Trade Aptitude
Results of Friday’s Best S&P Futures Turning Points: Buying 4531.75 picked the bottom of the session but triggered late and only offered 8 points favorable.
Today’s Best S&P Futures Turning Points (consider wider stops and less size in fast moving markets):
Buy 4512 stop 4507.00. Short 4546.25 stop 4551.50.
The World Sentiment Index: (+100/-100) drops from +14 to -50 with all open major markets Bearish to neutral.
Catalysts: Empire State MFG Index @ 8:30. Dollar weakens. No major earnings releases, several large banks tomorrow.
Quick Tip: Newbies Only Part 1
With all the online trading education available now; blogs, podcasts, books, newsletters, video courses, indicators, and live trading rooms anyone relatively new to trading can get overwhelmed quickly.
As much as it seems difficult to profit from trading, the truth is there are plenty of ways to beat the market. You should know this because if everyone did the same thing no one would be on the other side of your trade!
Getting started trading properly requires some time exploring the various methods available. If you choose the wrong market, style, or strategy… the one that doesn’t resonate with your personality, it doesn’t matter how successful anyone else is trading it. You’ll fail. No need to start this way.
After 15 years of helping over 4000 would-be traders find their style, I’ve developed a simple process you can follow when getting started (or not performing if you are trading). Don’t let the simplicity of this fool you. Truly consider each item in sequence. Journal your answers. Done honestly, you’ll have clarity of purpose.
Why do you want to trade? (Money is an easy answer… dig deeper because this isn’t easy and persistence is required to succeed).
How much time can you comfortably devote to research, trading, and review? (Day-trading is intense, Swing less so, Position even less so. The less time you have the longer your holding period should be).
How much Risk Capital can you start with? (Money you can afford to lose financially and psychologically. This helps you find your asset class and leverage tolerance).
Are you trading for income (spendable now) or capital gains (account growth)?
Would you rather have few but BIG winners or many but SMALL winners? (You can’t have both “many” and “big”, the point is to match your personality).
Start with those questions and tomorrow we’ll take it to the next level.
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