The set-up: It has been a killer month for me, much better than I expected after a slow start, and it would be very tempting to see what else I can squeeze out of it to raise the bar even higher. But it’s the start of a holiday weekend, and volume is going to be low across the board today; if I have 10 things to look at in a normal day, today there might be two or three.
How I’m playing it: I cashed up at the close on Thursday and I’m not trading anything today. It’ll be the same thing on Monday, when the market takes a half-day ahead of the July 4 holiday. I will keep watching the markets and gold and oil from my phone, but that’s because I’m a markets junkie and not because I’m going to make a trade.
When I’ll move: Bright and early Wednesday morning. It should be a busy day with the market back from this holiday.
The moral of the story: It’s okay to say “I’ve beaten my expectations. I can take my foot off the gas now.” Don’t let fear of missing out push you into trading; remember that cash is a position, and sometimes a strategy.
Taylor Conway is the lead day trader at PennyPro.com. He is a short-term day trader of stocks and ETFs. At the time this article was published on RagingBull.com, he had no open positions, options or orders whatsoever.
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