The Daily Market Forecast... your unsatisfied need.

Tuesday’s Blog Results: No trades triggered. BUT the short level missed fill by only 2 ticks. Reframe that as a positive for the strategy.

Quick Tip: Your unsatisfied need.

You’re either a trader or thinking about becoming one. Either way, to succeed in trading (actually, anything in life) you must be motivated. Why? Because there will always be setbacks, frustrations, losses, failures, and rejections. If you’re not motivated you won’t persist. You’ll quit and carry that psychological “loss” with you. Collect enough of those and you’ll be miserable.

The answer is to get and stay motivated. But how? Find your unsatisfied need. You don’t require motivation for anything that you’re already satisfied with. You don’t even think about it. If you have enough money for acceptable shelter, food, transportation, and recreation you’re not worried. You have those. You’re covered.

But if you don’t have enough money for any, or all, of those things, you’ll be VERY motivated to get them and keep them. They are the basics. You must have those.

Trading is challenging. It requires willingness to learn, change, be open-minded and disciplined. That requires plenty of motivation. Finding your “unsatisfied NEED” is critical to your sustained motivation. Thus, your ultimate success as a consistent, profitable trader.

For example, I intensely value freedom. Not just our democratic society, but personal freedom of time, location, and finances. I want to work WHEN I desire, live WHERE I desire, and not be constrained by the budget to do so. Keeping these freedoms is what motivates me through the thick and thin of trading.

Think about what’s vitally important to you that you don’t have. Add it to your trade plan. Remind yourself when the going is tough.

Today’s Best S&P Futures Turning Points: (look for confluence with supply/demand clues)

Short Level: Sell 4631.50 stop 4637.00 is still good but if it fails sell 4685.50 stop 4690.75

Long Level: Buy 4510.00 stop 4506.50 (still good)

Trade well,

Mike Siewruk

P.S. Does your trade plan need a tune-up? Watch the Ultimate Trade Plan mini-course (free). Click here.