Trade Aptitude

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

Today’s Best S&P Futures Turning Points (all trades filtered during PCE release): 

Buy 5046.75 stop 5042.75. Short 5083.75 stop 5086.50.

The World Index: (+100/-100) jumps from -44 to +19 with mixed sentiment across the planet.  

Catalysts: PCE/Personal Income/Spending & Jobless Claims @ 8:30. Chicago PMI @ 9:45. Pending Home Sales @ 10:00. Fed’s Bostic @ 10:50 and Mester @ 13:15.

Quick Tip: Consistency

Markets are either trending or not, volatile, or not. It should be no wonder that traders may have similar cycles of performance, winning streaks, losing streaks, consistency, and inconsistency. 

If you’re NOT in the zone, here’s a simple but highly effective checklist to work through. 

1. Take a break, clear your mind, and come back to trading with a fresh perspective.

2. Analyze your past trades to identify patterns in your trading behavior. Look for mistakes that you may be repeating and try to find ways to avoid them in the future. Do the same analysis for your winning trades and try to identify what you did right.

3. Revisit your trading plan to see if it's still aligned with market conditions and your preferred style of trading.

4. Manage your emotions: You may have developed bad habits and emotional responses that are killing your performance. Practice mindfulness and work on developing positive self-talk. 

5. Focus on process rather than outcomes. Perfect your discipline and be unconcerned with the results, assuming your plan has an edge.

6. Seek feedback. Find a mentor, coach, or a trading community. Fixing your faults alone is the least effective way to go if it works at all.

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Trade Fearlessly,

Mike Siewruk

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