Hello traders and MarketClub members everywhere! I would like to share with you a little ritual that I go through at the end of every month. This monthly ritual is not a little happy dance I do (although I do a happy dance when it has been a very good month). This monthly ritual is not very technical, it's very visual and one that you can do in a matter of seconds using the MarketClub charts. You will see right away what I am talking about when you watch today's video.
Many traders are superstitious and like routines and little rituals. I first ran into this when I became a member of the Chicago Mercantile Exchange. I used to watch with amusement as certain members of the exchange would have a special way they would enter the trading floor. Whatever their ritual was it had to be the same way every trading day otherwise in their mind it would be a bad trading day.
I've also seen members when they're on a winning streak not change their clothes for days. I know this all sounds a little bit crazy, but many traders around the world have their own little rituals. One trader I used to know kept a rabbit's foot in his pocket for good luck and would not make a trade unless he had the security of that old rabbit's foot.
My trading rituals compared to Mr. Rabbit Foot are pretty normal in comparison.
Now, I am not saying you have to carry a rabbit's foot in your pocket or just go through a doorway in a certain way to be successful. What I am saying is you should form your own trading habits and rituals and try to keep them as consistent as possible. They say that man is a creature of habit (no offense to our female members, it is just a figure of speech). So here is your challenge, create your own habits and superstitions and see how your trading improves.
Today, I'm sharing with you something that I do on a monthly basis. Now I have other rituals that I go through, but for today's purposes I'm going to focus on the last trading day of the month.
In today's video, I will focus on this one ritual and how it can be applied to the DOW, S&P 500, NASDAQ, gold, crude oil and the US Dollar. I'll also be taking a look at the weekend trading strategy and seeing which stocks are worth trading with the "52-week High on a Friday rules."
Do you have a trading ritual that you would like to share? If so, I invite you to leave your comments below this post. If you have any questions about the markets, now is the time to ask them.
Have a great weekend everyone!
Every success with MarketClub,
Adam Hewison
President, INO.com
Co-Creator, MarketClub
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