Trade Aptitude

Results of Tuesday’s Best S&P Futures Turning Points: Neither trade triggered. 

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

Buy 4885.00 stop 4881.50. Short 4948.00 stop 4953.25

The World Index: (+100/-100) drops from +6 to zero with sentiment mixed worldwide on lower volatility. 

Catalysts: ADP Employment Change @ 8:15. Employment Cost Index @ 8:30. Chicago PMI @ 9:45. Crude Oil Inventories @ 10:30. FOMC Statement & Press Conference @ 14:00/14:30. 

Quick Tip: One Good Habit?

In his excellent book Atomic Habits author James Clear named chapter 20 The Downside of Creating Good Habits. Darn good title! 

Here’s the gist of it: once we practice something enough to become skilled and automatic we become less aware of improving it. We stop looking for the mistakes. After all, once it’s a habit you’re not thinking about it that much. 

Think about how well this applies to your trading. You have rules and the discipline to follow them. You’ve entered and exited hundreds, maybe thousands, of trades over time. When you see the setup and get the confirmation you click the mouse button. Automatically. 

He goes on to say that research has found that once we master a habit there is usually a slight decline in performance over time. That’s the last outcome we want from our trading!

The solution is review. Mark up your charts with each trade result. Take a screen shot at the end of the session. Put them in a slide show. Then be deliberate in your review. Look for errors, mistakes, misses. 

That process is just another habit to perfect!

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Trade Fearlessly,

Mike Siewruk

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