The Local's Take: Evening and Week End Commentary

Good Evening,
Let me point out the obvious:
**Initial claims were higher than expected every week this month, culminating with a 427k print yesterday
**The Dow traded above 12,800
**Gold cleared the 1550 level
**Silver almost touched 50
**The dollar continued its decline
**The AUD climbed to an all time high - almost hitting 1.10
**The Fed came through with: extended and extremely accomodative

More than point out the obvious, I really want to make sure that traders out there understand what it is they should be looking for. They should not be looking for "the next big thing" or listening to CNBC (or any other analyst, software program or "educator") for the holy grail or for ideas.
I will put this in CAPS: UNTIL YOU KNOW WHO YOU ARE AS A TRADER, IF YOU LISTEN TO OTHERS, YOU WILL FAIL.
I can prove this by a few questions:
**How many of you know what type of trader you are: meaning, what style you are?
**How many of you know the proper amount in dollars and more importantly, percentages to risk of your account on any one trade?
**How many of you know the proper dollar amount or percentage to risk of each individual trade you put on?
**How many of you can look at your entire portfolio which includes all assets, trading accounts, retirement accounts and have a good understanding of how to maximize your profit and income generation while sleeping well at night because you are protected correctly given YOUR situation and what the markes are telling us to do, both fundamentally and technically?
**How many of you can put together a fundamental and technical picture of the market(s) that you are trading?
If you can't answer YES to these questions, then you are in dangerous waters if you think that someone out there is going to make you profitable.
Between this blog and the bi-monthly webinars and in some cases, one-on-one coaching, you can cut out a lot of the crap that's out there, focus on who YOU are as a trader/investor and move on with safe, high probability, low risk, high reward trades, IF you have the emotional control and discipline to implement your trading plan when you see an opportunity, stick to your plan as an un-emotional trader and let the charts tell you how to manage the trade.
Have a great weekend and Be Environmentally Cool
Coach Brian