The Daily Market Forecast... Pay Yourself

Wednesday’s Results: Neither trade suggestion triggered in a relatively narrow-range spiky day.

Quick Tip: Pay Yourself

If you’re like many retail traders you are focused on growing your trading account so you can increase your risk and ultimately your expected reward. Taking a “paycheck” from your trading account seems like taking a step backward.

The trading account is intangible. The figures on the statement don’t mean the same to you as a tangible reward. Psychologically, you NEED to be rewarded for a job well done. Make those wins REAL.

Here’s a simple trick for getting paid, growing your account, and improving your trading skills simultaneously:  

1. Determine your payday (weekly, bi-weekly, monthly).  

2. Log your trading account balance at the start.  

3. On payday calculate your gain/loss in the account.  

4. Pay yourself a pre-determined percentage of the gain. Take nothing if you lost.

If you’re more interested in growing the account make the percentage small, maybe 10% or 20% of the gain. Even though the actual paycheck may be small, when you spend it on something tangible, YOU will change. You will FEEL different about your trading. Your confidence will soar.

And when that payday arrives when you DON’T get paid, you will automatically work smarter and improve your trading. Happy spending!

Today’s Best S&P Turning Points: 

Sell 3817.75 stop 3822.25. 

Buy 3694.00 stop 3690.75 (in a fast moving market consider a wider stop with less size). 

Trade Fearlessly, 

Mike Siewruk 

P.S. Learn more about multi-strategy trading. Join me on Sunday July 10 @ 5PM ET for our new FREE mini class “Optimizing Multi-Strat Trading.” I know it may seem early to register but the class is limited to only 100 traders. Reserve your seat now.