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Friday’s results: Buying 6023.75 was only good for a 6-point bounce.
Today’s Best S&P Futures Turning Points: No tradeable levels today.
The World Index: (+100/-100) drops from +14 to -29 with sentiment mildly Bearish on low volatility.
Catalysts: Chicago PMI @ 9:45. Pending Home Sales @ 10:00.
Quick Tip: Newbies Only Part 1
With all the online trading education available now; blogs, podcasts, books, newsletters, video courses, indicators, and live trading rooms anyone relatively new to trading can get overwhelmed quickly.
As much as it seems difficult to profit from trading, the truth is there are plenty of ways to beat the market. Getting started trading properly requires some time exploring the various methods available. If you choose the wrong market, style, or strategy… the one that doesn’t resonate with your personality, it doesn’t matter how successful anyone else is trading it. You’ll fail. No need to start that way.
After 16 years of helping over 4000 would-be traders find their style, I’ve developed a simple process you can follow when getting started (or not performing if you are already trading). Don’t let the simplicity of this fool you. Truly consider each item in sequence. Journal your answers. Done honestly, you’ll have clarity of purpose.
1. Why do you want to trade? (Money is an easy answer… dig deeper because this isn’t easy and persistence is required to succeed).
2. How much time can you comfortably devote to research, trading, and review?
3. How much Risk Capital can you start with? (Money you can afford to lose financially and psychologically).
4. Are you trading for income (spendable now) or capital gains (account growth)?
5. Would you rather have few but BIG winners or many but SMALL winners? (You can’t have both “many” and “big”, the point is to match your personality).
Start with those questions and tomorrow we’ll take it to the next level.
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.
To your trading success,
Mike Siewruk
PS: Feel free to forward this invitation to your trading buddies. Share in the wealth!
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