Yesterday’s post highlighted an important technical trading lesson: be patient, wait for the technical event to occur, then react.
Carter Worth on the MRKT Call Podcast had another excellent quote on this lesson. The ticker being discussed is PYPL (PayPal).
The Chartist is a coward. I want to do it after you do it. I don’t want to be the first guy in the door, I want someone else to start to turn it, commit their capital. And if it works the stock will turn and then we want to piggyback. Because what about the person that tried it 3-months ago, 6-months ago, 9-months ago, it’s all been for naught, or worse than naught, they lost money. I want it to really start to base, bottom, come to life, and then participate, respectfully, in the further gains.