sitting on your hands

waiting looks as the best action right now, hopefully next several days of price action will resolve situation and give us a new trend and new opportunities, make sure you wait for follow through ~ read below post, the art of useful waiting

the art of useful waiting

"In chess we have the obligation to move; there is no option to skip a turn if you can't identify a direction that suits you. One of the great challenges of the game is how to make progress when there are no obvious moves, when action is required, not reaction. The great Polish chess master and wit Tartakower half-joking called this the "nothing to do" phase of the game. In reality, it is here that we find what separates pretenders from contenders.

"The obligation to move can be a burden to a player without strategic vision. Unable to form a plan when there isn't an immediate crisis, he is likely to try to precipitate a crisis himself and usually ends up damaging his own position. We learned from Petrosian that vigilant inaction is a viable strategy in chess, but the art of useful waiting takes consummate skill. What exactly do you do when there is nothing to do?

"We call these phases "positional play" because our goal is to impose our position. You must avoid creating weaknesses, find small ways to improve your pieces, and think small -- but never stop thinking. One tends to get lazy in quiet positions, which is why positional masters such as Karpov and Petrosian were so deadly. They were always alert and were happy to go long stretches without any real action on the board if it meant gaining a tiny advantage, and then another. Eventually their opponents would find themselves without any good moves at all, as if they were standing on quicksand.

In life there is no such obligation to move. If you can't find a useful plan, you can watch television, stick with business as usual, and believe that no news is good news. Human beings are brilliantly creative at finding ways to pass time in nonconstructive ways. At these times, a true strategist shines by finding the means to make progress, to strengthen his position and prepare for the inevitable conflict. And conflict, we cannot forget, is inevitable.

- Garry Kasparov, How Life Imitates Chess

Not a day goes by that a trader doesn't have to choose, between what he wants and what he's afraid to lose.

There is no wrong way to trade, or to live. There are only results.

What do we do now? As The Trend Rider you took some profits during the last upward move and for any positions left you have to honour your stops which will make sure you don't give anything back, just in case.

train yourself to let go of everything you fear to lose

ENJOY WISDOM video

for traders, one way to achieve that state, "no fear" state of mind is to trade at the size where "this trade" doesn't matter, this is a game of probabilities and your job is not to win every trade but to be ahead over series of trades

trading

It's not easy, but at times; The best time to go long is when you cover your shorts, and the best time to go short is when you sell your longs.

The greatest traders are scientists and artists.

"After a certain high level of technical skill is achieved, science and art tend to coalesce in aesthetics, plasticity, and form. The greatest scientists are artists as well."

- Albert Einstein

good advice for traders and everyone else by Siddhārtha Gautama

"Do not believe in anything simply because you have heard it. Do not believe in anything simply because it is spoken and rumored by many. Do not believe in anything simply because it is found written in your religious books. Do not believe in anything merely on the authority of your teachers and elders. Do not believe in traditions because they have been handed down for many generations. But after observation and analysis, when you find that anything agrees with reason, and is conducive to the good and benefit of one and all, then accept it and live up to it."

- Siddhārtha Gautama (Buddha)

trade from Dec. 20th: POT

                                   keep stop @ 41.90 ~ Don't Be Scared To Take Profits

good traders have a special talent...

“Good traders have a special talent for trading just as good musicians and good athletes have talents for their fields. Great traders are ones who are absorbed by the talent. They don't have the talent — the talent has them.”
~ Ed Seykota

follow up: POT

                                   new stop is now @ 41.89

Remember to continue to take things one day at a time, practice proper money and position management, and honour your stops.

follow up: POT

                                          looks like another leg up under development

follow up; POT

                        booking more profits, for a "runner" a new stop now is @ 41.25


The information contained herein is for educational purposes only and is not, and should not be construed as an offer to hold, sell or an offer to buy any securities.

follow up: POT

locking in profits on the "runner", new and a higher fail-safe-stop is now @ 40.69

follow up: POT

POT took six days to reach the first target, 200DMA, now you can move your stop, have a break-even fail-safe-stop for the remaining part, "runner", and enjoy being a trader without any psychological burden, you don't have any risk for the remaining part and you booked profits on the half.
Enjoy "free trade".

follow up: POT

                             
                                maximum intraday heat was less than 1% or 38 cents

Happy Holidays

actionable: POT

~ one could Buy here and now @ 40.00 with a fail-safe Stop @ 39.49 and the first Target around 200 DMA, now @ 41.95
anticipating first cross trade, we have a higher high in place, and now a first pull back to support at 10 week MA under development, and possible higher low
Risk Reward Ratio = 1/4 for the first 1/2 and if achieved a new fail-safe-stop will be @ B/E for a runner


The information contained herein is for educational purposes only and is not, and should not be construed as an offer to hold, sell or an offer to buy any securities.

<a href="http://www.hyipdata.com">http://www.hyipdata.com</a>

Drawdown is something . . .

For me, trading is all about mastery: the mastery of markets’ complexities and the numerous challenges of self-mastery. From the perspective of mastery, every drawdown is something to be embraced. Drawdowns tell us that we have lapsed, either in our market mastery or in our self-mastery. Perhaps markets have shifted regimes and are responding to new factors, perhaps we have failed to remain consistent in the best trading practices that generate ideas, translate them into trades, and manage those positions. Either way, losing money has a purpose, to make us better. It does not have to be a threat to self-esteem, it can be an opportunity to expand and grow oneself.

Question ? Do we get a Santa Rally or does the Grinch step in !

Like usual, I'll take my clues from the price action and the chart patterns that develop as we go and virtually ignore most everything else.

awareness seems to solve things

"Theory is good for the intellect, but action is good for the soul. It's also good for your mental health, your physical health, and your pocketbook."
- Robert Ringer  

http://etradingrealtime.blogspot.ca/