Trade Aptitude

Results of Thursday’s Best S&P Turning Points: Once again, neither suggested level triggered. They remain active today. 

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

Buy 3811.00 stop 3806.75. Short 3902.25 stop 3908.00.   

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

Catalysts: Employment Situation @ 8:30. Factory Orders & ISM Services Index @ 10:00.  

Quick Tip: No FOMO

Seasoned traders spend time on the review process. They document every trade their strategies set up, taken or not. They compare their results (behavior) to their plan. This is an excellent way to improve incrementally and get more disciplined and confident. 

There is a “downside” you’ll need to handle, though. Since you can’t take every trade every day and night you’ll find in your documentation and review process that you MISS LOTS of great trades. It gets worse if you happen to be in a losing streak or drawdown and you’re seeing the losers on your statement and the winners absent. 

How do you feel about that? You may develop Fear Of Missing Out (FOMO). And that will likely lead to overtrading and impulsivity. Not good. 

Here is a simple reframing trick that should set you straight. Instead of focusing on all the winning trades you missed, start counting the losing trades you missed. Aren’t those really “winners”? 

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.