Trade Aptitude
Results of Wednesday’s Best S&P Turning Points: Neither suggested trade triggered.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Buy 4131.50 stop 4126.50. Short 4206.50 stop 4212.25.
The World Sentiment Index: (+100/-100) SOARS from zero to +71 with all major world markets except Tokyo very bullish on higher volatility. Historically it’s a coin toss which way price closes but the up closes are much greater than the down closes are lower.
Catalysts: Jobless Claims @ 8:30. Nothing else obvious.
Quick Tip: This is Real
ChatGPT is certainly amazing technology. I don’t use it to write this blog, which it can do, but I do use it for research, much like you would use a search engine.
For example, today I wanted to find a fresh quotation or two about trading psychology by well-known authors Brett Steenbarger, Mark Douglas, and Thomas DeMark. Rather than combing through their books searching with ChatGPT would be faster and more comprehensive.
Since I’m naming each author in separate searches I was confident that the results would be accurate (ChatGPT is known for occasional inaccuracies).
"Trading is not about intelligence; it’s about having the discipline to follow your rules."
"Success in trading requires the ability to stay focused and disciplined, even in the face of adversity."
"Trading is as much about discipline as it is about having a solid strategy."
Which author said which quote? It doesn’t matter. The important thing is the repetition of discipline as a critical success factor.
How does one become disciplined? A great read on the subject is Willpower by Roy Baumeister. Here’s a one-quote answer from the book you can start doing today:
"The best way to increase willpower is to practice self-control in small ways every day."
Another way to increase your discipline is to be held accountable. Our team day-trades multiple strategies with edge in a live online environment. We hold each other accountable for our actions! Join the 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
P.S. Share this blog with your trading buddies. Send this link.