Weekly view of SP-500.

       Let's look at the big picture. The market remains stuck in a wide and loose sideways trading range. There is a head and shoulder possible formation that we need to observe and there is possible support there from which the new rally could start. We have to wait for the market to tip its hand for us to act. Although trading is an active verb, sometimes the best action is no action.

Mindset.

"To live a pure unselfish life, one must count nothing as
one's own in the midst of abundance." (Buddha) 

Where are the best opportunities now ?

Silver directionally correlates highly with gold.

Further money printing in the US and in Europe will cause the dollar to fall further therefore hard assets including gold and silver should continue their long term up trends. Use any pullback in precious metals as a buying opportunity, as the long term trend is up. 

On the market.

Well, it looks like it is going to challenge yearly resistance. The question is; are we going to break above resistance to new highs across the board and keep on going OR just reverse from here OR we challenge the resistance but don't break out OR we break out of the range but the break out fails. Have a plan for each scenario.

Losing discipline is not a trading problem; it is the common result of a number of trading-related problems.

Here are some common sources of loss of discipline I have learned about through my personal experiences.

10) Distractions and boredom cause a lack of focus

9) Fatigue and mental overload create a loss of concentration

8) Overconfidence follows a string of successes

7) Unwillingness to accept losses, leading to alterations of trade plans after the trade has gone into the red

6) Loss of confidence in one's trading plan/strategy because it has not been adequately tested and battle-tested

5) Personality traits that lead to impulsivity and low frustration tolerance in stressful situations

4) Situational performance pressures, such as trading slumps and increased personal expenses, that change how traders trade (putting P/L ahead of making good trades)

3) Trading positions that are excessive for the account size, created exaggerated P/L swings and emotional reactions

2) Not having a clearly defined trading plan/strategy in the first place

1) Trading a time frame, style, or market that does not match your talents, skills, risk tolerance, and personality