The Daily Market Forecast... open mind
Tuesday’s Blog Results: Neither suggested level triggered during the day session.
Today’s Trading Tip: Have an open mind.
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. Not a huge change to your plan, just a “tweak.”
What’s your reaction?
- Nod politely, congratulate her on finding that “gem” and carry on doing what you’ve always done.
OR…
- 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.
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 Futures Turning Points:
Short Level: Sell 4616.50 stop 4622.00.
Long Level: Buy 4494.75 stop 4490.00. Here’s an alternative: If price opens above 4588.25 consider buying there on the dip with a stop at 4483.25.
Trade well,
Mike Siewruk
P.S. Tired of trading alone? Need more quality setups? Learn how our team-based approach can accelerate your trading performance. Click here for FREE video training.