The Daily Market Forecast... learn don't burn

Thursday’s Blog Results: The suggested short level at 4736.25 stopped. Team members saw the breakout run for 43.75 points at the close.

Today’s Trading Tip: Learn don’t burn.

We know that failure and mistakes are inevitable. Losing trades and investments will continue to happen. Then why can we be so hard on ourselves? It’s a complete waste of energy and exacerbates the problem.

A great habit I learned from Jim Kwik, author of Limitless (highly recommended, jimkwik.com), is to re-focus on learning from your failure. This immediately shifts your energy from negative to positive. The compound effect is amazing. Instead of wasting time stewing about your loss, you learned what NOT to do next time.

Many of the traders on our team took the breakout that ran smoothly for 43.75 points. Most didn’t get the entire gain (myself included). Instead of being self-critical, being grateful you captured most of the gain and journaling HOW you’ll change your trade management next time is the way to go.

Today’s Best S&P Futures Turning Points:

Short Level: Blue skies above. Consider a short at 4769.75 if price trades below there and retraces back up (stop at 4773.25).

Long Level: Buy 4772.50 stop 4768.50.

Happy Holidays and Trade Well,

Mike Siewruk

P.S. This blog is my daily gift to hundreds of traders who read it every day. I would LOVE to hear from you! Comments, criticisms, questions, lesson ideas… PLEASE share your feedback… [email protected].