Now with Dave Landry
What I'm Reading..And, Thinking About
Again, I'm trying to start fewer books than I finish. The problem is, the books that I'm reading are split between my two offices--I still like the old school hold-in-your hands books. I resumed Annie Duke's Thinking In Bets. As mentioned under Recommended Reading, this isn't exactly a book on trading psychology, but it could be. You'll notice that in this week's Week In Charts I quoted her. A lot of her work dovetails in nicely with the psychology work that I've done with my Trading Psychology Micro Course.
This Week's Content
I dusted off and updated the psychological checklist from The Layman's Guide To Trading Stocks. I also resumed the Week In Charts, continuing with the same theme. We're all prone to these psychological mistakes. The good news is, if we are cognizant of them, we can avoid them!
Number 9 of the the above hits home for me. There's a lot going on in my personal life. As mentioned in the WIC, I have to be careful that a potential trade is "intuition" and not "into wishing" (a quote from Market Wizards). I'm having to take the "F-yeah" test (see the WIC and Tools Of The Titans) on each potential trade. In a nutshell, if you look at a setup and don't find yourself saying "F-yeah!" then pass. You're welcome!
Speaking of the WIC, I continued my discussion of the DaveLight indicator, showing where we are both shorter-term and longer-term in the cycle.
And, speaking of DaveLight, I was a guest in a webinar earlier in the week for Festival Of Traders. I covered using DaveLight to help keep you on the right side of the market. See this recent Week In Charts for a lot of details and watch this week's for "where are we now?"
The Holistic Trader
Aside from a poor diet, lack of exercise, and no meditation, I did okay with my new goal of becoming holistic in my trading and life. Oh well, maybe next week!
What I'm Trading
Not much! With the market's erratic behavior, the database hasn't produced much lately. That's okay! Wait for your pitch. I hate to sound like a broken record, but see this week's content for a lot more on that. In Forex, I'm waiting patiently for hourly Landry's Bowties off of major highs and lows. I eyed the USD/JPY but passed. I'm also sitting on my hands in the Cryptos for now. Patience! That's something that I wish someone would have told me about many years ago! I just assumed that trading was an active verb. Well, learning how to sit is just as important-actually more important!-too.
As I'm publishing, it looks like the Nasdaq just closed at all-time highs. As a trend guy, I am NOT going to argue with that! My only concern, as mentioned ad nauseam, is that "V" shaped recoveries are hard to sustain. As usual, take things one-day-at a time. And, as usual, follow through will be key.
I'll be in my second office next week, helping my mom. I'm going to give the Week In Charts a shot, but this week it will likely be on Wednesday. See below for updates.
May the trend be with you!
Dave Landry
P.S. Now that you know what I've been up to, leave me a comment below to let me know what you've been doing.