The hardest thing I had to learn was patience


SPY - Returns don't work to play for the SPX island gap. No reason to take gambling chances here, even if the price target is likely. Stay patient. We just booked the 4th month in a row of better-than-expected returns and can still stretch those higher with existing positions.

The hardest thing I had to learn was patience. I don't think y'all understand how many ideas I've thrown at Mike these past 6 months (I make my own calls, but often times, I will ask for his eyes) and been told "wait", or "not worth the risk". I'm a trader at heart and when I'm not trading I get withdrawals. It's completely normal, especially once operating within a profitable systematic process. 

But if this year has taught us anything, it's that there will ALWAYS be new opportunities. Don't be in a rush. Don't try to compound profits by taking illogical risks. Don't try to win back losses by acting hastily. 

I too was emotional late last week when it felt like all my counts and expectations were turning before I expected them to. My mind immediately started wondering if I would ever be able to identify a profitable pattern again. The market was moving and I wasn't. The itch to do SOMETHING was strong. Long story short.. I went and touched grass. Played with my kids. Cooked a big dinner. Got my mind completely off of it. Whereas in the past I would struggle to find the new pattern, this time I was able to ignore anything that wasn't making sense and formulate a plan for what I needed to enter a HIGH PROBABILITY setup.

Maintain patience, emotionally center yourself, and let the opportunities come when they best present, not when YOU WANT THEM TO. If something doesn't make sense, it's more than ok to just toss it aside and wait for clarity. Because the clarity will re-emerge. And those who are patient and open minded to all possibilities will be able to find the opportunity.

Mark Z is an analyst in our VIX & Index/Sector Trading service focusing on trade setups in sector ETFs.


  Matched
x