Set Ups Take Patience

Getting impatient? 

Don't fret.  A forex account balance can grow -- but it won't if you open a trade just because you want to open a trade.  Be a little pickier than that.  It's important to have discriminating tastes when it comes to forex. 

For now I am hanging on to my money.  Just because markets are moving doesn't mean you are missing out on a gain; That's hindsight.  Always look forward.  The next big smart trade is just around the corner.  

Relax. I haven't forgotten about you. 

Also, don't be glued to your computer.  Get my posts sent via RSS right to your computer or mobile phone. 

Waiting and Seeing

No set ups to report at this time.  I don't have an open trade at the moment, but will post when I make one.

Remember:  Trading is like fishing.  You put out your line and wait for the fish to come to you.  If you jump in and start thrashing around trying to chase the fish down you won't catch a thing and will instead get eaten by a shark. 

The trades that I make are not recommendations for you to do the same, but I'm sitting out until I like what I see.

Cheers.

Trading Takes Patience

No trade set up today for S&P or oil. 

I am well aware that you can't make money without making a trade, but you can't lose money either. 

Patience. 

If you like gambling and getting lucky then you might find this frustrating, but if you like trading and making money, then be patient.  I'll post when I plan to go open a position.

S&P Short Set Up Still In Play

The short S&P position I was holding was stopped out, but I am looking to open a new position.  Will keep posted if I make a trade.

Holiday Week Update

I post when I make a trade, but I just wanted to give a heads up that the markets close early today for the July 4th long weekend.  In other words,  don't expect a trade-filled week with lots of posts.  I will take a look at the markets here and there through out the week, but I don't expect enough volume to create any set-ups.

I will post should I make a trade or I close out my S&P short position, which is the only trade I have open.

Canada Day Trading

I'm a Canuck, so I spent the day in my home town celebrating Canada Day. 

I am catching up on the markets quickly now, so the only update I really have is to point out that oil is back up, so I am glad I exited when I did even though it did close out lower on Friday, and to let you know I am still holding my S&P short. 

Tomorrow is my travel day back home, so if I don't place a trade fairly early in the day I likely won't be placing one at all.