Hey Trader,
Wisdom and Guidance for Your Trading Journey
In the fast-paced world of trading, it's easy to get caught up in the noise and lose sight of what's truly important.
As you navigate the markets, let this verse from Proverbs be your guide and inspiration:
"My son, pay attention to what I say; turn your ear to my words. Do not let them out of your sight, keep them within your heart."
- Proverbs 4:20-21
Just as wisdom from Proverbs encourages us to keep sound advice close and within our hearts, the same principle can be applied to trading.
Pay attention to the lessons you've learned, the strategies you've developed, and the insights that guide your decisions.
Keep them in sight and at the forefront of your mind as you trade each day.
By staying focused and grounded in your principles, you'll be better equipped to handle the ups and downs of the market.
Trust in your preparation, and let the wisdom you hold within guide you towards success. Wishing you wise and profitable trading!
Be Relentless In Pursuit Of The Will
Which God Has Set Upon Your Heart,
Anthony Speciale
Taking a SHORT on a LONG Day 🤔
In today's post, I want to share some insights from my morning session, focusing on the critical importance of being mentally prepared and using sound analysis to make informed trading decisions.
Let's dive into the events and lessons from a typical trading session.
Starting the Day Right
I began my day early, setting up my workstation and ensuring that all my clients had access to the trading room, charts, analysis, and order flow.
This preparation is crucial as it lays the foundation for a successful trading day.
Around 7:35 AM, I started analyzing crude oil as it pushed into the prior session high, initially anticipating a potential retest of previous support levels around 75.74 - .72.
During my analysis, I noticed a significant decrease in volume, which was followed by a price pop. This is a classic example of how volume can confirm price action.
However, due to some technical issues, I wasn't fully focused.
This brings me to a vital point: if you're not 150% in the zone, it's better to avoid trading.
Distractions can lead not only to missed opportunities but worse, losses.
Handling Technical Issues
Technical problems are part and parcel of trading. This morning, I dealt with software issues and ensuring new clients had access.
This situation further distracted me, reaffirming my rule to avoid trading when not fully focused. Had I traded, I might have incurred losses due to my divided attention.
By 8:00 AM, the session was in full swing. We observed significant rallies in gold and crude oil, followed by consolidation phases.
Both the NASDAQ and S&P 500 were also in consolidation, showing signs of weakness.
This pre-market analysis helped us navigate the price action with precision, anticipating pullbacks before the opening bell.
Personal Trading Interests
I had a keen interest in crude oil and made it clear that I was watching 76.26 closely.
I explained my analysis and expectations to my clients that if we were to fall below 76.26 that we would likely revisit the prior session high at $76 and the VWAPs too.
It's essential to understand that each trader is unique, with different risk tolerances and financial means - so I never suggest a trade, I simply provide my thought process.
This allows for the client themself to decied on their own the provided analysis, interpretation and expectations fit within their personal trade plan or not.
The Unique Nature of the Market
Every second in the market is unique due to the constantly changing players and their intentions. This uniqueness requires traders to adapt and stay informed.
I emphasize the importance of showing up daily, learning from market movements, and applying that accumulated knowledge.
Building a Trade Plan
It's important to recognize that what works for one trader might not work for another due to different emotional and psychological factors.
The Realities of Trading
Trading is not a get-rich-quick scheme. It requires patience, consistency, and discipline.
Many traders spend significant amounts on failed strategies before realizing the true nature of trading.
My clients are those who are ready to commit to the long-term journey of becoming proficient traders.
If you're serious about growing as a trader, focus on building a solid foundation through consistent practice and learning.
Trading is challenging, but with the right mindset and approach, it's achievable.
Avoid the pitfalls of chasing quick profits and instead, commit to the journey of mastering the market.
I appreciate each of you and look forward to helping you on your trading journey.
Happy Trading,
Speciale Analysis
About the Author:
Anthony Speciale is a seasoned market analyst with over 13 years of experience trading. Through his platform, Speciale Analysis, he offers in-depth market analysis, interpretation, and expectations designed to help all types of traders, at every skill levels reach their full potential.
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