If you didn’t, you are not likely to read this.
PRE-OPEN MARKET COMMENTS THE LAST TRADING DAY OF 2022 – The NYSE will ring the closing bell with vigor today as traders say “good riddance” to this bear market. The vast majority of traders who proudly boasted their gains a year ago blew out. That is the nature of the business and the washout is even more pronounced after a 12-year bull market. Many traders who are still “in the game” are hanging on by a thread. If you made it through the year you should be proud of yourself.
Traders who remain have learned to completely respect the market – MARKET FIRST! They understand that it can go down. They see both sides of the coin and that skill will help them improve their entries and exits. Yes, money can be made on the short side as well. They’ve also learned to adjust their size, strategy and trade duration based on prevailing market conditions. There were times when “no trade” was the “best trade” and they learned to patiently wait for those set-ups.
Most analysts feel that the market is due for a rough stretch the first half of the year and I agree. Don’t despair. In 2022 you were pushed head first into a cold lake. You came up for air and you were able to tread water. The shock is wearing off. You are adjusting and you have learned how to swim in cold water.
If the market goes down from here, it won’t be a shock and you will capitalize on that drop. When signs of support start to form, you will also know how to recognize a possible trend change.
You might not have much to show for your newly gained knowledge, but take pride in your accomplishment. You are still trading when the vast majority of others have failed.
May you find great success in every respect in 2023.
Happy New Year!