What A Week
It’s been a long time since I couldn’t wait for a week to be over. Mind numbing boredom followed by frenetic trading; rinse and then repeat. And where are we really? A couple of bucks away from last Friday’s close.
Because my hand still hurts like the dickens, I’m gonna make today’s message short and sweet. Every fiber of my being wanted to buy the dip down at 1705 -1706. I mean, I wanted to enslave the family for a loan that’s how bad I wanted to be long.
The algorithm was in “sell mode” most of the day, and every tick down I felt was a classic Friday trap being set by dealers.
DID I BUY?
BECAUSE I NEVER EVER FADE THE ALGORITM. NOT NOW. NOT TODAY. NOT NEXT WEEK. NOT EVER.
It doesn’t matter how much I could have made in this instance; what matters is that I maintained my discipline.
So, while gold was all over the place today with a $30 / oz. daily range, I didn’t trade today. I never got short when the algorithm was in “sell mode” because I couldn’t get in at a price where my stop loss was acceptable. When the algorithm switched to “buy mode”, prices rallied so fast off the lows, we had the same problem with stop levels. I do not enter a trade so I can put in a stop that is $7 - $10 away from my entry price. Sorry, I don’t play that game just so I can say I traded.
If you walk away from today’s post with the idea in your head that my discipline cost me money, please think again. Discipline creates wealth.
Have a great weekend everyone.