Trade Aptitude
Results of Friday’s Best S&P Turning Points: The suggested buy @ 3951.50 was the bottom of the session and ran for 32.50 points.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Buy 3958.75 stop 3953.25. Short 4016 stop 4021.75.
The World Sentiment Index: (+100/-100) RISES from -29 to +21 with Asia down and the western world up. Historically the close is higher than the open 61% of the time.
Catalysts: Durable Goods @ 8:30. Pending Home Sales @ 10:00.
Quick Tip: Are You Realistic?
Self-discipline in trading is critical. You’re probably aware of several key elements to being self-disciplined:
1. Have a rule-based Trading Plan.
2. Be consistent following your plan.
3. Manage your emotions.
4. Practice proper risk management.
There is a 5th element that many traders fail to acknowledge, setting realistic goals.
Having realistic expectations is crucial for maintaining self-discipline. Make your goals achievable and measurable. Unrealistic expectations can lead to frustration, anxiety, and impulsive decisions.
For instance, set targets on how much you want to earn over a given time period (day, week, month), but don't set yourself up for failure by trying to make more than your strategy is likely to offer.
How do you know what that amount is? Study the results of your strategy during different market conditions. Understand the market condition you’re currently trading in. Adjust your position size up or down accordingly. Sometimes it’s better to not even trade at all.
Our team day-trades multiple strategies with edge in a live online environment. Thousands of trade results have been captured for each strategy giving us realistic expectations. Join our team, learn the strategies, and trade live with us daily for 30 days. Money back if you’re not blown away!
Trade Fearlessly,
Mike Siewruk