Trade Aptitude

Results of Monday’s Best S&P Futures Turning Points: Neither trade triggered. 

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

Buy 5097.00 stop 5092.25. Short 5138.25 stop 5143.00. 

The World Index: (+100/-100) drops from -19 to -31 with the major world markets leaning Bearish on very low volatility. 

Catalysts: Final Services PMI @ 9:45. ISM Services PMI @ 10:00. Fed’s Barr @ 12:00 & 15:30. 

Quick Tip: Change is Coming

Here’s a great quote from Market Wizard Ed Seykota, “The markets are the same now as they were 50 years ago because they keep changing – just like they did then.” Clever, huh? 

Lately it seems that every morning is a waiting game for price to break out of a narrow range. Trend attempts fail. Reversals get modest gains. 

What to do? 

1. Have abundance. The more strategies you’re skilled at the more opportunities. This gives you the confidence to disqualify trades that are marginal probability-wise. 

2. Be patient. Even with multiple setups in your trade plan there will be times when nothing is working. Take a break. This might be the only “job” when doing nothing is acceptable! If not preferable!

3. Review. Take the time off trading to review your prior trades and thought journal. Remind yourself of what works best and what conditions to avoid (including your emotional conditions). 

Tired of trading alone? Join our team. We trade multiple strategies with edge in a live market every day. Click here for details and a special offer. 

Trade Fearlessly,

Mike Siewruk

P.S. Forward this blog to your trading buddies. Share in the wealth!