Trade Aptitude

Results of Wednesday’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 5142.25 stop 5137.50 if price rises above and retraces to entry (breakout). Short 5138.25 stop 5143.00. 

The World Index: (+100/-100) plummets from +31 to -44 with most major world markets Bearish on rising volatility in Asia. 

Catalysts: Day Jobless Claims @ 8:30. Powell @ 10:00. Fed’s Mester @ 11:30.

Quick Tip: Ask Yourself

Earnings season is over. Generally, stocks that beat expectations will rise and vice versa. Your portfolio will likely have winners and losers. If all you look at is the total value you’re missing opportunity. 

You should be asking yourself how you’re going to manage each position. Being proactive and planning will get you the calm confidence to execute with no doubt. 

Most educated traders will have profit targets and stop losses for each position. You can be more sophisticated though. Do you have “time” stops? Add-on price levels? Are you selling puts to buy more, calls to capture income? 

If you don’t know what to do, consider advice from Dr. Brett Steenbarger, trader psychologist to the stars and author of Enhancing Trader Performance, who said this “There is no question in my mind that, if I were to start trading full-time—knowing what I know now—I would either join a proprietary trading firm or would form my own “virtual trading group” by connecting online (and in real time) with a handful of like-minded traders.”

Why? Because you can stop asking yourself and get some new and different answers! Collaboration, synergy, teamwork. It makes it so much easier.

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!