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    Thursday, April 17, 2008

    Afternoon update


    Another range bound day so far, and we got close to a signal to get long the QLD etf (or NQ futures). I think it's a trade that might have worked, but price is only one component in a decision with time being another. Since 11:30 am passed us with no signal, I'm watching patiently for the next setups including: SRS or SKF long (possibly next few days), JPY futures (or FXY etf) long, ZB and ZN futures short (T bonds),
    and of course, commodity futures and etfs long.
    I'll take a snapshot at 1pm, then again around 2:30pm to see if anything presents, but it feels unlikely.

    A quick note on the business of trading. We make money by managing our psychology. This is not to be confused with reading economic reports, earnings announcements, etc. We do that, too, but it's just to keep a pulse on the macro trends. The day to day business is managing one's expectations and emotions. In short, the analysis of a chart or data is the EASIEST part of trading and one that gets too much emphasis. The best traders understand "data" is a distant second to keeping your head straight with proper risk controls. Since analysis is easy, but trading profitably is not, there is something more to the formula than piling on indicators!

    Start by just keeping it simple, and you might feel the difference.
    Two quick articles regarding commodities today: T. Boone Pickens
    and Soros

     

    For previous posts visit the archives.

     

     

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