Trade Aptitude

Results of Monday’s Best S&P Turning Points: The suggested short @ 3913 triggered too late in the session for entry (15:48 ET). 

Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets): 

Buy 3867.00 stop 3861.25. Short 3951.50 stop 3957.25.

The World Sentiment Index: (+100/-100) DUMPS from +50 to -21 with most major world markets mildly Bearish with low volatility. Historically the close was higher than the open 55% of the time. 

Catalysts: Powell speaks @ 9:00. Waiting on CPI data Thursday.    

Quick Tip: Open to Change

About a year ago I wrote a blog on being “open to change.” The idea came from an article I read about five top Wall Street traders’ thoughts on how to deal with disruption in the markets. There were plenty of differences between them including chosen asset class, style, strategy, all the typical things. 

There was one huge commonality, though. They all stressed keeping an open mind. Be willing to change. Markets change. Technologies change. Laws change. 

Change is not always easy, though. We can get into a comfort zone and not want to leave. But we must if we’re going to grow our trading skills. We need to embrace the discomfort of change. 

Here’s an example of why it’s so important. Nearly 3 years ago, The Daily Market Forecast online trading room was born. We started day trading the S&P futures using one proprietary strategy.

Fortunately, we have many very skilled traders in our room. Everyone is encouraged to share ideas, successes, failures, anything that might help us improve. We call it Team Trading. 

Because of that collective “open mind” and “willingness to change” we’re now trading multiple profitable strategies across several assets and timeframes. We’ve developed and distributed numerous customized technical indicators to make our trading safer and easier. 

That’s huge change! Looking back on our recorded sessions then and now you wouldn’t think it was the same trading room. Personally, I can’t wait to see all the advancements a year from now! Embrace change!

Tired of trading alone? Join our trading team. We use evidence-based rules across multiple strategies, and constantly research and test new ideas. Click here for a no-risk 30-day offer. You can make 2023 your best trading year ever! 

Trade Fearlessly,

Mike Siewruk 

P.S. Feel free to share this blog with all your trading buddies.