The market sharply plunged lower this week and you may have heard me screaming from the mountaintops that cash has been the best position in the past few newsletters, so I am just patiently watching this terrible action from the sidelines.
The reality of this trading environment is harsh moves both higher and lower. If you're a more active trader, cut down your size and be a bit quicker to take profit. Maybe take a bit more off at 2:1 risk/reward kicks than you would in a trending environment. Trading this market, you want to look for singles and doubles, because looking for home-runs you're going to give any profit you had back, trading from both the long and short side.
For me personally, I made some pretty easy money this year in the trending environment so I don't have a huge appetite for risk when the probability leaves my side. This month will unquestionably be the least amount of shares I've traded this year by a landslide. The reality in being a professional trader is that there are times you absolutely kill it and then there are times you step to the side and wait for conditions to align in your favor. So this is currently a waiting time for me.
From a long term perspective, the downward action is amazing for the opportunity it will provide down the road. The best winners come when the market turns.
Don't kill your mental capital day trading and losing on weak setups.
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