October 20, 2020 premarket analysis of Wells Fargo looking for a long trade. I didn't start out with the intention of spending a lot of time on Wells Fargo. It turned out to be a sequence of days following the price action and overall behavior of a narrow range market using the tools and observations that I would normally use.
I'm not sure if I'm going to follow this through much longer; each day I'll make a decision about posting. My style of framing and analyzing the market takes time and it takes effort. No doubt it will take more effort than many people are willing to make... but this is what's required for me and what gives me a comfort level that I require in order to take a trade. Even though I can analyze the market much more quickly than the duration of the video, it still takes time and energy... And if I do this on limited trading opportunity because the market has limited profit potential... I run the risk of spending a lot of time and minimizing my profit potential because I'm tied up in a market that I'm developing a comfort level because of my familiarity with that market... Yet it's not where the bigger profits lie. One way this can happen to you is that you can decide you're going to be an S&P trader for example, and when you do this your vulnerability is that you will not accommodate those times when the market becomes less tradable or presents more vulnerability with less opportunity potential... But you're so comfortable with that market, and also much less familiar with alternative markets... And you can lose a lot of money and waste a lot of time because of the need for familiarity.On the other hand, speaking from a personal point of view, I have decided not to trade a lot of different markets... It just doesn't work for me and I don't want to do that. It's a function of my personality and the time of life... And that supersedes all other decisions. Choosing two or three markets, maybe four markets, and trading one market at a time, and possibly a second market at the same time... It's about all that I'm going to do. Exceptions would be the miners... Getting long in March... And if I had taken a trade I would just hold the position. In that case I don't have to constantly work that market and this would leave me time to take on another market simultaneously.


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