Trying to time the market is a difficult task and quite frankly, it’s just about downright impossible. Personally, I like to do my buying on a down day. Why? Because, many times after a day of selling off, there is a tendency for the market to turn around and rebound. Try staying a step ahead and do the opposite of what the broader consensus is doing. When they’re scared and selling off, we’re not scared and buying! That is a very over simplified way of putting it because there are many factors, but as a general rule, this is a good strategy.
How should you time the market? Doesn’t it seem just when you’re confident a stock is flying high and going to continue it’s run, it ends up doing the exact opposite! Ugh! It happens to us all because the fact is you’ll never perfectly time the market. Too many events affect stock prices during the course of any given day. But you can get smart about how and when you buy. The times I’ve made the most money, were the times I was not watching the market. That’s right, I was paying very little attention and only checking in occasionally. Sometimes you just know an opportunity when it hits and the best time to find it is when you aren’t looking for it! Let me explain further.
When you get up day after day and watch the market faithfully looking for something to buy, that is where you run into trouble. You’re looking for something to buy! Remember the saying many traders have “let the setup come to you” – a mug you can buy in our store btw! Excuse my shameless plug, but we appreciate your support and these mugs are cool! Anyway, sometimes the best way to trade is by NOT looking for a trade at all. Take it one day at a time. If anything at all bothers you, simply wait. Our best trades have always come from being patient and not jumping the gun. The worst trades have always been from trying to make something happen that simply wasn’t there.
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