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The Hardest Trade of All
By Tom Incorvia | Published  03/23/2006 | Stocks | Unrated
The Hardest Trade of All

The broader averages had a bounce Wednesday, but none broke above the range from Tuesday. This doesnâ,"t mean that the Tuesday low in the Dow Industrials isnâ,"t a pullback and the markets are off to the races. Iâ,"m just not ready to jump in the market with both feet. There are still some concerns I have.

  1. The NASDAQ is still not participating.
  2. The Semiconductors are no where to be found.
  3. The yields on the 10-year Treasury are inching up (bearish).

Iâ,"ve learned over the last 18 years of trading that when the markets are giving you mixed signals and the odds arenâ,"t with you, it is better to sit on the sidelines and wait. Eventually the picture gets clearer and the trades present themselves. This sounds easy, but in actuality is harder than it seems. As traders, we sit and watch the screen for opportunities and if we donâ,"t put a trade on, we feel that the day was a waste. Nothing could be further from the truth. Remember, our job is to make money, not put on a trade and hope for the best.

Discipline is one of the key attributes of a successful trader. If you look at all the top-tiered traders, none of them are quoted as saying, â,"I trade on hunches.â, No, they all understand that consistency, discipline and knowledge are the true Holy Grail for success.

For Wednesday, I will wait and watch the action Thursday until the odds fall in our favor. Donâ,"t get frustrated if nothing appears because guess what: The market will open again Friday morning.

Disclaimer
The article submitted to the Tiger Shark Publishing LLC is presented for informational purposes only and should not be construed as a solicitation to buy or sell securities or securities derivatives of any kind, nor serve as any type of investment advice or strategies. Actual results may differ greatly from expressed opinion. The author expresses a personal opinion and will not assume any responsibilities of the action of the reader.

Tom Incorvia is a swing trader with 18 years of experience in the financial markets.  E-mail him at tincorvia@gmail.com.