I wanted badly to get long yesterday. As I literally ran from the office door to my computer screen and logged in, I felt my heart pound harder and harder as I was sure I was going to see the market another $5 higher...making me rue even more the fact that I puked a long for a $12.50 profit only to watch it skyrocket.
That heart pounding...that need to get long...or short...that sense that the market WAS FOR SURE MOVING HIGHER....this is sign I need to take a step back. Not for a day, or a week, just a pause...to think and remember that the good trades will come. NEVER FORCE A TRADE. It's ok to be flat for 10 days if nothing presents itself. I forget that sometimes and go right back to my wicked days of overtrading. When I traded in the S&P futures pit, my trade checker, Billy, HATED ME. He checked trades for a few different traders, and in about 1 minute I could hand him a stack of filled out cards 10 times the size of all his other traders put together. If I was in the pit, I was trading. If the market was open, I was flying. Honestly, if it was 9am and I wasn't drenched in sweat, I wasn't working. And I loved it.
Every trader will attest to the fact that overtrading is one of the many ways to drain your account quickly. And I was the best at it. So, anytime I can feel the symptoms coming on...I like to nip them in the bud, so to speak...take a step back and remember...I don't have to trade.
So...nothing yet.
What's on the mind?
A few things. I think we are heading lower....but not sure when. I am flip-flopping, and that's and I can see myself easily chopping myself up if I get in the market right now. I will watch for a little.
Good luck watching or trading.
Andy
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