The Daily Market Forecast

Thursday’s Results: Neither suggested level triggered. 

Quick Tip: Open Up

You have a rule-based plan with edge. If not, get one or quit trading. Rules in this case are meant to be followed. You want to be as machine-like as possible. Not easy for many of us, but that’s the goal.

Imagine that your plan is working fine. Your discipline following it is very good. Then you meet a trader who tells you there is a better way. 

What’s your reaction?

1. Nod politely, congratulate her on finding that “gem” and carry on doing what you’ve always done. 

OR…

2. Get excited, immediately re-write your rules, and expect a big improvement. 

You’ve probably met both types of traders. Fixed, disciplined, rarely willing to change and excitable, glib, and always changing. There is good and bad in both personality types. 

Consider a middle ground. When you hear of a “better way” don’t simply dismiss it because it’s not “what you do.” Don’t just glibly change either. Research it. Put in the time it takes to find hard evidence proving its effectiveness. The BIG BONUS in doing deep research is when you do start live-trading the rule, your confidence will be high. Confident traders are winning traders.

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

Sell 3821.00 stop 3825.50 

Buy 3736.75 stop 3731.00.  

Trade Fearlessly,

Mike Siewruk 

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