|
Today’s Best S&P Futures Turning Points: Buy 5213.00 stop 5208.50. Short 5296.25 stop 5300.75.
Monday's Results: Neither trade triggered and remain on the chart.
The World Index: (+100/-100) eases from +14 to +7 with most major world markets flat or modestly Bullish.
Catalysts: Nothing on the economic calendar today.
Quick Tip: Think like a CEO.
You should manage your trading like a business. Even if you’re employed, think of it as a side business. You’re unlikely to have employees and that means you need to wear different “hats” to be successful. You’re the CEO, CFO, and Trader.
The CEO creates the vision then ensures it becomes a reality. He is the author of the trading plan, documentation, and review processes. He is not mired in day-to-day performance. His focus is on long term growth and goal attainment. Spend some time developing a written vision statement and goals (within your trade plan). Read them frequently when you’re wearing your CEO “hat” and especially when you’re facing performance challenges.
The CFO manages the money. With trading this can be a daily job. The CFO is objective and unemotional. His job is to ensure the Trader will execute the processes and rules the CEO defined. The CFO mindset is critical during the documentation and review process. His output is more than numbers on a spreadsheet and tax returns. He analyzes the strategies to find improved “edge” in the trading rules and hands them to the Trader for execution.
The Trader is the low-level employee. He is solely responsible for completing trade execution without concern for results. His “policy manual” is the trade plan and edge documents handed down by the senior executives. He can and should offer ideas for improvement but the ultimate decision for changing the plan is with the CEO, through the CFO.
OK… I know this sounds like a version of multiple personality disorder but if you have the correct mindset for each task and take the responsibility of each “employee” seriously, your vision and goals will manifest. Try it.
Tired of trading alone and guessing what to do next? Join our team. You can learn the strategies and trade live with us daily for 30 days. Money back if you’re not blown away! Take advantage of the final days of this promotional price.
Trade Fearlessly,
Mike Siewruk
P.S. Feel free to pass this along to your trading buddies. Share in the wealth!
|
