Trade Aptitude
Thursday’s Best S&P Turning Points Results: Neither suggested level triggered.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Short 3841.00 stop 3846.25. Buy 3723.50 stop 3717.75.
Quick Tip: Belief #1
Success at trading, at anything, is formulaic. No one stays successful at anything without a proven formula to follow. What’s yours?
You may think it’s your trade plan. You may think you need the hottest strategies, the best broker, more risk capital, and better sources of information. All that surely helps but the foundation for your success starts within you. It’s your belief.
Do you honestly believe you can become a top-notch trader? Or are you thinking of giving it a try?
Trying isn’t enough to overcome the challenges of anything worthwhile. It’s a negative belief. Knowing you’ll succeed is a positive belief.
The glass-half empty trader will think, “I don’t KNOW I’ll be successful, but I’ll try my best.” The glass-half full trader visualizes their success every day. Regardless of their daily result. You will have losing trades, streaks, and drawdowns. Accept it. But don’t let it change your basic belief that you KNOW you’ll prevail.
Once you’ve trained your mind to think this way you’ll need a plan for self-development. Believing is just the foundation. Your plan requires what to do, how to do it, and measured results. If your personal development plan is not getting you the results you want, then go back and change it. Cycle through until you get the results.
A great way to start this plan is by observing other traders, both winners and losers. What makes them different?
If you’re trading in isolation you’ll need to meet the winning traders somehow. One way would be to read about them. Buy their books. Journal their advice. Live it. Another way is to trade with them. Find your trading team and start interacting.
Trading is not like riding a bike. You don’t learn it quickly and never improve. It’s a lifelong learning experience. Acknowledge that fact and add reading, studying, courses, mentoring, and live interaction to your personal development plan. You’ll have more fun and faster success if you do!
The World Sentiment Index: (+100/-100) DROPS from -21 to -64 with all major world markets bearish. Historically it’s coin toss on closing up or down but down days are 2X larger than up days.
Catalysts: Personal Income & Employment Cost Index @ 8:30. Consumer Sentiment @ 10:00. Risk off. AMZN craters. 75BP increase is baked in.
Trade Fearlessly,
Mike Siewruk
P.S. Multiple strategies, software tools, teammates, and coaching. Learn why you should join our team here. For a personal consultation to assess fit (without selling) email me for an appointment: mike@thedailymarketforecast.