Good evening profitly! Sorry I haven’t been in touch for the last week or two as I’ve been very busy. However, I was still trading and had my biggest win ever! (You can check it out HERE) Also follow me on twitter because I still give live updates on there of trades and ideas. So, I wanted to talk about a few things quickly here to help everyone with the markets in the next couple of days so lets get into it.
I know a lot of people will be looking to go long in volatility (VIX). Most of the runup is because of the worry of the upcoming election. This has been increased with polls showing Trump closing in on Hillary. Well, I’m going to say this. Don’t go long in VIX or any volatility shares first thing in the morning tomorrow. The reality is polls are most likely and are already showing Hillary's lead climb back up. That factor alone will make the VIX go down. Also we’re not in a moment of panic like brexit. Yes, the market is going down but what people are failing to realise is, it's not panic. If the polls come out and say it’s a tied race or Trump wins then the VIX will be in play, but as far as tomorrow morning goes don't look to go long.
Marijuana is still in play
Yes, there is still time to make money here! Everyone seems to be forgetting that the votes are on Tuesday so tomorrow will be all speculative money. Friday afternoon would have been the ideal time to load up, but not everyone had the chance (Myself included). Tomorrow and tuesday will most likely see crazy stock spikes and drops especially from companies based out of California. I also think it’s important for you to realize which states are voting on MJ and what they’re voting on, as not all are voting on recreational marijuana. However, no matter which states are voting, the whole sector will have move. Play this safe and watch your level 2s when dealing with speculative moves.
Don’t forget what you know
With all the election and Marijuana hype people seem to go crazy. By crazy I mean, people lose their sense of what a good trade is and try to be a trader they're not. Basically what I’m trying to say here is be the trader you already are. If you’re not comfortable with MJ stocks then don't play them! There will still be plenty of plays out there that follow the patterns we all know, but there will be others that don't. GET A PLAN AND STICK TO IT ON EVERY TRADE.
Good luck to everyone this week. Follow me on twitter for updates and here on Profit.ly for watch list and blog post! Have a good Monday!