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Leaving (for) Las Vegas
May 13, 2008 - I rarely have bad dreams, and am even more rarely awakened by them. But last night,...
I rarely have bad dreams, and am even more rarely awakened by them. But last night, I had a terrible dream that I looked at the quote screen, and the Dow was up 386 points. That was enough to get me out of bed at 5 a.m. You'd think someone in my business would have dreams about the market constantly, but I don't. It's only happened a few times in my entire life. I'm not sure what caused this little night terror of mine - - - either it's a subconscious fear about the breakout potential of the index charts I've been looking at, or it's the ultimate contrary indicator! In any event, the surprisingly decent retail numbers - - which caused the IWM to puff up over half a percent before the market opened - - aren't doing any magic for the bulls for far (of course, I'm typing this a mere 15 minutes into the opening bell, so the 20 points off the Dow don't exactly mean anything conclusive!) I was surprised how many gold bulls I ticked off last night with my speculation that the $XAU was poised for a small tumble. As always, time will tell. Both oil and gold are acting nicely bearish this morning. But again, traders are barely out of their jammies, so it's too early to say. As I mentioned last night, I'm going to be in Las Vegas roaming around the Money Show to see what's new in the world of trading technology. Say hello if you see me there! But this means my post today (Tuesday) will be quite late, so please understand. Thanks, and I'll see you online tonight. Discuss this article in the forum. ...thanks
for the trust you've shown in MrSwing.
Disclaimer: Please note that charts and commentary provided by the moderator are for educational purposes only. Any trades placed upon reliance on the moderator’s charts or information is taken at your own risk for your own account. Past performance is no guarantee of future results. While there is great potential for reward trading stocks, futures and options, there is also substantial risk of loss and you must decide your own suitability to trade. Future trading results can never be guaranteed. This is not an offer to buy or sell stock, futures, options or commodity interests. Most trading systems are based on historical formulas which have worked in the past. However, what has happened before may or may not happen again. You can lose all your money trading stocks, futures, and options and you must decide your own suitability as to whether or not to trade. Only trade with true risk capital you can afford to lose. Only trade markets you can properly afford to trade. Properly funded trading accounts typically perform better than those that are not. Never risk more than 2-3% of your account on any one trade. Always define your risk before entering a trade and place a stop to limit your risk. There are no guarantees or certainties in trading. Trading involves hard work, risk, discipline and the ability to follow rules and trade through any tough periods during a system’s draw downs. If you are looking for a guarantee, trading is probably not for you. Most people lose money trading. One of the reasons is that they lack discipline and are unable to be consistent. A system can help you become consistent. Ironically, worrying about the monetary aspect of trading can contribute to and cause a trader to make trading errors. Therefore, it is important to only trade with true risk capital.
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