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    Thursday, May 29, 2008

    Preparation


    As I don't anticipate being too active today in the trading arena, it's a good time to prepare for my next setups. For some time now, bonds and stocks have traded inversely, and the $USD has traded inversely to commodity prices. These relationships were useful when creating and executing a plan. However, traditional price action relationships between different asset classes do not always hold up. Don't expect commodities have to go down if the $USD strengthens. Be flexible and try not to get hurt because "you just know it has to be this way." This attitude, or character trait, will slaughter a trader. Things (relationships) can, and do, change.

    I thought I'd share how I feel, and what I do, when I'm trading my best. When I trade my best:
    1)I don't watch CNBC, or feel the need to.
    2)I get exercise (not in a gym, but I'll walk the dog on the beach, go swimming, ride my bike, even have sex!)
    3)I review my trades and overall plan, as well as execution of the plan.
    4)I am patient, calm, and focused.
    5)I am confident in my abilities.
    6)The confidence allows me to trade from a position of strength. That is, I am in control of as many things as possible, letting go of the things I cannot.

    I hope these thoughts are useful. It's not a complete list, but these ideas are a good place to start. How do you feel as you start your trading day?

    Regarding my specific trade plan, it's basically unchanged from the last week or two. I'm still preparing to take a short side signal in stocks for 6-10 weeks (via futures, SRS long, and perhaps SDS long). I anticipated this sideways action after the most recent move lower, so now it's just a waiting game. As far as potential day trades, I could trade either side, but am most likely to trade FXI or DBA from the long side. As always, I have not entered these trades as yet, but when I do, I'll post immediately on the ticker. Remember that I only need 1 (maybe 2) good ideas, traded properly. Success is not determined by how many irons in the fire, but by your P+L, bank accounts, and lifestyle.
    Take care of yourself, your plan, and your psychology.

    Some articles that caught my eye:


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