When I was growing up, we lived on a farm. There was a creek that ran through the farm. In the summer my brother and I loved to fish that creek. He was the family expert when it came to fishing. He somehow understood which bait to use and where to find the best spot along the creek. We’d walk along the bank, and he’d survey the scene, looking along the shallows and the deep pools. Then he’d say this is the spot or perhaps let’s go home. When I’d ask why we should go home he’d always reply that the creek has nothing for us today. If we stay and fish, we’d just be wasting our time.
Trading is much the same. We come up with our morning watch lists and we survey the markets. But there are days where the market isn’t going to produce for us. On those days we must try not to cling too tightly to ideas of what should or shouldn’t be happening. Opportunities that present themselves naturally will be worth far more than those that are artificially contrived. Like with my brother and fishing we must know when the market isn’t ready to provide us with great opportunities and just move on to something else. The fish will be biting another day.
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