Let’s see how markets have been moving as we start a new (shortened) trading week.
The Daily Direction
Note: Bad news is good news again, and all indexes ended last week higher after a rise in unemployment numbers sparked hopes that the Fed will put a stop to its rate hiking cycle. All index directions have flipped back upward.
The Daily Nugget
If you feel extremely excited about a particular trade – be careful.
Good traders win over the long term.
To do that, they know their edge, know when to trade (and when not to), and know how to protect their downside.
If a trade goes their way great – all part of the system.
If it doesn’t – they just exit at their predetermined stop loss. It’s no big deal, all part of playing the odds.
This means that if you find yourself getting a bit TOO excited about the outcome of a particular trade – you should be careful.
Know your edge and keep refining it – but never get too emotionally invested in the outcome of any one trade. Because that’s a recipe for failure.
The Traders Agency Team