Trade Aptitude

Results of Wednesday’s Best S&P Futures Turning Points: Neither suggested trade triggered during a narrow range session. 

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

Buy 4386.75 stop 4382.00. Short 4434.25 stop 4489.50. 

The World Sentiment Index: (+100/-100) PLUMMETS from -14 to -79 with all major world markets firmly Bearish. 

Catalysts: Jobless Claims @ 8:30. Existing Home Sales & Fed Chair Powell testifies to House Financial Services Committee @ 10:00. Crude Oil Inventories @ 11:00. 

Quick Tip: Disqualifying 

Traditional work (your job) makes becoming a winning trader difficult. Not because of the time devotion, but because it instills a belief that is NOT helpful in trading. 

What is it? Doing something. Can you imagine if you were caught doing nothing and told the boss “Now is not a good time to be working on this.” Or “Thursdays are difficult days to get anything done, so I’m going to loaf.” 

In trading NOT entering a trade is not only OK it’s sometimes the smart decision. There are times when the probability of success is low. Don’t trade. Unlike your job, doing nothing is completely acceptable.

Idea: Create a checklist for your trades. Let the preponderance of evidence guide your decision. 

One very successful trader on our team leans toward “disqualifying” setups. My preference is to think positive and “qualify” setups. Subtle difference. Chatting the other day, he said he thinks he should be more like me and not miss more opportunities. I said I should be more like him and miss more losers! LOL. Find your happy place. 

Trade Fearlessly,

Mike Siewruk

P.S. It's our 3-year anniversary this month and we're celebrating by offering qualified new members a fabulous gift! Watch the replay of our latest training session for details on all the trading software and services you can have at a small fraction of the normal price. Click here.