This week I don’t have a chart for you. I have a lesson.
And that lesson is that there are times in the market when you are best served by sitting on your hands.
This week, I’ve been scanning the markets and honestly there’s nothing that really grabs me as a “must take” trade.
Other, famous traders have said it many ways:
“The stock market is a no-called strike game. You don’t have to swing at everything – you can wait for your pitch.”
— Warren Buffett
“If most traders would learn to sit on their hands 50 percent of the time, they would make a lot more money.”
— Bill Lipschutz
Even the famous Jesse Livermore said it… a few different ways:
“It was never my thinking that made the big money for me, it always was sitting.”
“Money is made by sitting, not trading.”
“Men who can both be right and sit tight are uncommon.”
Long story short, this week is all about sitting tight and exercising those “patience” muscles.
Stay tuned!
— Jeffry Turnmire
