The Daily Market Forecast... wonder beats belief
Thursday’s Blog Results: The long level never triggered and the short level at 4222.00 was only good for a 4.75-point scalp before stopping out.
Quick Tip: Wonder beats Belief
Here’s a quote I love from superstar attorney Gerry Spence: “I would rather have a mind that is opened by wonder than one closed by belief.”
At first this quote seems to simply say “Have an open mind.” But it goes deeper than that. It’s more than merely having a positive attitude or not being fixed by your own opinion.
The word “wonder” is key. You can have an open mind that is limited. There are degrees of openness. It is almost like an oscillator that pegs in both directions. You have a self-imposed limit on how much you’ll be open to. And that limit is your belief. Because when the openness closes it does so from your limiting belief. Thus, no one is completely “open minded.”
In trading there are many strategies that have edge. There is no “best way.” You need to be open minded enough to explore many different strategies and styles to find the few that resonate with you. This applies even if you’re already successful. Strategies I’ve traded years ago aren’t effective today.
In the chart above our team had the setup to buy at 4111.50 with a very tight stop at 4108.25 for a 56-point run to the next volume level. The Russian invasion had the market plunging. If you were shown to “catch that falling knife” and your belief stopped you, you would have missed a huge opportunity.
Next time you’re closed to something new recognize the belief that held you back and think hard if it’s still valid.
Today’s Best S&P Futures Turning Points:
Short Level: Sell 4332.00 stop 4336.25.
Long Level: Buy 4181.25 stop 4175.50.
Trade well,
Mike Siewruk
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