Trade Aptitude
Monday’s Best S&P Turning Points Results: Price spiked higher and traded in a range. Neither suggestion triggered.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Short 3766.50 stop 3770.50. Buy 3693.00 stop 3687.75.
Quick Tip: How You Learn
If you’re a regular reader of this blog you know that documentation and review of all your trade setups (taken or not) is essential to improving your results.
As Brett Steenbarger writes in his book Enhancing Trader Performance, “Trading performance is less a function of WHAT traders learn than of HOW they learn it.”
Who do you think is going to perform better, the trader who never studies his trade setups or the trader who does? Review is a fabulous learning experience.
It’s easy to skimp on this work by focusing on just the trades you took or the losers. Your instinct is to understand why you lost. Was it something you did wrong? Could you discover a change to your trade plan that is beneficial? Or was it meant to be as a natural part of the win/lose paradigm?
An excellent method for reframing your attitude positive is to focus equally as much attention on what you did right. It’s too easy to ignore this. The trade worked. You were profitable. Why explore that? Because reinforcing through review and thoughtfulness what you did right will cement those good habits.
Whatever you feed your mind is what you’ll get in return. Focus equally as much on the positive outcomes to become more confident and successful.
The World Sentiment Index: (+100/-100) JUMPS from +36 to +64 with most major world markets Bullish. Historically higher closes from the open occurred 46% of the time and down days see 40% more loss than up day gains.
Catalysts: Industrial Production @ 9:15. Housing Market Index @ 10:00. B of A results defy recession warnings.
Trade Fearlessly,
Mike Siewruk
P.S. Multiple strategies, software tools, teammates, and coaching. Learn why you should join our team here. For a personal consultation to assess fit (without selling) email me for an appointment: mike@thedailymarketforecast.