Date: 2/1/2023
Author: Chris Hood
Jerome Powell is set to take the stage again today.
As usual, speculation abounds, and thousands of words have been written about what he might say.
But honestly, I don’t really care.
You probably won’t believe this, but I’m not even going to watch it.
That’s correct.
It’s what some are calling the most crucial meeting this year and I won’t be tuning in. I’ve got better things to do, like trade with my charts and tools.
Did I hedge or go into the close with a clear portfolio? Not a chance.
Yesterday, I placed trades just like I usually do and easily exceeded my daily profit goal.
So what’s my rationale behind this?
Let me explain.
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I’m certain before Powell starts at 2:30 pm, things will be slow. But then again, there’s rarely much excitement mid-day.
And I expect quite a bit of volatility during and after the meeting.
However, I’ve been at this for 20 years, and I’ve never seen the news dramatically change the market trend.
The market may dip and dodge and dive. The volume will spike and price might bounce around. But as soon as it’s over, we’re returning to whatever trend is in place.
Ok, I admit.
There have been a few news items that caused a major issue.
Like the COVID crash.
But pandemics, like world wars, are rare. There’s no way of trading a Black Swan event so why bother worrying?
Just follow your plan.
If your system tells you to go long then do so. Should your stops get hit, then take the loss and move on.
Nothing…and I mean nothing should interfere with your plan.
All available information is already priced into the market. Retail traders have zero advantage over institutions when it comes to information.
By the time you hear it, big money already knows about it.
I can promise you that. I spent half my life working for major banks like Barclays and Citigroup. I’m not speaking hypothetically.
My advice is to focus on what the market is doing and trade accordingly.
Ignore the analysts and MSM talking heads.
Having their biases in your head just makes you prone to ignoring your rules. You know, the ones you’ve been using to make profits.
But if you’re really worried then just take the day off.
You can’t lose if you decline to trade.
Otherwise, just stay the course, and trade your set-ups. Let other people worry about what the bobbleheads are saying.
You’ll be glad you did.
Cheers,
Chris Hood
PS – Don’t miss out on what could be the opportunity of a lifetime. Many analysts believe this is just the start of a new bull market in oil. In fact, Goldman Sachs says: “Oil will roar higher. ” Stating this new bull market in oil could easily last a decade. Will you be part of this, or one of those who gets left behind?
