Trading Lesson: Wait and See on Cryptos, Long Euro/Dollar
02/23/2018 11:13 am EST
I’m taking a wait and see approach in cryptocurrencies for now. I’m still contemplating hourly Bowties while I wait for something more major to set up, says Dave Landry, founder and president of DaveLandry.com. More Trading Lessons Friday on MoneyShow.com.
In stocks, I’ve backed off the long side while things shake out, unless I get the mother-of-all setups. I am eyeing a short or two.
Based on the feedback, it looks like another Week in Charts is in the can! In it, I discussed very simple indicators and techniques that will help to keep you on the right side of the market. I also followed up on my concerns with current conditions.
With the market recently becoming a little iffy, I recommend my updated: Have cash ready to pounce on opportunities.
I once read that a successful entrepreneur focuses on just one thing, but gives himself a ridiculous deadline. Well, I don’t have the luxury of working on just one thing, but I did have a ridiculous deadline. The drafts for pattern recognition with a major charting vendor to produce pattern recognition were completed. The good news is that they will be free! I’ll have more to say on this soon. See the aforementioned Week In Charts for a sneak peak of some of this.
Books for traders
I updated my recommended reading page. Continue to check back often, since I have many books that I intend to add to the list. Dave Landry's top books to succeed in trading and in life.
I’m still working hard to finish more books than I start. I'm proud to say that I didn't start any new books this week (as far as you know).
My focus continues to be on trading psychology for my upcoming Master Trading Psychology course.
I’ve been too slammed to finish Annie Duke's Thinking In Bets: Making Smarter Decisions When You Don't Have All The Facts (I actually stopped to outline what I had read so far). This one is definitely worth reading! As mentioned recently: The book is not a book on trading per say, but it could be. We don’t have all facts we make a trade. We simply take our best bet. Life is a bet, for that matter. Duke points out that we need to work hard to determine whether the decision in and of itself was a good one, regardless of the outcome. This outcome bias reminds me of Terrance Odean’s quote that I referenced in Trading Full Circle, on sale now!
Mind, Body, Soul
I’m working hard to continue to treat trading holistically.
For body: I continued with the spin bike. I never dreamed I’d do cardio, but I am. I’ve been trying to stand more an take a walk here and there. One day, I’m going to lift those weights that are collecting dust in the back of the office.
For mind & soul: I was able to get some guided meditation in but not nearly enough. I just haven't had time which means that I probably need it the most!
Get the Go Go No Mo free report from my store and you’ll have a good idea of the stocks that are on my radar (or sign up for a trial of my Trading Service).
May the trend be with you!