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Yesterday’s results: Neither trade idea triggered.
Today’s Best S&P Futures Turning Points: Buy 6065.00 stop 6061.25. Short 6062.00 stop 6065.75 if price retraces up from below.
The World Index: (+100/-100) plummets from +57 to +7 with sentiment mixed on low volatility.
Catalysts: ADP Employment Change @ 8:15. Fed’s Musalem @ 8:45, Barkin @ 9:00. S&P Global Final Services PMI @ 9:45. ISM Services PMI & Factory Orders @ 10:00. Crude Oil Inventories @ 10:30. Fed’s Powell @ 13:45. Beige Book @ 14:00.
Quick Tip: Consistency
Markets are either trending or not, volatile, or not. It should be no wonder that traders may have similar cycles of performance, winning streaks, losing streaks, consistency, and inconsistency.
If you’re not in the zone, here’s a simple but highly effective checklist to work through:
1. Take a break, clear your mind, and come back to trading with a fresh perspective.
2. Analyze your past trades to identify patterns in your trading behavior. Look for mistakes that you may be repeating and try to find ways to avoid them in the future. Do the same analysis for your winning trades and try to identify what you did right.
3. Revisit your trading plan to see if it's still aligned with market conditions and your preferred style of trading.
4. Manage your emotions: You may have developed bad habits and emotional responses that are killing your performance. Practice mindfulness and work on developing positive self-talk.
5. Focus on process rather than outcomes. Perfect your discipline and be unconcerned with the results, assuming your plan has an edge.
6. Seek feedback. Find a mentor, coach, or a trading community. Fixing your faults alone is the least effective way to go if it works at all.
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.
Trade fearlessly,
Mike Siewruk
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