Thursday, October 6, 2011

There is a time to be old and a time to be bold

There is a time to be old and a time to be bold, but not a time to be bold and old | PeterLBrandt: "The time to be bold is when the markets are clear. The markets were clear to me. It was time to be bold — in trading and in the narrative of this blog.

I am no longer bold. The old adage prevails — when in doubt, get out. I feel no obligation to always have an opinion or a position. I have made this fact clear. Classical charting principles do not always measure a market."

These lines from Peter Brandt are a gem of wisdom for each trader. When our charts are clearly giving a trading message, we should be bold. If the charts are not clear, then take it easy. Equally interesting is his statement about classical charting principles. Sometimes, market environment may change (for the trader) while charts may not reflect that change. So, be conservative at such times.

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1 comment:

rohit said...

This was the best answer to all my questions. Just wait for clarity to emerge before taking a call.