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Today’s Best S&P Futures Turning Points: Buy 5046.75 stop 5042.75. Short 5176.00 stop 5181.75.
Tuesday’s results: Neither trade triggered. The levels remain on the chart.
The World Index: (+100/-100) SOARS from -79 to +36 with most major world markets Bullish.
Catalysts: Crude Oil Inventories @ 10:30. Fed’s Beige Book @ 14:00. Maybe the IMF meetings.
Quick Tip: Change of 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 or 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 does 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, or do “feel good” about breaking your rules, 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 not static. They improve with your experience and skill development.
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Trade Fearlessly,
Mike Siewruk
P.S. Feel free to pass this along to your trading buddies. Share in the wealth!
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