to breakout of balance already? Just after 10am, just after the NAHB Housing Market Index the rally began. The housing read was just a touch below expectations and is not the likely catalyst. Bottom line–it doesn’t matter why, just do what is right for your and your money in these conditions.
This is the first week I have no edge coming into. I booked my AMZN short, a trade I took exclusively on snapchat [username: vCali]. The purpose of showing my trades is not so others follow along–instead the purpose is to show what methods seem to work [for now] for me.
I have killed these markets from the last week of May, all through June, and into today. Typically I would pound my chest and continue my aggressive campaign now, ultimately foregoing a decent chunk of my hard-earned gains.
This time, since I have no edge, I am backing off, for the win.
Markets do not care about your reaction to external events. If they only want to move based on central banks and earnings, so be it. Accept it, trade it, or move on to a different vocation.
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