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Have you ever seen a great trader trade? While losing $1 Million plus during the day, he never ever gets emotional and continues to talk like normal. You would never had guessed that he was losing so much money. At the end of the week he is making $3 Million. From a deficit to positive, the great trader is unemotional, follows his trading plan and allows for occasional losses because that is part and parcel of trading. Of course if the trader is managing other people's money it kinds of represents a type of "call" which does not affect his emotions but still, it requires great mental strength to be victorious.
Am trying to new channel on Telegram for some fun you can find it at https://t.me/usmarkettrading
Every time I see a new trader or inexperienced trader, I recognize a few things they keep on repeating themselves:
I learned this one from a former Goldman Sachs guy who now is an independent running his own thing. He showed us first of all you must have a respect for money. It is what makes the world go round. It is not money that is the root of all evil. The "love" of money is the root of all evil just as the bible says. Having said that, he also caution us to treat money as irrelevant. A movie ticket that costs $10 may bring more joy than a nice dinner that costs $600 per person. Up to a certain point, money is irrelevant in happiness.
Today I treat the money and fluctuations in any account as irrelevant. As long as I follow my trading plan, my account continues to grow. And so should you.
It has been a rocky ride these past month, with quick drops and rises and crashes in the Nasdaq again. Through this period my account has still been up. Thanks to longs and shorts and more winners than losers, I'm still on top and I will continue to trade like this.
What does the charts tell us this week?
Looking at the charts above, they tell me to be bullish. I will remain so, until the charts tell me so.
Today's chart I only produced 3. I'm getting a bit lazy on this but perhaps, its more of less is more LOL. Sometimes, all you need to know is the 3 might giants and what they are doing. The Dow Jones, The S&P 500 and the Nasdaq. Something like the Holy Trinity which owns the entire world.
It is interesting to know that at the entrance of the London Stock Exchange, right at the top is a small inscription which says "The Earth Is The Lord's And The Fulness Thereof". A gentle reminder that mere mortals can never full control the markets and own it. After all, everything belongs to God. You can view some pictures of it here.
Jan 18, 21 10:34 AM
New chart lesson for the 3rd week of January 2021. Hope you can benefit from this.
Jan 04, 21 11:30 AM
In this week's chart lessons, we will have a look at bitcoin and other charts.
Dec 29, 20 07:47 AM
We should continue to be bullish on the S&P 500 as a weekly bottoming tail forms in this uptrend.
Dec 22, 20 09:27 AM
The SPX is still in a nice bullish uptrend, with it staying above the rising 20 MA and 50 MA.
Dec 15, 20 09:53 AM
December 14 2020 will go down in history as one of those moments where 2 sets of electors emerge for swing states in the US Presidential Election.