Tuesday, April 03, 2007

The waiting is the hardest part

It's really hard to do nothing. Markets are trending as predicted: spy's running, kiwi's running, copper too. What's there to do?

Nothing.

If you read the markets well that's the overridding message: do nothing. Take your positions, hold them. But, that's hard. The charts show volatility, indecision, opportunity.

Try looking at the chart and saying, "Good!" Then walk away.

So you're saying, "But I don't have any positions." Okay. Live with this fact: you only enter when there's an entry. Entries are reversals. We're trending now. You need to wait. One day the chart will say, "Enter here." Calmly, and without any of the hollywood-induced passion. Just enter, then manage.

Cocoa's pulling back here. There could be an entry in as many days as it takes for you to enable commodities trading on your account.

No comments: