8/12/2009

Wake up, Drink coffee, Open charts...

This is a great job. Trading. Every day provides something different, just when you think you know what to expect the unexpected happens. That's why biases will kill you in this business.

You have to start each day with a clean slate, no opinions required. In fact your opinions about what the market is going to do today will only get in your way. The market is going to do what it wants to do, and it doesn't care about your opinion.

That's why I love day trading. Each morning you venture out into the pit and at the end of the day you count your money, put it back in the bank, then go home and forget about it. Tomorrow is another day, and it has nothing to do with what happened today.

Speaking of which we had the crude oil inventory report today. That report comes out at 8:30 my time (MST) and there usually is not much action in the morning before the report.

Usually.

Today for whatever reason all the crude action happened before the report. Don't know why and don't really care. It just did.

Tomorrow something else will happen, don't know what, don't care why, I just watch the chart and do what it tells me.

Most of the time. :)

2 Minute Crude Oil Chart

2 comments:

JE said...

Solfest,

I love this post. It really is that simple, isn't it? Your opinion, my opinion, all opinions -- none of them matter.

And tomorrow's another day, always.

Best,
JE

Solfest said...

Thanks JE.

It's easier to say than do. :)