JUST SAY "NO" TO TICK-ITIS
If you take a position, there are a lot of critical elements...entry, exit, stop, market conditions etc. But, among the most critical is time frame.
If you are daytrading or scalping, then it is imperative to be in the markets, watching every tick of your stock trade. If you are not, then why bother?
If you take a position and are in it for a swing,intermediate or long term time frame, then take your position, set your stop and go away. Do something fun or constructive for yourself. Why? Because the tape will be your enemy, CNBC will be your enemy, emotions will be your enemy, news flow and white noise will be your enemy and other traders will be your enemy. In the end, YOU will be your worst enemy.
Everything is noise, and the flashing red and green screens are mesmerizing, hypnotizing, addictive, and can turn you into a blabbering and confused idiot. Tick-itis destroys more trades and traders than any other disease. It leads to stress-induced illness, hypertension, deterioration of your eyesight and emotional distress.
The only time you should be watching the tape is for entry or exit. Otherwise, do yourself, your health, your wealth and your spirit a favor. Go outside, take a nap, play with your dog, have lunch with loved ones. But get out of the markets or you will drive yourself and everyone around you completely nutso.
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