live cattle, sugar, grain comments 8/8
So I'm re-reading a book called The Disciplined Trader by Mark Douglas and this is definitely a "once-a-year" type of reminder book to read. A good quote from the inside flap is "Emotion kills successful trading." Objectivity is difficult at first when you're flat wrong most of the time. The practice of having a pre-defined exit point for losing trades before entering the trade is probably the best lesson I have learned about trading... ever. It's also probably the reason why I will be able to continue trading. Get over the ego and profits follow.Looking at live cattle, there is a bullish uptrend intact that might be tested in the near future. If flat resistence in the 91.17 area is surpassed, then we could see a renewal of the steeper uptrend; however, the intensity of the recent climb may result in a "re-check" of the lower slope uptrend. Stochastics are in the overbought zone now.
Sugar closed below 14.00 Tuesday at 13.99. Corn is resting at 253 (basis Dec) and beans (basis Nov) are hovering around 577 pre-report.
You can only change the present and future. Do it.
posted by jared @ 4:25 AM
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