The Daily Market Forecast
Monday’s Best S&P Turning Points Results: Neither suggested setup triggered.
Quick Tip: Niche Trading
Dr. Brett Steenbarger, in his book Enhancing Trader Performance (must read), writes about the importance of FIRST finding your niche in trading.
Too many new traders spend their time and money trying to find a strategy or indicator that makes money. They think that’s all there is to trading successfully.
The more basic and important aspect is style. What style of trading resonates with you. There are so many different markets, timeframes, and styles to trade. If you could experiment with several different “niches” you’d be way better off than simply trading just like the guy in the YouTube video.
For example, our trading room runs 5 different strategies. No one trades them all. And within each I’m sure there are nuances that each trader attaches to their personalized trade plan. There is plenty of individualism. Exactly like Brett suggests.
If your trading is not up to par, if you’re not passionate about your style, step back from active trading. Read Brett’s book. Get re-started the right way by finding your niche.
The World Sentiment Index: (+100/-100) JUMPS from -71 to +7 in a world of mixed sentiment. Historically there is no edge either way.
Catalysts: Housing Starts & Permits @ 8:30. Sweden surprises with a 100-basis point rate hike. Are we next?
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Short 3966.50, stop 3971.25.
If that fails buy 3970.50 on the retracement back, stop 3965.75.
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.