Moving Past A Bad Trade

THE WEEK

Another week of being slapped around by around by economic announcements.  This time it was Powell’s speeches on Wednesday and Thursday.  They weren’t announcements rather his take on the economy and possible future actions of the FOMC to tame inflation and recession woes.  I had exited many of my positions prior to his Wednesday speech.  But the trading herd reacted positively to what he said.

Good reaction so I went right back into my positions thinking Thursday would have a similar reaction.  This time Powell came out strongly saying we are not out of the woods yet and to expect even greater interest rate hikes.  That plus the poor 30-year bond auction sent the Market’s reeling down hard and fast.

LOOKING AHEAD

We have two more significant economic announcements this week – the CPI on Tuesday and the PPI on Wednesday.  Both announcements are at 8:30am Eastern, an hour before the Market opens.  As I write this edition of Inside My Brain I am not sure of which way the herd will react.  I will be watching closely and make adjusts to my positions once I see the reaction.

HOW AM I DOING?

I got battered and beat up this week by the sudden price/action shifts both of which I read wrong.  My normal trading confidence slipped and I am still feeling a little unsure.  Which brings me to this week’s deep dive on Thursday’s webinar.  This kind of feeling happens to every trader but it is how you move forward that matters.

I can hear my Dad whispering in my ear, “It happened, move on.”

This Week’s DEEP DIVE

Emotions and Trading