The Daily Market Forecast
Wednesday’s Best S&P Turning Points Results: Neither trade triggered.
Quick Tip: Style Matters
I hosted a group coaching session last night on the topic of trading style. This decision is critically important to your success. You must find a style of trading that resonates with your personality.
Jack Schwager, author of the “Wizards” series of books (interviews with top traders) observed that almost every trader approached the markets differently, yet they all made money.
If there are so many ways to trade profitably why is it so hard to achieve? Jack’s answer was they all found a style that suited them.
In our trading room we run 5 different strategies that require different skills and time commitments. A new trader joining our team can explore the various styles of trading and select the one or two that “fit” their personality best.
For example, two strategies require very little research time (the tools we provide do all that work). Entries, stops and targets can be set in advance. These appeal to traders that want minimal time investment.
Another strategy is based on time interval charts. We use a tool that alerts you 1 minute before the trade signal may occur. Use it on any interval; 5, 15, 30, 60 minutes. This appeals to traders with moderate time commitment.
Our trend strategy requires constant attention for day trading (not so for swing trading). This appeals to the active trader who enjoys screen time.
Make sure you find and perfect the style of trading that appeals most to you. It’s not about the money because that’s available from all strategies with edge. It’s about harmony with YOU.
The World Sentiment Index: (+100/-100) JUMPS from -43 to zero in a world of mixed sentiment. Historically longs have a very modest edge.
Catalysts: Jobless Claims @ 8:30. Powell speaks @ 9:10. EIA Petroleum Status Report @ 11:00.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Buy 3929.50 stop 3924.75.
Short 4051.50 stop 4056.00.
Trade Fearlessly,
Mike Siewruk
P.S. Multiple strategies, software tools, teammates, and coaching. Learn why you should join our team here. For a personal consultation to assess fit (without selling) email me for an appointment: mike@thedailymarketforecast.