Trying to make heads or tails of this market has been challenging.

After 10 days of range-bound chop that has traders suffering from “summer doldrums,” traders are still waiting on the market to fire toward a committed direction.

These market doldrums may be an opening to practice an important trait that can be difficult for traders to learn and understand – waiting.

The market is like the proverbial scorpion – it does what it does – and no level of hard work, charting, or hopeful intentions will change the nature of this beast. Traders who develop discipline and patience can wait out major news events or market twists

Whatever is happening in the market, waiting is powerful.

We understand how waiting is often difficult. Traders desire to action. Not doing anything is a difficult position for them.

When taking a waiting position, make use of this time by updating watch lists, learning new elements of a trading platform, or reviewing and updating the overall trading plan. This can also include redefining money management strategies, adjusting risk tolerance, and diving into more training.

Some doldrum-breaking questions might be:

• How much capital will you free up for your trading account?
• What percentage or maximum are you willing to risk?
• Which trading setups will you apply?
• How will you track all your trades?

Answering these questions might not be the fast-paced action traders desire, but it can help stay alert for any breakout movement this market reveals.

Any growth and improvement as a trader is a smart play.

Expectations are this range-bound chop, or consolidation will continue for some time. The market is moving past all the major earnings and payroll numbers close this week.

Simpler’s team continues to the long side but remains cautious bulls while watching technical signals and honey badgers.

Patience and discipline are needed so that traders don’t get caught in the doldrums chasing “hopes” of what might happen next.

We Saw: the “Hurry up and wait” sentiment heading into Friday –

• Nonfarm payroll report has traders itching for “tomorrow”
• Major indexes are up again across the board
• More companies postponing employees’ return to offices

We’re Watching: Last of earnings and nonfarm payroll report –

• Squeeze patterns on shorter time frames
• Are bulls moving forward or is the proverbial rug set to be pulled?
• Setups in: SNAP, ZM, ROKU, MARA, AAPL