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Sep
02

The Weekend Trader – We Don’t Need No Stinkin’ Sleep

By Don Miller

Sunday 3:50AM Update – My weekly PivotPoint Advisors CIO Briefing has been posted on the PP site.

Trader Motivation – Let’s get the long weekend off and running by adding yet another motivational video to our motivational video page which I’ve also posted below. Many thanks to onlooker Stephen for sharing.

Please pay particular attention to the comments beginning at the 3:45 mark, “Most of you say you want to be successful, but you don’t want it bad … most of you don’t want success as much as you want to sleep”, as well as earlier comments with respect to wanting success in whatever you’re pursuing as bad as breathing.

If there’s one thing I’ve learned during all my years of trading and teaching, and on this eve of the 9th Jellie effort which begins on Tuesday, it’s that trading success always comes down to whether someone is willing to do what the vast majority won’t or can’t do.

And yes, that’s especially true for me as when I’m not committed or motivated … or more interested in sleeping past 5am ET, I lose money … every time. Remember those all-nighters in 2008-09??

And that includes wanting something as bad as “breathing”, and being willing to sacrifice more than a bit of sleep and comfort at times.

PivotPoint Briefing – Look for the weekly PivotPoint Briefing on the Briefing tab of the PivotPoint site over the weekend. Looks like last Friday’s expectation was spot on as the S&Ps did indeed carry last Friday’s strength into the early week before running into a brick wall of resistance. Shocker … not.

The result was a market that is essentially neutral on the week (as of the time of this posting), yet is 4% off its mid-week highs in what has again been highly volatile trading with the market dumping hard today after Thursday morning’s bull trap and today’s lame jobs report.

The impact for client portfolios? A +2.6% gain for those with an Aggressive risk profile on the one high-probability trade we entered at Friday’s close, selling well before today’s dump.

And whether trading intraday or longer-term, there’s nothing like a “gain” without the “pain” of a volatile portfolio.

Enjoy the video and have a blessed weekend.

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