The Daily Market Forecast... style

Tuesday’s Blog Results: Both suggested entries stopped out within minutes of each other. That was a good test to see if your risk number is appropriate! Read the January 21, 2022 blog on how to find your risk number.

Quick Tip: Style

How much time are you able to devote to your trading? That was your homework from yesterday. The answer guides you to the next step in refreshing your trading plan: Style.

Your broad choices are day, swing, or position trader.

If you have a modest amount of time available, 6 – 8+ hours a month, position trading could be your choice. These are trades you will usually keep open for months, maybe years. You’re looking to catch a long-term trend and in many cases dividend income.

If you have more time, 6 – 8+ hours a week, swing trading could be your choice. These are trades you will usually keep open for days, maybe weeks. You’re looking for short-term movement attempting to catch the “swings” of price up and down.

If you have even more time, 2 – 4+ hours a day, day trading could be your choice. These are trades you will open and close the same day or night.  Aside from the stock market, day trading is available to “day workers” in the futures, forex & crypto markets since they are open all night.

Obviously, you can trade more than one style if you have the time, interest, and capital. However, you’ll need a separate trade plan for each. Many of the rules you’ll apply will only be applicable to that style.

You may come back to this decision after tomorrow’s blog when you decide how much capital you’re going to fund your trading with. For now, just pick your style based on time.

Today’s Best S&P Futures Turning Points:

Short Level: Sell 4412.00 stop 4417.25.    

Long Level: Buy 4306.50 stop 4299.25.

Trade well,

Mike Siewruk

P.S. Tired of trading alone? Need more quality setups? Join our team of great traders and accelerate your performance. Copy down this coupon code WINTER2022 and save 100 per month for life on your membership. Click here for FREE video training and details.