The Daily Market Forecast... "real" courage

Monday’s Blog Results: The suggested buy level @ 4476.50 delivered a 38-point runup. How much did you keep?

Today’s Lesson: How to get “real” courage.

Hopefully you’re following a rule-based trade plan (if not, get one or stop trading). If so, you’ve probably experienced that trade setup that just didn’t look or feel right. The rules say “BUY” and price is plunging fast. All you can think about is that stop getting filled instantly and you’re underwater again.

On the chart above, notice the price action just before the level was touched. Just before entry. The steep and fast move down. And you’re supposed to buy at this number that some guy (me) told you was a good turning point.

Would it take “courage” to enter that trade? Being courageous sounds too risky to me. I get mental images of danger ahead and I’m supposed to plow right through and prevail… without pain?

Confidence is the “real” courage in trading. It’s knowing from years of study, practice, documentation, review, and real time execution the probability of your success. Take the reversal entry above that ran for 38 points. It happened at a time of day when reversals historically average a pay out 3 times your risk. That’s the kind of data we track for these trades (43 different data to be exact). Click the button below and watch a live trading session.

Today’s Best S&P Futures Turning Points:

Short Level: Sell 4548.00 stop 4552.75. Same as yesterday.

Long Level: Buy 4371.00 stop 4367.25 which would require a ton of patience. Consider buying 4500.25 stop 4494.50 IF price trades above and retraces back.   

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.