The Daily Market Forecast... do nothing.

Monday’s Blog Results: Neither suggested volume level triggered. Team members saw price reverse on a former high-volume level running for 37.25 points.

Quick Tip: Do nothing.

Successful trading skills are very different than how we’ve been conditioned to behave.

Here’s an example via some advice from arguably one of the best traders in history, Jim Rogers.

“I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime."

Who was taught this concept growing up? Did Dad ever say, “Do nothing?” Mom? Your boss?

OK… I’m taking literary license here because we all know Jim didn’t vegetate between trades. But what IS important is he didn’t trade. Research? Sure. Study? Yup. Plenty of productive tasks we can do while waiting for the “money lying in the corner.”

Get comfortable with the idea of being a trader who can “not trade.”

Today’s Best S&P Futures Turning Points:

Short Level: Sell 4497.50 stop 4503.25 (same as yesterday).

Long Level: Buy 4399.00 stop 4393.25.

Trade well,

Mike Siewruk

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