Fuinhaz $SPY morning update for July 12, 2012

$SPY and the bulls are doing their best to make this 6 day sold market bounce with the expectation that the initial claims will help us find some traction. There is a huge possibility for that to happen, but we all know that the market loves to play with us, so I urge readers to be patient. One could interpret the $SPY chart to be forming an invert head and shoulder. Still far from happening, but it is better than nothing for now.

While we wait for this bounce, let me talk to you guys about something that is very important in trading. About 3 weeks ago, I had a nice and long talk with one of the best traders I know, and someone I have enormous respect for Kunal Desai from the http://bullsonwallstreet.com/ . He drilled in my head the idea of not only of actively participate in a chat room, but also to have one or two other good traders in the same chat room that would act as your wingman. Two people who you would share your ideas, adn they would act as an extra pair of eyes for you. People who will remind you of a trade that you might pass by, just because one cannot look at so many names in one time. They are the ones that will also help you not to over trade, or keep you from doing a revenge trade, or go back to a trade that was not really your style to begin with.

I suggest everyone to have two people in the chat room to be your wingman, people you trust and admire. And who will help you to continue to develop your skills.

May you all have a good continuation of your day.