This is the Number One Virtue You Can Have as a Trader
Did you see my prediction this morning?
This morning on Money Morning Live, I made a prediction that the Q’s would roll over and head to the multi-day VWAP.
And lo and behold would you look what happened today.
That, ladies and gentlemen, is what we call a 1-minute multi-day VWAP reversal.
Cue the music! We’re kicking our feet up, taking our cash, and are done for the day.
But Kenny, didn’t the market go up first before it went down?
And that’s why if you read the email I sent you this morning, I told you to wait until your trade was confirmed.
This morning, the market stunk.
For the first 30 minutes of the day, it was nothing but chop chop chop.
I was calling out names like PACW and PATH to my members of the Warlock’s World because it was the only thing working for us.
We made a little money. But a lot of it was just waiting for the Q’s to do what we wanted them to do.
Patience is the number one virtue that you can have as a trader.
If you were only trading the Q’s today, you could have gone long to start. And then you could have gone short when it broke VWAP at 10:20 am.
You didn’t just get up and walk away because the Q’s didn’t do what you want by 10:00 am, did you?
Trading is boring. Sometimes a stock does what you want it to do.
But other times it’ll just chop sideways and stay at the same price the entire day.
Those kinds of days make me sick. And every trader has those days.
Sometimes your day is done before the markets are even open.
Sometimes you have to wait a few hours for your trade to set up.
And sometimes you get nothing to go your way.
You have to have the patience to stalk one name and try and trade it multiple times a day.
The Q’s kept on test 306.50 this morning and couldn’t break it. Then they rallied through the VWAP. And then they came crashing down all the way to the spot I showed this morning.
And then the third short worked. And got you a three-dollar swing.
Members of the Warlock’s World had a chance to get in with me on the trade. And I encourage you to join us if you haven’t already.
And as always send me your questions and comments to KennyGlick@MoneyMapPress.com.
Happy St. Paddy’s Day! I’ll see you all next week!
March 17 2023
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