Trade Aptitude

Today’s Best S&P Futures Turning Points: Nothing tradeable today.  

Thursday’s results: This strategy is on hold. 

The World Index: (+100/-100) eases from -29 to -14 with sentiment mixed on varying volatility, leaning Bearish. 

Catalysts: PCE Price Index, Personal Income & Spending @ 8:30. Chicago PMI @ 9:45. Fed’s Williams @ 12:05. 

Quick Tip: Good Question

Think for a moment before you answer this seemingly simple question. Do you find it harder to take a loss or a profit? 

The answer says a lot about your trade plan, style, trading psychology, and what you need to work on. 

If your answer was a loss, then your risk management plan needs help. You’re probably risking too much. You might be trading the wrong strategy, one with more losers than winners like trend following. Your personality might be the problem if you get annoyed being wrong (trading is about probabilities, not certainties). 

If your answer was a profit, then your risk management is fine, but your profit targeting and open trade management needs work. You might suffer from FOMO (Fear Of Missing Out). 

If your answer was neither. You’ve arrived at a high level of trading skill. Congratulations!

I recall early in my trading career I was bothered by the losses. After adjusting my trade risk to fit my risk tolerance I saw improvement in confidence and results. 

But then I was bothered by the profit decision. How much was enough? I’d be disappointed at how much I was leaving on the table by choosing the exit in advance. 

Eventually, I overcame the greed and FOMO by focusing on open trade management and having abundance in trade opportunities. There was always another trade around the corner. Why should I care about what I didn’t get? 

I’ve found this sequence is common with other traders. Be honest with yourself and start working on the fix for where you’re at.

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Trade Fearlessly,

Mike Siewruk

P.S.  Feel free to pass this along to your trading buddies. Share in the wealth!