Time to go fishing

Jesse Livermore once said “There’s a time to go long, a time to go short and a time to go fishing”. This quote couldn’t be more true for today as the lack of notable economic releases and the waiting for the US CPI report will likely keep the markets at bay.

In such days it’s way better to preserve your capital and wait for the right opportunity rather than trying to find a trade at all costs. Remember, your job is not to trade, it’s to make money. There’s a subtle but big difference.

Days like today are better used for researching, planning and learning as that will increase your human capital while stopping yourself from emotion-led impulses to put on a trade.

This article was written by Giuseppe Dellamotta at www.forexlive.com.