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Today’s Best S&P Futures Turning Points: Buy 5082.75 stop 5078.25. Short 5176.00 stop 5181.75.
Monday’s results: Neither trade setup triggered.
The World Index: (+100/-100) plummets from +50 to -7 with mixed sentiment and lower volatility.
Catalysts: Employment Cost Index @ 8:30. Housing Price Index @ 9:00. Chicago PMI @ 9:45. Consumer Confidence @ 10:00. AMZN/AMD earnings after the close. Waiting on FOMC.
Quick Tip: Fix FOMO
Fear Of Missing Out (FOMO) in trading is the anxiety from the thought that others are winning while you’re on the sidelines.
While your trade plan has entry rules to follow that should eliminate FOMO, it’s hard not to feel it when an asset or the market is soaring or plunging and you’re idle.
FOMO breeds impulsivity and that usually means extra risk you shouldn’t accept.
Solve this by having an abundance mentality. Having multiple strategies in your trade plan offers the ultimate in abundance.
If you’re still trading one strategy, understand that price moves in impulses and corrections. Know that the move you missed is quite likely to stall or correct offering you a better opportunity to enter than in the middle of the impulse move. You’re better off waiting for the low-risk opportunities.
Here’s a Post-It note you hang below your monitor: “Missed Opportunity is better than Lost Money.”
Tired of day 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!
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