The Bread and Butter Workshop is Back, a Profitable Skill and More!

DO YOU HAVE YOUR COPY OF ONE SIMPLE STRATEGY? [Click here to get yours now ›]( Mark Your Calendars October 19, 2021 - 8 pm (ET) Introducing the Bread and Butter Strategy Workshop Learn more about Hugh's core strategy for consistent daily gains at this FREE event! [Click here to register ›]( Pick of the Day Results [Click here to learn more ›]( A PROFITABLE SKILL Traders are a unique breed. Often competitive, quick at making a decision and hungry for success. On the surface, those traits seem to be a good fit for the ruthless environment of daytrading. Yes, a good trader needs to be able to decisively identify the pattern, buy into a position, set a target, monitor and close the position all without missing a beat or looking back. But the best traders are those who exercise this one particular skill: patience. I don’t want to get too technical here, but I have to delve into some specifics to illustrate why being patient was the right the right move for me this morning. Here we go… Checking the charts before the opening bell and looking through the Inner Circle outlook this morning, it was clear that SPY was poised to change direction from the past few days of decline. The good news from drugmaker Merck about an oral treatment for Covid reduced the risk in many investors' minds of further economic turmoil because of the pandemic. Some mixed economic data slowed the gains leading into the opening bell, but with support having formed at the exponential moving averages on the five-minute chart, I was still optimistic that SPY had room to grow. Well, the opening bell rang and SPY dropped and found support near $429.30. No big deal, probably just some profit-taking after pre-market gains. That's actually a good sign of a coming entry opportunity. And as SPY began breaking upward above its EMAs, I took a position with the 430 calls expiring on October 15. Then the hammer fell... SPY dropped again toward the mid-427s. Not good for my position! But I mentioned a key skill: patience. While my position was not what I wanted it to be, I was not terribly concerned. Here's why: - My position was not set to expire until October 15. I deliberately allowed enough time for SPY to recover if my position went sideways in the short-term. - I traded a quality option. Good bid-ask spread, plenty of liquidity. - We had some good news this morning, suggesting room to grow. I figured other traders will eventually see a good buying opportunity. So, I waited… and I was right. By late-morning, SPY bounced upward, recovered its earlier losses and closed my position at my intended target. Patience ruled the day. Alex A Recent Success Story Simon K. got off to a slow start in his trading career. Pressing health issues and a 9 to 5 job limited his ability to go after the opportunities that come with trading. That all changed in the last few months. After being stuck at home due to the pandemic and, more recently, celebrating good health, Simon signed up for the Inner Circle and began participating in our weekly training sessions. He sent us an email recently expressing his excitement as his trading builds momentum. We're excited for you too, Simon! 1623 Military Rd. #577, Niagara Falls, NY 14304, United States You may [unsubscribe]( or [change your contact details]( at any time.