Chart Your Path In Market’s Choppy Seas

2021-05-03

The stock market opened May with more chop and uncertainty with no end in sight for traders trying to make heads or tails of market direction.

How do you weave through daily concerns of “what could happen next?”

Simpler’s traders fall back to what carries them along no matter how the market is acting. They review and apply their already established trading plans.

Here are some ways to chart a path through this market:

  • Stay up to date on trading platforms, indicators, and strategies
  • Ask the Simpler team questions about pressing trading topics
  • Review and update your ticker watch list
  • Replay video tutorials and try some new ones

If there is any “shortcut” to a trading plan, it will focus on developing skills at your own pace and then repeat the process.

And a little extra discipline can go a long way:

  • Manage position sizing to avoid losing your total account value
  • Avoid repeating the same mistakes from losing trades
  • Find what trades have been working and continue the “rinse and repeat”

Anyone trying to sail across a choppy sea needs a charted course otherwise they are sure to never arrive at their destination. Traders need a plan in place with this choppy market that appears to be here to stay for a while.

We Saw: Mixed day as stock market finishes choppy — 

  • Will “sell in May” be wise with the economy opening up?
  • Businesses struggle to find workers as Covid-19 fear lingers
  • Don’t die: government wants most of that inheritance

We’re Watching: Still more earnings opportunities ahead —

  • Stocks with quality squeezes building
  • Keeping our skills sharp, learning from others
  • Setups in: NDX, TGT, TSLA, DIS, AMZN