“Motto” for the month: “Plan your trade, trade your plan”
Market has rallied significantly over the last few days right into tomorrows monthly unemployment report.
I wish I had a bias to share with you before the report comes out but I don’t….
My BIGGEST recommendation for all of you, regardless if you are favoring the short or long side is to do the following:
Visualize some different scenarios, good ones and bad ones. the good ones are easy…the bad ones are the hard ones and the ones you must be prepared for, just in case so you can have a plan and NOT try to make decisions in the heat of the moment. Try to calculate your trading size, the maximum risk you are willing to take, implement those decisions by placing stops if needed and then let the market do its thing.
I honestly think that if you try to this when the numbers come out and the market is going wild, you are pretty much gambling and not trading….
Follow the “motto” for this month and I wish all of you a GOOD trading day tomorrow. Read the rest of this entry »
