Nothing really has to happen when we trade. Profits do not come easily. Most of the time nothing happens and markets just zig zag. In these zig zag periods one has to apply the golden rule of trading.

Patience

Trading is a marathon. Not to get rich quick. Just look at the US Stock market this year. Zig zagging between support and resistance. We have gone through sharp selloffs and sharp rebounds. It takes patience and a trading plan to survive this tough market. BTW…It is tough for both bulls and bears.

The market rallied for a second session today with all the major averages showing solid gains. The Nasdaq rose .44% while the SPY was higher by .73%. Both closed near their intraday highs, a sign of strength. Volume was lower across the board. But we are still not trending, rather chopping.

It is a difficult market to make progress in unless you are a very good short term trader. You need to know exactly the type of trader you are or simply have the patience not to play. Most money is made in the beginning of a Bull market after a sharp Bear market. We have not had one of those for 6 years plus.

Do you have the patience to not trade…Sometimes this is the best trade.