I had a proud teacher moment last week, and it wasn’t because one of my students posted a big win.
There were very few questions in chat. Normally, I’d be yelling for questions. That day, I was proud that it was quiet, because it showed me that people were doing this…
Prepare for Next Week’s “Money Monday” Today
Table of Contents
The Big Picture
The market was slow that morning. Fewer questions showed me that people were listening to the guidance and just chilling a little bit.
The best thing about trading is, when the market is slow or your pattern isn’t there, you can take the day off.
Now, that doesn’t mean you can’t be productive, okay? Do you have errands to run? Or a big to-do list? Or maybe journals you need to update?
Heck, maybe you’re still working a day job, trading part-time, and you really need to focus on work.
Remember, it’s just one day. Nobody knows what’s going to happen the next day. Also, you don’t have to force trades on a slow day, because…
There’s Always One Good Trade
It’s a little cliché, but it’s accurate.
Rarely does a day go by without at least one signal hit, one pattern playing out, or one opportunity to take a good trade.
So, if you feel like you absolutely have to be there, be patient.
Remember, you only need one good setup.
You Don’t Have To Trade Every Day
A lot of people turn trading into a crappy 9-to-5 job, where you have to be there no matter what.
Look, if you work at an insurance company and it’s Friday afternoon with not much going on, you still have to sit there. No matter what, you sit there until 5:00 p.m. because the boss expects it.
Imagine calling your boss and saying “Oh, it’s kind of a slow day. I’m not showing up today.”
Your boss would say “What are you talking about?”
I think sometimes people apply that to trading.
If you run your scans and don’t see a setup that checks the boxes, you don’t have to sit there until 5:00 p.m. like the person working at the insurance company.
The market will be here tomorrow.
For me, that’s the best thing about the market and being a trader.
My Take
The primary reason I became a full-time trader was because I was sick of the rate race. I was sick of the grind. I was sick of employees. I was sick of customers. I was sick of ALL of it.
I wanted freedom. I hope you do, too. It’s why I work so hard at teaching people like you to trade the smart way.
Watchlist
Across the board, we’re seeing the tech trade go to cash due to uncertainty around the midterm elections.
Now, if there’s a blue wave, there could be rampant regulatory assault on these tech companies. If the election goes the other way, I think we’re going to see an absolute rip-your-face rally in these stocks.
With that in mind, CoreWeave Inc. (NASDAQ: CRWV) had a rough week last week. It might be the perfect time to buy:
CRWV 6-month, daily candle, broken chart with support
In the middle of all the negative news flow around CoreWeave last week, Nvidia (NASDAQ: NVDA) CEO Jensen Huang publicly defended the company. He’s a billion times smarter than me, and I think he’s right.
I like this level if it starts to turn. That said, if it breaks below support at $60, run as fast as you can.
On My Radar
- The new Tesla Roadster is proof we live in the greatest time in history
- In case you missed it live last night: The Sunday Setup (tell what you think about the new format in the comments)
- This day in stock market history: 1987 Black Monday market crash
- Investing .com calls this: “One of the most significant structural shifts in retail trading in more than two decades.”