Trade Aptitude
Yesterday’s results: Buying 5775.50 was only good for a 5-point bounce if filled. The short idea never triggered.
Today’s Best S&P Futures Turning Points: Buy 5755.75 stop 5752.25. No short level today.
The World Index: (+100/-100) dumps from +71 to +7 with sentiment mixed on lower volatility.
Catalysts: New Home Sales @ 10:00. Crude Oil Inventories @ 10:30. Fed’s Kugler @ 16:00.
Quick Tip: Synergy
In Stephen Covey’s bestseller, The 7 Habits of Highly Effective People, the 6th habit is Synergize. The concept is that two (or more) things working together produce a result that is better than the sum.
Think about this: If everyone agreed with you about the subject at hand, would there ever be any improvement to the subject (process, strategy, plan, etc.)? No change, no synergy.
That is precisely why you should embrace disagreement… from a constructive viewpoint. Different opinions and outlooks, when approached properly can lead to synergistic results.
No one knows it all. Only by being open-minded and willing to understand a counter viewpoint does the process of synergy start. A healthy dialog afterward will result in improvement.
This is also precisely why Team Trading works so well. Our team consists of dozens of traders who all want the same thing… consistent profitable strategies. These same traders are not always in agreement about HOW to get there. But being open-minded enough to understand each other’s views can lead to improved strategies and trade plans.
For example, all our strategies use limit entry rules. Sometimes the trade doesn’t get filled at the desired price. If it didn’t get filled then it never hit a stop loss and that means the trade was a winner. Historically this happens around 10% of the time. That is way too many winners to miss!
One of our traders disagreed with the precise entry rule. He would enter at the market assuring fill. Some slippage either way will occur, but constructive disagreement improved the strategy results for him and any others willing to change.
Our trading teams focus on day trading futures and swing trading options. Maybe you'll fit right in. You can try either or both risk-free.
Trade Fearlessly,
Mike Siewruk
P.S. Feel free to pass this along to your trading buddies. Share in the wealth!