Thanks for taking the time to read today's blog post where we discuss market psychology, market predictions and the year in review! These are simple and effective Technical Analysis tools everyday market participants use to generate income and make quick profits.
Ready for our market prediction for 2023!
It's really simple, I don't know!
Many think that they hold the crystal ball in the market and that you can just have random predictions. Just look below! Banks gave their estimates S&P 500 2023 estimates this week ranging from $3,000 to $4,500! (Bank Stock Symbols: $DB $WFC $JPM $RBC $CS $BAC $C $GS $MS $UBS $BCS)
Imagine as market participants always trying to predict where the market is going to end up? What we can do instead ---> stay disciplined and practice rules we have utilized through simple techniques.
Why embarrass ourselves?
We aren't the media, journalists, banks, or CNBC. We enter trades and let the market do the work.
Check out the predictions from various banks over a year ago! Ranging from $4,400 to $5,300. The S&P 500 started at $4,800 this year and closing at $3,800!
We don't need to make crazy end of year targets!
We don't need that kind of anxiety!
Manage risk and let the market do the hard work.
So, what's is really going to help us excel in 2023?!
Emotion, Patience and Discipline as SunRiseTrader has put it before, will help us prosper into the New Year. While I have predicted where the market would go this year, even I admit it was a bit premature and later we talked about taking profits before the market dropped to all time lows! ($SPY $DIA $QQQ)
We took profits before it dropped backed to all time lows! That is a SUPER win in my book.
How did we get there?
What did we know?
We used helpful tools available like math and price to make smart predictions and estimate where a stock, bond, commodity, assets class, or crypto might head to.
Are we going to always be right?
Maybe, maybe not.
For sure we are going to hit some HOME RUNS and we did!
Three BIG WINS
Some people think you need to trade every day, for some it's aiming at the fences for that big hit! Here's three great trades we made:
In 2022, we spotted the Top in the Dollar which helped us cover shorts while getting long equities and in particular $UDOW for a 40% gain in 2 months. Insane!
Our prediction this year that Gold would hit all time highs was a success!
When our target got hit we took profits and got out, even got short and got long again!
We let sentiment and price dictate then let the market do the hard work.
Last, we expected inflation to fall in June. Helping us make smart buying decisions not only in the market, also in every day life.
We were fortunate to be on the right side of the market in 2022 by respecting and following simple rules. How can we prosper in 2023, let's make it easy.
What we want to practice mostly is our control and risk when enter a position.
Three simple ways to succeed in 2023:
Patience entering a trade,
Managing Risk (minimize losses), and
Let the trade work after we enter it.
That's it! Keeping it simple will allow outsized gains in the market and we'll continue to outperform. So cheers to 2022 and here's to a great 2023!
Be sure to reach out here or on our Social media feed to ask questions and let us know how we can help you make this the best year yet! (@wizdaytrader)
Thanks for reading and remember to trade confidently!
Essex Trading Quote of the Day (#EsxQotD)
"Be patient with your process.
Be patient with the market.
And perhaps above all, be patient with yourself.
This game is all patience."