Trade Aptitude

Results of Friday’s Best S&P Turning Points: The suggested buy @ 3835.75 ran for 35.75 points that you shouldn’t have gotten. 

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

Buy 3863.50 stop 3857.75. Short 3924.50 stop 3930.25.  

The World Sentiment Index: (+100/-100) SOARS from -7 to +70 in a bullish world. Historically the close was higher than the open 63% of the time. 

Catalysts: International Trade @ 8:30. Home Price Index @ 9:00.  China opens. 

Quick Tip: Filtering Winners

Friday’s buy level sure looks good in retrospect (see chart). Although the suggested stop was touched, the market was moving wicked-fast so taking this trade would have required a bit more room. 

Hopefully, you didn’t take it. Why not? Because this occurred during the Personal Income economic report which created extreme volatility, spread and slippage for sure. It should have been filtered out for that reason. 

It’s not easy to review your strategy performance every day, all the trade setups, regardless of if you took them or not. You see magnificent results that you didn’t get. It will get you thinking about scrapping your filters. It pushes you into greed and FOMO. 

But you must do it. You must maintain the discipline. And you must reframe your thinking. No, you didn’t get the win. Yes, your strategy worked. That’s a confidence builder, too. 

If you’re looking to join a trading team that uses evidence-based rules across multiple strategies, click here for a no-risk 30-day offer. You can learn the strategies, trade them in simulation mode, and pick which resonates with your personality, if not all of them. 

Trade Fearlessly,

Mike Siewruk 

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