"Patience is passion tamed." - Lyman Abbott
Trading is a bit like hunting.
As the guys in the Market Buzz Ventrilo Voice server know, I've been stalking Orange Juice for a short. I was watching it. And watching it. The seasonal sell date is approaching.
So I wake up this morning and I decided to take a look at Orange Juice (/OJ in the ThinkorSwim platform, or OJN9 for the rest of us). I decide to pull up the 10 minute chart. And what do you think I find happened literally, right before I logged into my platform?
So what do I do? What would you do?
Do not react emotionally. Keep your emotions in check. When in doubt? Wait.
Just ... wait.
One of the worst things you can do when trading is just to jump into the market, feeling that you're 'missing something'. The worst thing I could have possibly done? Was to forget my methodology and jump into a short position.
And what proceeds to happen with OJ for the rest of the day?
Just as with my last Cocoa trade? Another opportunity presented itself. The market rose for the rest of the day. Now I still do not know if I will take this as a short position. But the lesson here?
Don't be in a hurry to trade. If the market leaves you behind? Then it leaves you behind. It's not the end of the world.
There will always be another trade ...
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Note: This is not an investment or trading recommendation. The losses in trading can be very real, and depending on the investment vehicle, can exceed your initial investment. I am not a licensed trading or investment adviser, or financial planner. But I do have 13 years of experience in trading and investing in these markets. The Challenge accounts are run for the education of other traders who should make their own decisions based off their own research, and tolerance for risk.