Belief #1 by Trade Aptitude
Friday’s results: Buying 5908.50 on the breakout was only good for a 4-point scalp.
Today’s Best S&P Futures Turning Points: Buy 5867.75 stop 5864.00. Short 5864.75 stop 5868.50 if price retraces up from below.
The World Index: (+100/-100) plummets from +43 to -36 with most of the world mildly Bearish on lower volatility.
Catalysts: FOMC Speakers; Logan @ 8:55, Kashkari @ 13:00. IMF Meeting starts.
Quick Tip: Belief #1
Success at trading, at anything, is formulaic. No one stays successful at anything without a proven formula to follow. What’s yours?
You may think it’s your trade plan. You may think you need the hottest strategies, the best broker, more risk capital, and better sources of information. All that surely helps but the foundation for your success starts within you. It’s your belief.
Do you honestly believe you can become a top-notch trader? Or are you thinking of giving it a try? Trying isn’t enough to overcome the challenges of anything worthwhile. It’s a negative belief. Knowing you’ll succeed is a positive belief.
The glass-half empty trader will think, “I don’t know I’ll be successful, but I’ll give it a try.” The glass-half full trader visualizes their success every day. Regardless of their daily result. You will have losing trades, streaks, and drawdowns. Accept it. But don’t let it change your basic belief that you know you’ll prevail.
Once you’ve trained your mind to think this way you’ll need a plan for self-development. Believing is just the foundation. Your plan requires what to do, how to do it, and measured results. If your personal development plan is not getting you the results you want, then go back and change it. Cycle through until you get the results.
A great way to start this plan is by interacting with other traders, both winners and losers. What makes them different? How can you improve by knowing this? This is why banks, hedge funds, and prop shops organize their traders in teams.
Our trading teams focus on multiple strategies for day trading futures and high-probability candidates for swing trading options. Maybe you'll fit right in. You can try either or both risk-free.
Trade Fearlessly,
Mike Siewruk
P.S. Feel free to pass this along to your trading buddies. Share in the wealth!