Trade Aptitude

Yesterday’s results: Neither trade idea triggered. The levels remain on the chart for today.

Today’s Best S&P Futures Turning Points: Buy 5469.75 stop 5465.00. Short 5581.25 stop 5584.75.

The World Index: (+100/-100) jumps from -64 to -7 with sentiment mixed and volatility waning. 

Catalysts: ADP Employment Change @ 8:15. Jobless Claims @ 8:30. S&P Final Services PMI @ 9:45. ISM Services PMI @ 10:00. Crude Oil Inventories @ 11:00. 

Quick Tip: Confirmation

Here’s a great quote from Jesse Livermore, the inventor of stock day trading, "Do not anticipate and move without market confirmation—being a little late in your trade is your insurance that you are right or wrong."

In our effort to succeed we can devote too much effort to predicting the future. The problem is that our predictions are right just enough to keep us predicting! The feeling of getting into a winning trade at the start of the move is intoxicating. 

I recall demonstrating our intraday trend strategy and one trader was disappointed that we didn’t “pick the bottom.” We waited for confirmation and then entered on a modest retracement. This strategy has an edge. Trying to get the perfect entry is a waste of time and, according to Livermore, money. 

Being right or wrong is not the goal. Losing less is. Review your strategy rules with a focus on how much confirmation you’re getting. 

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!