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Monday, January 30, 2006
Market Recap
Today's market action was rather slow for a Monday, but it could have been expected since the FOMC meets tomorrow for the final time with Chairman Greenspan at the helm. Many traders probably preferred to stay flat ahead of the Fed. As a result, there was not much movement in the indices. The Dow was down 7 points, the Nasdaq gained 2 points, and the S&P gained 1 point.
While the markets drifted aimlessly, many Bulletin stocks did well, including ATHR, DEZ, DVW, ESLR, FWLT, GIGM, JOYG, MIND, and RTK. They all gained 5% or more today. Our pre-market day trade list was also on fire with FTO, SUN, MIND, BOOM, NDAQ, and AAPL all up nicely. If you are a day trader, this pre-market list is a must read and a nice bonus to the Bulletin swing trades.
Mirror, Mirror
Trading is a mirror of almost every aspect of your life. If you are thinking or behaving in an undisciplined or unorganized way in life, you will trade in an undisciplined and unorganized manner. Without discipline and rigorous attention to detail, you will not be able to trade successfully.
Trading is a marathon, not a sprint, and it takes strength, endurance, discipline and organization to stay the course. By treating your trading as a marathon, you will avoid the highs that come from quick profits or the emotional stress of a losing streak. If you have a sound system, it does not matter whether any particular trade makes a profit or a loss. What matters is that the probabilities over time are in your favor.
The market is a mirror of life in many ways. It offers opportunities daily, but we also know that like life, it can be very harsh at times. The market does what it can to deceive, seduce and knock us off balance. We have all learned to handle life by solving the problems it throws at us. The market is no different; you can learn to handle what it throws at you, and when you do, you will have solved many of your trading problems.
In life we have rules, we have systems to follow and we judge ourselves on how well we measure up to our standards and that of society. In trading, we need to also measure ourselves on whether we are following our rules and executing our system, not only for the winning trades but our losers also. The process of trading is much easier when you focus on the execution of a system rather than on whether each individual trade was right or not. Measuring your trading system makes you more rational and less emotional, which leads to a better trading performance.
Today's Bonus Chart: USG
Click the following link to view today's bonus chart in the Public Chart lists:
http://stockcharts.com/def/servlet/Favorites.CServ... (first chart)
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