Trade Aptitude

Results of Wednesday’s Best S&P Futures Turning Points: Neither suggested trade triggered.

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

Buy 4590.00 stop 4584.25. Short 4631.50 stop 4637.00

The World Sentiment Index: (+100/-100) jumps from -50 to +50 with most major world markets firmly Bullish. 

Catalysts: GDP, Jobless Claims, International Trade, and Durable Goods @ 8:30. Pending Home Sales @ 10:00. Risk on with traders feeling rate hikes are nearing an end. META beats. 

Quick Tip: Newbies Only Part 9

This is a multi-part sequential process. If you didn’t read the prior eight newsletters you can find them here. 

If you were an actor you would not only memorize and practice your script, but you would listen to or watch a recording of your performance to hone your act. Repeatedly. Practice and review. This sequence is the formula for mastery. It applies to anyone wanting to truly master their profession including traders. 

It’s critical that you practice in simulated mode before risking real money. You want to develop “muscle memory” and confidence. 

It’s even more critical that you develop a consistent review process. Think about it this way, the trade plan you just developed is your script. Your performance will vary. The only way to improve is to review your performance relative to the script. Just like the actor, musician, or athlete does. 

In trading this means you should be documenting the results of every trade setup whether you took the trade or not. Add as many data points as you like. You’ll be building a powerful research tool that will allow you to improve the edge in your strategy. 

For the trades you did enter, journal your thoughts, observations, mistakes, and ideas for improvement. Scan this journal regularly if not every trading day to remind yourself of the successes and failures. Eventually you’ll master trading, and you’ll make it look and feel easy. 

if you want help getting through the process from a team of skilled traders, join ours, learn several strategies, and watch us trade live daily.  Money back if you’re not blown away! Click here for details. 

Trade Fearlessly,

Mike Siewruk