This patience thing is boring me. The first 2 days of this week have been spent waiting. Specifically, waiting for things to line up the way I like, which hasn’t happened much. Waiting for the market to show some kind of identity, which hasn’t happened either. So let me break down all the waiting I’ve been doing:
- Monday – I watched the market bounce around for the first part of the session. By about noon it looked like the market was going to settle into a slightly up day, so I place a few feeler trades with AXP and GM. Then I waited a little longer and SYF and HD lined up so I bought. Soon after, the market started to go down before settling up nicely. The only thing is that I only hit on HD and the rest were small losses so it ended up being an even day. BORING!!!
- Tuesday – Started off down the first half of the day, but no short possibilities emerged that I liked. So I didn’t do anything, which was good because the market turned up at about 1. Then I waited to see if it was going to stay up. And it did. Momentarily. So I made one lonely trade for TROW. Then the market went down. Not by much. Just enough to be annoying. So I stayed put, riding it out for even money for a second day in a row. BORING!!!
Is BORING part of the process? I ask rhetorically. Sometimes the easy thing is to push the issue and in my case it has cost me money. For this week, I haven’t lost any money but it’s been boring. Maybe it’s part of the growing process to be better able to identify opportunities WHEN the time is right. I just have to be ready when it’s time.
So I’ll keep it short this time around. Really, I just wanted to share some of the not as exciting part of this process that is also a huge part of the success. It’s fun to write about Record Days, but I have to ride out days like today to have more of those days. So I hope this helps somebody. As always, feel free to share some of your experiences in the comments section and I’ll check back in later in the week.