The Daily Market Forecast... Thought Journal

Friday’s Results: The suggested long entry stopped out for a 4.75-point loss (per contract).

Quick Tip: Thought Journal

Documenting all your trade setups, taken or not, is critical to improving results. It’s quick and easy to do. With many strategies the information can be downloaded directly from your trading platform. There is no excuse NOT to have this valuable data.

Then there is the more important information most traders ignore… their thoughts and feelings. Trader psychology author and trainer Dr. Woody Johnson suggests that 80% of trading success is based on your personal psychology. If that figure is anywhere near accurate then you should be keeping what he calls a “Thought Journal.”

Start with the trades you take. You want to make this habit easy to acquire. Immediately after you place the trade log your mental condition. Sharp? Alert? Foggy? Fearful? Describe your feelings. Did you follow ALL the rules? Log the results of the trade afterward. Once you have dozens of trades logged you’ll be amazed when you review the results. Repeating patterns will emerge. Patterns of behavior that can be adjusted for improved performance. For more details on the process click here.

Today’s Best S&P Turning Points

Sell 4210.00 stop 4214.75.

Buy 4131.50 stop 4126.50.

Trade Fearlessly,

Mike Siewruk