_{First a message from our friends at Stansberry Research (sponsor)}

New Gold Price Target

Most investment banks predict gold will cross $10,000 an ounce this year.

But if you're thinking of buying gold this year, do this first.

In short: There's no question 2026 will be a year of great uncertainty, especially as we get closer to the midterm elections.

And there's no question gold could skyrocket as a result.

But I have an unfortunate truth to tell you...

Most folks will likely run out and buy bullion or mining stocks.

Sadly, these folks will likely miss out on the biggest gains.

That's because there's a much, much better way to invest in gold right now.

Most people know nothing about it.

But as I'll show you, if you follow this simple approach, which has nothing to do with bullion, ETFs, or mining stocks, the gains can be absolutely incredible.

In one period, it turned every $5,000 invested into more than $1.6 million.

Which is why we're sounding the alarm on gold in 2026.

And why it's critical for you to see our top gold recommendation immediately.

Regards,

Matt Weinschenk
Director of Research, Stansberry Research

Active trading has a branding problem.

The word “active” implies motion. Speed. Decisiveness. Aggression.

But in reality, some of the highest-performing active traders are not the ones pressing buttons constantly. They are the ones who understand a deeper truth:

Your edge is not in how often you trade.
Your edge is in when you refuse to trade.

In high-volatility regimes—especially around earnings season, macro data releases, and news-driven gaps—the market punishes premature action more than almost any other mistake.

This week alone offered textbook examples.

Stocks beat earnings and fell.
Stocks missed and rallied.
Guidance was raised—and the stock still got repriced.

And in those moments, the trader who said, “Let’s wait” often preserved both capital and psychological edge.

This editorial is about that discipline.

We’ll walk through:

The human brain craves participation.

When a stock gaps 10% on earnings, the instinct is:

“I need to be in this.”

But data tells a different story.

Multiple earnings-reaction studies show:

Translation:

The first move is often emotional.
The second move is often tradable.

Active traders who chase the first move are frequently providing liquidity to institutions repositioning.

Consider Cisco’s recent earnings.

Revenue: $15.3B+
AI hyperscaler orders: $2.1B
FY revenue guidance raised
EPS beat

And yet the stock dropped sharply due to margin compression.

The emotional trade:

Buy the beat.
Or short the drop.

The disciplined trade:

Wait.

Within 48 hours, the stock began stabilizing near a clear post-gap support region.

Why?

Because the initial repricing had already occurred.

Data-driven observation:
Mega-cap earnings gaps often see:

Traders who waited for:

had significantly clearer risk parameters than those trading the opening print.

There is a measurable cost to trading too often.

Let’s break it down.

Assume:

This is profitable.

But now introduce:

Suddenly:

That small degradation eliminates profitability entirely.

The cost of one impulsive trade often equals the profit from three disciplined ones.

That is why picking spots matters.

Earnings create asymmetric volatility.

But here’s what the data consistently shows:

Examples from recent seasons:

The best trade is often:

Wait for the second day.

Let institutions define the level.

Then trade confirmation—not surprise.

In low-volatility environments:

In high-volatility environments:

The VIX regime matters.

When volatility is elevated:

Many traders do the opposite.

They trade more during chaos.

The data suggests the edge often shrinks during volatility spikes.

Initial spikes were often followed by 5–10% retracements before trend continuation.

Historically prone to first-day reversals before trend establishment.

First reaction often exaggerated; consolidation offered clearer entries.

In each case:

Traders who waited 1–3 sessions often entered at superior risk-adjusted levels.

Fear of missing out is not about money.

It’s about ego.

The fear that:

“Everyone else is making money except me.”

But here’s the reality:

Missing a move is not a loss.
Entering poorly is.

Capital preservation compounds.
Impulse compounds losses.

Elite traders think in decades, not days.

Here’s a practical framework:

If you’re trading daily without strong setups, you’re likely forcing action.

Track when you didn’t trade and why.
Often these are your best decisions.

Consider this:

If you avoid just two poor trades per month, and each poor trade costs 1R, that’s 24R per year preserved.

Compounded over five years?

Massive.

The discipline of not trading increases expectancy without increasing effort.

Inaction is not laziness.

It is strategic capital allocation.

It is the willingness to wait for:

The best active traders are not hyperactive.

They are selectively aggressive.

They strike when:

And they sit still when:

The market is open five days a week.

Opportunities are not scarce.

Capital is.

Your job is not to trade every day.

Your job is to protect your edge.

Sometimes the most powerful trade you make is the one you don’t.

_{This commentary is for informational and educational purposes only and does not constitute investment advice. All market strategies involve risk, and past performance is not indicative of future results. Readers should conduct their own analysis or consult a licensed financial professional before making investment decisions.}