Pete’s An Idiot

That might be true, but not when it comes to trading.

PRE-OPEN MARKET COMMENTS FRIDAY - My goal as a trader is to stay one step ahead and it can only happen when you have an acute sense of awareness. Many traders view today's price action relative to yesterday's price action and that is fine if you are day trading. You have no overnight risk and you don't have a portfolio of positions that you have to unwind. When it comes to swing trading, you have to be able to see at least a month out. You don't want to get blindsided by a large move. The price action tomorrow is the result of the price action for the last few months. In an up trend, the climax comes very quickly and there's an incredible amount of pain inflicted on short-term swing traders during the first leg lower. Many swing traders are leveraged and they have options positions. They look great one day and they get destroyed in a heart beat. I don't want that to happen to you and that's why I keep beating this drum.

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