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"A fool thinks himself to be wise, but a wise man knows himself to be a fool." - William Shakespeare I've sat down to write this article three times this holiday weekend. If you're new to Traderade, every week I write this Market Prep blog, sharing my thoughts on the week ahead and formulating a trading plan. It's typically fairly easy to absorb and analyze a handful of charts in order to develop a directional bias for the coming week. The fact it's so challenging for me to do that this week is probably telling me something. So rather than be a fool and pretend to know where we're headed, I'm going to be honest with you: I have no idea what's going to happen in the market this week. In the past, when I saw this much indiscretion and this much conflicting data, I'd simply sit out and not trade. However, I'm aware people read this blog and our mission at Traderade is to help retail navigate the markets. With that said, my best advice for this week (based on the charts we'll review together) is this: Whatever you do, do it small and move stoplosses into profit quickly. As someone that's been trading for a while, I can honestly say I'm not sure I remember a more precarious scenario to be entering trades than the one we're in now. As a momentum trader, I've been successful letting the "trend be my friend," but the question that I'm struggling to answer right now is "Which trend?"
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Thanks Horse! I think what you are implying is that mental capital can be harder to replace that actual $$$. It would be a shame to weaken ones confidence trying to force trades and spend all your mental capital chasing, and then fail to execute when a high R:R trade does set up.🍻
Thoughtful stuff, Horse. Thank you.
Great stuff as always Horse, and I appreciate the word of caution. Can't make money if you lose it first.