One habit that I got into early in my career was learning how to keep my thoughts on the market in perspective. This helped reinforce long term patterns with short term trading. Like most traders, I'm fairly visually oriented. Show me a picture, a chart; something that helps illustrate a compelling reason to be involved in the market, but more importantly keep the long term perspective in check.
Every month, I reevaluate my monthly charts of ($SPX), ($INDU) and (QQQQ). Once they are completely annotated and the technical analysis process is complete, I'll print them out and have the posted above my monitors in my home office. With this said, I have come to terms with the big picture and can trade with a clear conscience on the shorter time time frames. Here's an example of my monthly take on the S&P Index.
(Click the Screenshot below for a full view)
~Duane Gott
Additional resources:
Join us at a FREE online seminar http://www.esignallearning.com/seminars/descriptions/detail/online/default.asp for Advanced GET.
Check out the entire feature list http://www.esignal.com/advancedget/default.asp for Advanced GET.
Comments