The Daily Market Forecast

Monday’s Results: The suggested buy @ 3860.00 was only good for a 5.50-point bounce. 

Quick Tip: Fix FOMO

Seasoned traders spend time on the review process. They compare their results (behavior) to their plan. This is an excellent way to improve incrementally and get more disciplined. 

There is a “downside” you’ll need to handle, though. Since you can’t take every good trade every day and night you’ll find in your review process that you missed lots of great trades. The feeling gets worse when you happen to be in a drawdown and you’re seeing the losers on your statement and the winners absent. 

How do you feel about that? You may develop “Fear of Missing Out” (FOMO). And that will likely lead to overtrading and at the least, loss of confidence. 

Here is a simple reframing trick that should set you straight. Instead of focusing on all the winning trades you missed, start counting the losing trades you didn’t take. Aren’t those really “winners”?

Today’s Best S&P Turning Points (in fast moving markets consider a wider stop and less size): 

Sell 3891.50 stop 3897.25.

Buy 3811.75 stop 3806.00.

Trade Fearlessly,

Mike Siewruk 

P.S. Does your strategy perform better than you? Here’s your solution.