I was about to go broke. It was the summer of 1997, and I was sitting in a day trading room in San Francisco. Just 6 months earlier, I had opened up an account with $20,000 -- my life's savings.
Now we were in the middle of the Asian financial crisis, and I was down to my last $5,000. I wish that I could blame the crisis for my account imploding, but the simple fact was that I did not know what I was doing.
"The coldest winter I ever spent was a summer in San Francisco," Mark Twain famously said. That August day was a cold and foggy day too, but I barely noticed.
If you’ve ever used Bollinger Bands by themselves, you know that they don’t work. That’s the bad news.
The good news is that they actually do work if combined with a sentiment indicator, which the most successful traders know how to do.
Your trading experience will become an extension of who you are as a person. As you trade longer, you will begin to notice that maintaining an overall balance in your personal life activities is key to having the energy necessary to keeping your trading consistent and profitable.
Earnings season is and was in full swing. At this point in August, the big boys have released their numbers and the markets have been printing higher highs. As of today, August 2nd, 2016, the S&P and Nasdaq are showing some healthy signs of a rest.
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