Discipline by Trade Aptitude

Yesterday’s results: Buying 6100 stopped out. The short didn’t trigger. 

Today’s Best S&P Futures Turning Points: Buy 6065.00 stop 6061.25. Short 6062.00 stop 6065.75 if price retraces from below (filtered out during the Non-Farm Payrolls release).  

The World Index: (+100/-100) jumps from +7 to +36 with most major world markets somewhat Bullish. 

Catalysts: Employment Situation @ 8:30. Fed’s Bowman @ 9:15, Goolsbee @ 10:30, Hammack @ 12:00, Daly @ 13:00. UofM Consumer Sentiment @ 10:00. 

Quick Tip: Discipline

Three celebrated authors on trading success, Mark Douglas, Van Tharp, and Alexander Elder, all agree that one aspect of trading is crucially important: 

"The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading." - Mark Douglas

"Successful trading is not about being right; it’s about being disciplined. Discipline is the ability to follow one's trading plan, regardless of emotions or external influences." - Van K. Tharp

"Discipline is the bridge between goals and accomplishment in trading. It's the ability to stick to your plan even when fear, greed, and doubt try to derail you." - Alexander Elder

But how does one become disciplined? According to Willpower author Roy Baumeister (who is not a trader, so use his research and advice in life too) "The best way to increase willpower is to practice self-control in small ways every day."

Discipline is achieved incrementally. Start with easy tasks striving for doable goals. Gradually increase. You’ll be amazed at how quickly your discipline improves.

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