“Everyone has a plan until they get punched in the face” -Mike Tyson
Dow: +18.42…
Nasdaq: +13.99… S&P: -0.09.
Some traders have a plan, others don’t. Sometimes you can have a plan and it fails, other times it works.
Its good to have plan, if you don’t, it pays to be aware of events around you and try and be as organized as you can be. Bullets can fly during the trading day, so being alert is key at all times.
Some days I can literally put my trading book on cruise control, its slow and I feel like i’m wasting my time paying “too” much attention to things that don’t warrant much attention. I’d be better served chipping and putting on those days.
Other times I’m multi tasking like a crazy man because things are flying all over the place.
Right now, I don’t really have a great feel for the current market, but I do have a plan. So my plan will be to will trim, raise stops and even sell things that just aren’t working. This market right now is rudderless and undecided, so a stock that I bought last week that looked great may no longer look that way. The market is a constant ebb and flow and charts change.
A perfect example is JDST. I loved it to death yesterday, but today the ISM # sucked, ( actually indicated a contraction), so rates and the dollar dove lower and the miners ripped higher. I didn’t want to be in front of that fright train so I got out. That could change tomorrow if we get a hot jobs report. Maybe I’ll get back in then.
See you in the morning.