Trade Aptitude

Results of Wednesday’s Best S&P Futures Turning Points: Buying 4299.25 stopped out. 

Today’s Best S&P Futures Turning Points (consider wider stops and less size in fast moving markets): 

Buy 4266.00 stop 4260.75. Short 4367.50 stop 4371.75.

The World Index: (+100/-100) dumps from +29 to -36 in a Bearish leaning world on increasing volatility. 

Catalysts: GDP & Jobless Claims @ 8:30. FedSpeak @ 9:00 & 13:00. Pending Home Sales @ 10:00. Powell speaks @ 16:00. Government shutdown, spiking oil, UAW strike, where’s the hurricane? 

Quick Tip: Niche Trading

Dr. Brett Steenbarger, in his book Enhancing Trader Performance (must read), writes about the importance of FIRST finding your niche in trading. 

Too many new traders spend their time and money trying to find a strategy or indicator that makes money. They think that’s all there is to trading successfully. 

The most basic and important decision is style. What style of trading resonates with you? There are so many different markets, timeframes, and styles of trading. If you could experiment with several different “niches” you’d be way better off than simply trading just like the guy in the YouTube video. 

For example, our trading room runs 5 different strategies. No one trades them all. And within each I’m sure there are nuances that each trader attaches to their personalized trade plan. There is plenty of individualism. Exactly like Brett suggests. 

If your trading is not up to par, if you’re not passionate about your style, step back from active trading. Read Brett’s book. Get re-started the right way by finding your niche first.

Trade Fearlessly,

Mike Siewruk

P.S. Feel free to share this newsletter with your trading buddies.