Q/A - Quote

Every so often I get emails that if I took the name off the email; I would think I received the same email over and over. It may be worded slightly different but they all say the same thing.

Over the past few days I have received emails that basically said….

I just went through my basket of stocks and they all look the same? I can’t find any good setups. So, what do you do?

Here is a quote by the famous Jesse Livermore. He bankrupted many times but each time he rebounded to trade successfully to always pay his creditors back in full with interest.

What beat me was NOT having brains enough to stick to my own game – that is, to play the market ONLY when I was satisfied that precedents favored my play. There is the plain fool, who does the wrong thing at all times everywhere, but there is also the Wall Street fool, who thinks he must trade all the time.

Part of one’s system and process is to tell you when NOT to do something. It is the most difficult part of trading mastery to learn the discipline to sit and wait. The only person that believes you should trade all the time is your broker. They are the only ones that benefit from such transactions. It is a falsity even for day traders to think they are to sit in front of a screen 6 ½ hours a day and trade every minute of the day.

The main purpose of the WPT portfolio was to be published and demonstrate one process and one style of trading in as real time as possible. It was not to demonstrate the best way to trade. It is only the best way if it meets your goals, objectives and fits your personality and life style. There are times where there has been nothing to trade. Maybe due to market conditions that did not favor our play or due to lack of research and thus one had to do nothing.

Forcing trades is rarely a winning proposition.

You design a process of trading to tell you when and when not to do something, then learn to careless what the market does. You want to be concern if your process is taking you where you want to go.

My favorite quote:

“It is hard enough to figure out what the markets will do; if you do not know what you will do, the game is lost.”