Thursday, January 3, 2008

First bit of Self Restraint

WOO! I'm excited. I didn't go chasing after rabbits this morning. I sat back and watched a few charts that I was alerted too. Watched CELG, ONXX, EOG and OII as they had really nice runs. I'd keep repeating to myself over and over, "you don't have to trade today", which seemed to open my eyes a little and see more of what was going on. Like some pressure was relieved.


Now for tomorrow, I don't think I'll trade either. Nonfarm payroll and unemployment rate will be released 8:30am ET and I don't even want to know how rocky the market will be. I'm starting to like the low volatility days. Seems to be favorable for trading steady momentum stocks like the ones I mentioned earlier.


This is good though. I need to practice some self restraint and tell myself I don't need to buy everything that moves and it's ok if I miss a move because there will be more. Patience and Discipline, I've said it before but those two traits are so key yet so hard to implement in a trading environment.


All in all, Good day.

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