Money is made by sitting, not trading

I’ve been pretty busy this past week, hence the lack of posts. Mrs. Geppy and I were rushing around the house, trying to wrap up some projects before heading up north to be with some family for Thanksgiving. We were only there for two days, but it’s quite a production with a little one. Little Geppy is nearly 18 months old and it’s amazing how much stuff we need to still pack for just a short trip.

I was so distracted while up there that I didn’t even think about the EURUSD long I’d put on before we left. A few days ago I dropped this note on a forum. After a terrible week of trading last week, I felt like I was seeing clearly. 

So I finally took a look at the markets today, long after they closed, just a bit ago. Turns out EURUSD is trading 200 pips higher than where I put that trade on. I said I was holding for 200-300 pips in that post, but now that the first 200 have come so easily it makes me think there’s likely far more coming.

Money is made by sitting, not trading

Unfortunately, I can’t take credit for the above quote. Jesse Livermore was a big proponent of sitting on your hands rather than constantly trading. The book, Reminiscences of a Stock Operator is an incredibly enjoyable book packed with trading insights. It changed the way I think about trading, and I read it every year around this time.

The Euro is clearly in a very strong uptrend. The charts look even more bullish than when I looked at them earlier in the week. Yes, there’s some resistance to contend with in the 1.2000-1.2100 zone, but I trust that sitting on my hands will get us through.

And if we do make it through…

Well, there could be a lot more pips to be made by sitting for the next resistance zone:

The big weekly down trend resistance doesn’t come in until somewhere in the 1.26’s. That’s still some 700 or so pips away. When’s the last time you make over 700 pips on a trade? It’s easier than you think.

I’ll be super busy from now until Thursday, trying to get more renovation projects done here around the house. Then we take off to southern California to visit more family. I’ll have my book with me, and hopefully plenty of reading time while the in-laws go gaga over little Geppy. I’d would love to meet any readers for coffee and chat forex if you happen to be in the Thousand Oaks, or more specifically Oak Park, area.

It’s a heck of a lot easier to not meddle with a good trade when you’re so distracted with other things.

 

Geppy Forex

I began trading forex in 2005. It took me seven years to figure out how to be consistently profitable. I blog in an effort to hopefully help other aspiring traders become successful much sooner than I did.

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