Friday, October 04, 2013

I'm like a coiled spring...

Here is a saying I've said plenty of times on here over the years (but not recently) which is quite apt at the moment; "Some of my most profitable days have been when I've done..nothing".

Actually, in this instance I'm referring to the last week or ten days, rather than a single day - the last trade I took was opened on 25 September. Since then, while a couple have fallen by the wayside, the rest of my existing long positions have been able to at least hold their position, and in some cases move up nicely. 

All this with the US government shutdown etc., being a drag on the main market. As a result, the performance returns (including those open positions) stands at new highs, with a big jump over the last week or so.

Having the patience and discipline to stand back from the markets once in a while comes with experience. Over the last few days, I've forced myself to wait for all the markets to start showing strength before looking at any new long positions. 

While numerous long set ups are coming up on my scans, the major indices (Dow and FTSE) have shown weakness ever since the last Fed Reserve announcement. In constrast, the Russell 2000 is close to all-time highs, the Nasdaq to multi-year highs, and the DAX has held up well too. I'm ready to roll - just waiting for a sign of strength in those other indices. The run towards the end of the year may yet prove to be interesting.

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