News: Britain votes to leave the European Union

Futures are down this morning as news of the UK vote is soaked in. We are in for a wild ride as market sort through the impact of the vote. Mr. Market likes predictability and this is anything but!

U.S. Stocks: Dow futures down 500 points pre-market 

This may bring us some buying opportunities, but wait until the dust settles.

Cheers.

Patience

One piece of advise is consistent among my 3 favorite books (Rule #1, Stan Weinstein's Secrets for Winning in Bull and Bear Markets, and The Little Book of Market Wizards) and the advice is to have patience.

Chief among the recommendations is to review the market on nights and weekends. Do not, I repeat DO NOT, watch the market all day. It will mess with your head!

Here are some of the nuggets I have found to be most helpful:

• Review stocks when the market is closed (nights or weekends). 
• Don't watch quotes all day long because it can lead to over-trading.
• Resist the temptation to trade all the time.
• Don't trade on hunches. Have a system. See my prior post on using a checklist.
• Don't announce ideas to your friends because you will the become too attached to those ideas, lest you look like a fool. 
• Doing nothing is harder than it sounds.
• Don't sell too early, stay with winners (let your winners run) and sell the losers.
• The trades not taken matter as they preserve capital.