The Daily Market Forecast
Wednesday’s Results: Neither suggested level triggered.
Quick Tip: Your Jobs
As a trader you have different jobs with different skill sets that you may not realize.
You should manage your trading like a business. Even if you’re employed, think of it as a side business.
You’re unlikely to have employees and that means you need to perform different jobs to be successful. You’re the CEO, CFO, and Trader.
The CEO creates the vision then ensures it becomes a reality… the AUTHOR of the trading plan, documentation, and review processes. This job is not mired in day-to-day performance. Your focus is on long term growth and goal attainment. Spend some time developing a written vision statement and goals (within your trade plan). Read them frequently when you’re wearing your CEO “hat” and especially when you’re facing performance challenges.
The CFO manages the money. Profits and losses. With trading this can be a daily job. The CFO is objective and unemotional. Your job is to ensure the Trader will execute the processes and rules the CEO defined. The CFO mindset is critical during the documentation and review process. Your output is more than numbers on a spreadsheet and tax returns. You analyze the strategies to find improved “edge” in the trading rules and hand them to the Trader for execution.
The Trader is the low-level employee. This job is solely responsible for completing trade execution without concern for results. Your “policy manual” is the trade plan and edge documents handed down by the senior executives. You can and should offer ideas for improvement but the ultimate decision for changing the plan is with the CEO, through the CFO.
OK… I know this sounds like a version of multiple personality disorder but if you have the correct mindset for each task and take the responsibility of each “employee” seriously, your vision and goals will manifest. Try it.
Today’s Best S&P Turning Points (same as yesterday, in fast moving markets consider a wider stop and less size):
Sell 4334.75 stop 4340.00.
Buy 4233.75 stop 4229.50.
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: mike@thedailymarketforecast.