Quote from AFterburner:
...A lot of my frustration comes from the fact that I hate the market for never having conviction anymore. It seems like all it does is drift around. There never seems to be any follow through momentum from day to day, or even intraday for that matter. Maybe it's just me. Maybe I'm the one that has changed. I don't know.
Hi AFterburner,
It's been many years since I've seen the market like this.
This is what I would call a
patience market.
What I mean is this...it will be mostly the patient traders or the traders that handle boredom very well that will excel in this market.
Why?
There's not much conviction, it drifts around, it chops around...
waiting for a spark (to produce a strong trend up or down) from someones speech, key economic report release or world breaking news...
If we're lucky...we catch a good trade signal prior to the big move and ride it...
such doesn't happen often as of lately.
Patience is key in this market...waiting around for trade signals to appear...
not getting too aggressive in trying to make something happen...
if/when we do get aggressive...we need good trade management or a contingency plan to minimize our losses when the trade is not going our way...
even that requires patience and something else I'll mention later.
It's a
patience market.
Are there guys out there pulling points per contract on a consistent basis?
Yes and I see them do it several days per week...
between 3 to 10 points per contract on most trading days.
Note: I didn't say every day...I said most trading days
What's the common trait among these traders?
They wait for their bread-n-butter trade setup...
they have tons of
patience.
That
patience is the common trait and their way of
adapting to the current market environment...
Something else...someone told me the other day that not only do you need patience...
you need to have the energy level to be alert at all times to take advantage of something that you've been waiting for long periods to appear...
prepared to trade.
I strongly agree because the past month or so due to illness and an old back injury that appears a few times per year...
I've taken numerous rest periods during the trading day to only come back to see the train has left the depot at high speed in one of those parabolic trends...
with me standing there in disbelief holding an unused boarding ticket.
Occurring so many times in the past 2 months...I've lost count.
Now that's another common trait...prepared to trade.
Patience and prepared to trade because there's
momentum there...just not where or the way it use to be.
P.S. Get your thesaurus and look up the word PATIENCE.
Read the synonyms and the antonynms.
NihabaAshi
