The Daily Market Forecast... simplify

Wednesday’s Blog Results: The suggested short level was touched but too late in the day to trade.

Today’s Trading Tip: Simplify

Legendary golf coach Harvey Penick wrote in his best-selling book that you could build a solid game of golf around ONE CLUB. The 7-iron. Amazing and true. More importantly, his wisdom can be applied to trading.

Your email, like mine, is probably jammed with dozens of “how to trade” offers every day. Your choices for learning strategies, getting trained, and building your trading skills are endless. In fact, you’re probably CONFUSED. Too many choices lead to indecision.

If Harvey Penick were coaching you he would probably say “Simplify. Focus. Pick one and MASTER it.” Keep the 7-iron in your bag. Leave ALL the other clubs at home. Add another club only once you’ve mastered the 7-iron.

Along those lines, here’s a simple checklist you can apply to your trading:

1. How much TIME can you devote to trading? An hour a day? A day a week?

2. How much RISK CAPITAL can you allocate? This is money you simply don’t need.

3. Which MARKET fits your time and capital constraints? Stocks, futures, options, FX, cryptos?

4. Which STYLE are you attracted to? Trend following, reversals, spreads, day-trading, swing-trading, buy/hold?

5. Find ONE offer from the dozens you receive every day that fits your answers. Investigate it for integrity.

6. MASTER it before you add another “club” to your “bag.”

Today’s Best S&P Futures Turning Points:

Short Level: Sell 4726.75 stop 4730.50 (3.75 risk).

Long Level: Buy 4675.00 stop 4671.00 (4.00 risk).

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].