The Kirk Report |
Posted: 10 Jun 2009 08:23 AM PDT Recently one of my mentees asked me a simple question - "How do you remain so calm during the trading day especially when there is so much money on the line?" My first instinct to reply was to tell her that I never trade beyond my limits (mental or financial), but there is much more to it than that. For me, trading requires a sense of both calm and confidence that takes time and serious effort to acquire and maintain. I discovered some time ago that one of the most simplest ways to remain calm and in control is to practice basic breathing exercises throughout the trading day. Years ago when I was back in law school and extremely stressed out over the final exams, a dear friend taught me several techniques that I still use every day. Others, like Dr. Weil, have said they've seen simple breathing exercises significantly improve people's lives and I have seen the same for everyone I've recommended this to as well. To help get you started, Dr. Weil has provided instructions on three breathing exercises that I highly recommend you try out for a period of time. In fact, at least three times every day I engage in the following exercise which Dr. Weil provides these instructions:
Do yourself a favor and do this three times every day for the next three months. (I do it 5 minutes before the opening bell, again around lunchtime, and after the closing bell). To achieve the most benefit, it takes several months of practice and, if you do this, you'll see big improvements in your overall levels of stress, your blood pressure will go down, and ultimately your trading and investing decisions will see significant improvement. In fact, this very well may be the most important piece of advice I share with you this year! Remember, all things must be in harmony for you to achieve the level of success you desire. Taking care of your body is a component of this that few traders fully understand and appreciate and these simple breathing exercises will be of tremendous help. |
Posted: 10 Jun 2009 05:53 AM PDT Good morning. Premarket futures are in rally mode following strength in overseas markets and especially in commodity-related oil stocks. Top headlines this morning include expectations of stronger than expected economic data in China, a bearish sentiment survey at Bloomberg, Home Depot raised its 2009 profit forecast, mortgage applications fell as rates rose as industry pushes to extend the home-buyer tax credit, Ford is apparently seeking millions of dollars in direct loans and guarantees, the Supreme Court has let Chrysler's asset sale to Fiat proceed, and Obama has dropped its tough plan on bank compensation. Premarket gainers: CDIC, JAZZ, SHFL, MLNK, CPST, ANX, CFX, GRH, GFG, ISLE, SAY, ROYL, ESLR, CENX, XTEX, JASO, HERO, QTWW, THQI, CPN, URRE, ETFC, CDII, RBS, OXM, RTP, ATPG, FEED, STLD, ACGY, EBAY, EGLE, UBS, XTXI, OPWV, & SEPR. Premarket losers: MRNA, SINA, EFUT, CNB, NCS, BKD, HS, ODSY, HXL, B, LHO, SGY, SINA, AMP, NATI, ACH, EDZ, FXP, VSTN, INAP, & AMP. While the focus today will be on the 2:PM release of the Fed's Beige Book, the Fed's Evans is scheduled to speak this morning and we have the weekly EIA Petro report at 10:30AM. Much like yesterday, traders will be fixated on the trading range and whether we're able to break free from it entirely. Last Friday morning's gap open remains the level of overhead resistance for the major market averages and taking that hold and holding above it will be important. Go make it a great day! |
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