Trade Aptitude

Results of Monday’s Best S&P Futures Turning Points: Neither trade triggered. The levels stay on the chart. 

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

Buy 4926.00 stop 4920.75. Short 4987.00 stop 4992.75.  

The World Index: (+100/-100) eases from +25 to +19 with mixed sentiment and increasing volatility. 

Catalysts: Fed’s Mester @ 12:00. Plenty of earnings. 

Quick Tip: Sequencing 

If trading is 80% psychological that leaves 20% to the edge your strategy has. We really don’t know if the 80% figure is accurate but you’ll hear a big number like that from many skilled traders and coaches. Regardless the accuracy, how we behave as traders is vitally important. 

Back when racquetball was popular I was a competitive player and found a coach to improve my performance. Here’s the dialog from “lesson one.” 

Coach: “Why do you want to play racquetball?” 

Mike: “Exercise, gets me in shape, fun.” 

Coach: “You have it backward. You don’t play to get IN shape. You get IN shape to be a winning player.”

Mike: “Aha!”

So, my first lesson ended with me getting a detailed exercise regime and the directive to follow it precisely before next week’s lesson. 

Sometimes what we’re looking to achieve has a hidden sequence. In trading knowing yourself and addressing weaknesses should be early in the sequence. How much time do you spend on improving your control over your emotions? Or developing discipline?  

Review is an important process to improve your performance (at anything). In trading the dedicated few who review every day start with their charts. The really dedicated trader will keep and review a “thought journal.” 

How did you feel that day? What was going through your mind when you were entering trades, exiting trades, winning, losing, making mistakes, being perfect? The list goes on. 

Keep a thought journal and review it along with your charts. No downside to that.

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Trade Fearlessly,

Mike Siewruk

P.S. Forward this blog to your trading buddies. Share in the wealth!