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Today’s Best S&P Futures Turning Points: Buy 5156.50 stop 5152.25. Short 5206.50 stop 5211.25.
Friday’s results: Shorting 5142.00 was filtered out during the Non-Farm Payrolls release/volatility.
The World Index: (+100/-100) remains at +60 with all open major world markets Bullish.
Catalysts: Fed’s Barkin @ 12:50, Williams @ 13:00.
Quick Tip: Perfect Practice
If you were an actor you would not only memorize and practice your script, but you would listen to or watch a recording of your performance to hone your act. Repeatedly. Practice and review.
This sequence is the formula for mastery. It applies to anyone wanting to truly master their profession including traders.
It’s critical that you practice in simulated mode before risking real money. You want to develop “mental muscle memory” and confidence.
It’s even more critical that you develop a consistent review process. Think about it this way, the trade plan you developed is your script. Your performance will vary. The only way to improve is to review your performance relative to the script. Just like the actor, musician, or athlete does.
In trading this means you should be documenting the results of every trade setup whether you took the trade or not. Add as many data points as you like. You’ll be building a powerful research tool that will allow you to improve the edge in your strategy.
For the trades you did enter, journal your thoughts, observations, mistakes, and ideas for improvement. Scan this journal regularly if not every trading day to remind yourself of the successes and failures. Eventually you’ll master trading, and you’ll make it look and feel easy.
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Trade Fearlessly,
Mike Siewruk
P.S. Feel free to pass this along to your trading buddies. Share in the wealth!
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