Twice a year, the Federal Reserve Chairman gives a report to, first, the House Banking Committee and, then usually the next day, to the Senate Banking Committee.

This testimony was started during the Carter-era as part of the Humphrey-Hawkins Full Employment and Balanced Growth Act of 1978. It continues twice a year, two days in February and again two days in July. These are low-probability days to trade as the market jumps every time Bernanke says one thing and, then another.

My advice is that these four Humphrey-Hawkins days are good days to take off from trading guilt-free.

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Hi Jeff;   When I first talked to you I remember you saying that the best trader you have known took 9 months to become profitable. Like, I’m sure everyone that heard the best took 9 months set that as a target to meet. Most people that are successful and start a new venture believe that should and will compete with the best.   When I didn’t make it in 9 months, or 10 months, ….., or 16 months, Read the rest of this entry »

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To view the contents of this post, you must be authenticated and have the required access level.

To view the contents of this post, you must be authenticated and have the required access level.

Regardless of what you have attempted to do in the past, trading is likely to be the hardest thing you will ever do.It, also, has the potential to be the most joyous and rewarding thing you will ever do.

The fact is that trading is hard because it forces you to face your every weakness.  Your slightest negative emotion can be magnified until you are overcome with disappointment and self-doubt.

Trading can, also, be a daily test that you welcome because you know you are up to the challenge. Read the rest of this entry »