The Daily Market Forecast... Epictetus

Wednesday’s Results: The suggested buy level at 3648.75 stopped out for a 3.50-point loss (per contract).

Quick Tip: Epictetus

Not being knowledgeable in Greek philosophy I had no idea who Epictetus was. But a famous quote of his is applicable to trading so I’m sharing:

“Men are disturbed, not by the things that happen, but by their opinion of the things that happen.”

What’s your opinion about losing?

Losing is a fact of life. Reacting to it with destructive opinions (beliefs) won’t help. Look at each loser carefully. You either followed the rules precisely or you didn’t. Journal all the trades with the reason why you didn’t. Scan this journal in your morning routine now and then to refresh your memory on what not to do.

Today’s Best S&P Turning Points:

Sell 3755.50 stop 3761.25 (in a fast-moving market consider a stop at 3763.75 and size down).

Buy 3675.50 stop 3679.75.  

Trade Fearlessly,

Mike Siewruk

P.S. Did you know there are MANY techniques and formulas you can use to change your personal psychology about trading to improve your results? Learn how to change your unwanted behavior here.