Hey friend,
We’ll soon see how the markets react to the release of the latest Personal Consumption Expenditures Price Index data – the Fed’s closely-watched inflation gauge – this morning.
For now, let’s see how the markets have been moving.
The Daily Direction
Note: It was a mixed – but largely flat – close for the markets yesterday, with no change in any index directions. How much longer can the market continue to trade sideways?
The Daily Nugget
“Invert. Always invert”
~Charlie Munger
Here’s another piece of wisdom from the late Charlie Munger we can apply to trading.
Munger made famous the concept of inversion – where we approach a problem from the opposite end.
The core application behind inversion is this – instead of seeking brilliance, learn to avoid stupidity instead.
In trading, instead of trying to shoot for the biggest gains possible, learn to avoid burning through your account instead.
So, what causes traders to burn through their account (and usually give up after)?
It almost always comes down to a few key mistakes.
It’s taking on position sizes too large for their account…
It’s chasing after their losers instead of ruthlessly cutting them off…
And it’s trading without a proper strategy that has a defined edge.
Avoid these few key mistakes, and you’ll most likely “make it” as a trader in the long run.
And it’s certainly much easier to do than trying to become a trading genius.
Most of it is just emotional management…
Really, the only complicated part is finding a proper strategy with a defined edge.
And the good news is you can still get Ross Givens’ flagship Stealth Trades strategy for just 99 cents today…
A strategy that will give you the “smart money” edge.
But tomorrow, when December hits – we’re taking it off the table.
So click here to grab this $0.99 deal before it disappears tomorrow.
The Traders Agency Team
