Monday, September 12, 2011
The Daily Note - When in Doubt, Don't Dance
The best way to handle days that are confusing is to just watch. The players are playing but unless the music has a steady tempo, just listen. Dancing become impossible to a mixed up beat. The drummer may be out of sync, the lead violin may be out of tune and the orchestra may not be able to read music. Matters not what the reason is, if you jump on the dance floor, it's likely you will have sore toes.
Of course, the time spent watching is not without work. It is to help you see the possible moves coming up. Watch for trading ranges, patterns to set up. See if they become cohesive and become coordinated with a direction, if so, you can start planning your next dance.
Then, be sure to let the rhythm guide your trades, do not force the trade if it does not look right. There is no shame in sitting a dance out, and there is no shame in that if you find yourself on the floor and the timing is off, to gracefully walk off. In order for your trades to go well, you need to feel it, picture it, before you play it.
Happy Trading, Living and Dancing
The Daily Pick - BIG
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Posted by Anni_V