Be Committed by Trade Aptitude

Yesterday’s results: Shorting 6091.75 stopped out. The long idea didn’t trigger. 

Today’s Best S&P Futures Turning Points: Short 6061.00 stop 6065.00 if price retraces up from below. Buy 6098.25 stop 6094.25 if price retraces down from above. 

The World Index: (+100/-100) jumps from -7 to +36 with all major world markets neutral to Bullish. The S&P Futures are slightly down. 

Catalysts: PPI & Jobless Claims @ 8:30. 30-year Bond Auction @ 13:00. 

Quick Tip: Be Committed

If you’re relatively new to trading you’ve probably experienced overwhelm from all the choices and decisions you must make. 

Which asset class to trade? 

What timeframe? 

Which broker? 

Whose strategy to follow? 

How much to risk? 

The list is long. After guiding more than 4000 new traders through the process of making these decisions over the past 18 years I’ve found there is a hierarchy to these decisions. 

Start with your commitment. Don’t even think “I’ll give trading a try.”

Here’s an example. A friend of mine is a successful thoroughbred trainer. He’s accumulated solid wealth in his career. Now he wants to free up his time to travel more and “semi-retire.” Curious about trading he asked if I would teach him. 

I asked him why he wants to trade. His answer was along the lines of “something to do” and “I understand winning and losing.” No question anyone in the horse racing business gets the win/loss aspect!

His commitment was weak, and he thought I could teach him quickly how to master trading. So, I asked him how long it would take him to teach me to be a successful thoroughbred trainer. Years. Trading is no different. Conversation ended. 

How committed are you? A quick way to find out is by reading some good books, like Brett Steenbarger’s Enhancing Trader Performance. His suggested process to mastery is the best I’ve found.

Our trading teams focus on multiple strategies for day trading futures and high-probability candidates for swing trading options. You can try either or both risk-free. Join us.

Trade fearlessly,

Mike Siewruk

 P.S. Share in the wealth! Pass this invitation along to your trading buddies.