Continue reading...After last Wednesday?s brief pullback, the market resumed its upward trajectory, this in defiance of those skeptics who continue to espouse their bearish views. I’m sure at some point the market will experience a considerable correction or even go into a full- blown Bear market (we haven?t had one of those in over 4 years). For now at least, every piece of news is being spun positive. The inflation data, the housing data, good news is good news and bad news is good news. The glass is half full. This is emblematic of a market in a bull phase.
As traders, my view is that we should take our directive only from the market itself; not the media nor the pundits nor anyone else for that matter. I believe a trader’s job is to get good at identifying patterns, executing trades, managing those trades and going along for the ride in whatever direction that maybe. This, of course, is much easier said than done.
Why is it that so many traders try to ?outsmart" the markets? I think it has to do...
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