Hello Traders,
For 2014 I would like to wish all of you discipline and patience in your trading!
I may sound like I keep repeating myself but make sure you are adapting to the different market conditions we are seeing compared to a month ago or so.
There is much higher volatility, speed of price change and wider ranges.
Moves today in bonds, S&P, Russell, Crude, Gold and many other markets were very sharp, fast and powerful. This obviously presents both risks and opportunities but for newcomers – mostly risk.
This is a good day to keep notes on in your journal. What caused the price action? What type of “bands” did the market have? How did you do as a trader? What can you do better and learn from for the next “Wild, crazy” day which may even happen tomorrow?
The biggest advice I can give on days like today is to make sure you don’t lose it….make sure you know what your daily loss limit is and step away if it gets triggered. This is one of those days where I have seen traders blow their whole account up…..So just make sure you live to trade another day!
