Trade Aptitude

Results of Wednesday’s Best S&P Futures Turning Points: No turning points suggested on FOMC day. 

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

Buy 4396.50 stop 4390.75. Short 4498.00 stop 4502.25

The World Index: (+100/-100) plummets from +7 to -79 with all major world markets very bearish on increasing volatility. 

Catalysts: Jobless Claims & Philly Fed MFG Index @ 8:30. Existing Home Sales @ 10:00. Interest rates will remain high, Xi shakes up his team with no explanation, UAW strike continues. 

Quick Tip: Improving Your Plan

Your trade plan probably started out simple. You had rules for entry, exit, risk, position size, candidate selection, and some filters for changing market conditions. The historical performance was positive. Great start. 

Once you started live trading you likely encountered trade setups that didn’t make sense at the time. What to do? Grit your teeth and follow the rules? Pass on the trade? 

You feel compelled to be a rule-based trader, but your growing experience and skill level is telling you to not take the trade or maybe even take a trade that comes close to the rules but not quite meet them. 

These situations are clues that are begging for more research. They represent ideal opportunities to enhance your trade plan by considering alternative rules. 

The next time you don’t “feel good” about taking a trade, journal why in detail. You’ll want to review your trade history for these same conditions to determine if your intuition was correct. 

Trade plans are iterative. They improve with your experience. 

If you want to develop this habit, join our team. You can learn the strategies and trade live with us daily for 30 days. Money back if you’re not blown away! Click here for details. 

Trade Fearlessly,

Mike Siewruk

P.S. Feel free to share this newsletter with your trading buddies.