SIDELINES - I'm not seeing any new set-ups into Tuesday so I thought I would use today's update to talk general strategy. As a reminder, I have two open positions at the moment. I am short the SPX500 at 2122 and long OIL from 43.73. But back to strategy. Of all the rules of trading that I have developed for myself, there is no bigger rule than making sure you stay on the sidelines unless a trade is absolutely screaming out and calling your name! If the market isn't calling, there simply is no reason to be taking any positions.
DON'T FORCE - The worst thing aspiring traders do is force trades that aren't there just because they want to trade the market and feel involved. I'm sure you've all heard it many times before, but if you want to gamble, go to Vegas! There is simply no room when trading for forcing positions you know you will regret when they don't end up working out. I think a good trader is someone who understands how to play the game of 'hard to get.' If you sit back and wait for the opportunities to come without feeling you need to be constantly trading and giving the market attention, the trades have a way of finding you. But if you go looking for those trades, the market will eat you alive.