Trade Aptitude
Results of Friday’s Best S&P Turning Points: Shorting 3974.50 only reversed for a 7.75-point move.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Buy 3956.75 stop 3951.75. Short 4073.50 stop 4076.75.
The World Sentiment Index: (+100/-100) SOARS from -71 to +29 in a world of mixed sentiment.
Catalysts: Nothing on the economic calendar.
Quick Tip: Learn to Reframe
Friday’s short trade @ 3974.50 came within 1 point of filling and then ran for 30+ points. Instead of a third big winner in a row, you settled for the fill later which only offered 7+ points. Are you upset or critical?
Having a positive attitude about your trading is important. Reframe the results of a missed trade like this one to the positive.
Here’s how: Ask yourself, overall did the short level work out? Did the trade run plenty? Was it a great short entry? Yes, yes, yes.
The fact that you missed the runner by a small margin doesn’t negate a well-planned trade. Instead of fostering negative emotions about this result focus on the positive.
Make reframing part of your daily routine. You’ll better manage your emotions, make better decisions, and develop the resilience and adaptability necessary for long-term success in the market.
That’s how a successful trader turns today’s missed trade into tomorrow’s winner.
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Trade Fearlessly,
Mike Siewruk