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Monday, August 11, 2008

Master something, knowing is not doing.

Herbert Simon, Nobel laureate: "A wealth of information creates a poverty of attention." Fr. Rohit Bhargava's book.

Just used this quote with a group of technical traders that make no money. After an hour of debating and listening to their positions I noticed that they all shared one thing in common. Alot of information, no ability. They were lacking the ability to execute a profitable trade and manage the money once in the trade.

Simple is better. Learning to consistently manage your trade once you are in to get the maxim benefit is the key. Mastery is not how much you know, it is how well you use what you know. So check your self. Quantify your trades, sometimes what you think and the reality of what you do is different.

Master, Master, Master.....

August 11 S&P 500 emini chart

I am still looking for the close of the 1322.50 target.

Oil is making it easy for this market to move. I am expecting to see $107 a barrel. Lets see how long it will consolidate down here.

Euro is also loosing strength, expecting to see it head to 143 over the following months.

Gold will also see $810 area. Dependant on news and Israel and Iran's ability to get along.

Expecting to see a quite period for the next 10 days and then some break out movements in the market.

Don't fall in love with the upside.

Day trading S&P 500 emini futures live trading room and day trading course's Fan Box