Trade Aptitude

Results of Monday’s Best S&P Futures Turning Points: Neither suggested trade triggered. The same levels remain on the chart. 

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

Buy 4357.50 stop 4353.25. Short 4407.50 stop 4410.75. 

The World Sentiment Index: (+100/-100) rises from -50 to +21 in a world of mixed sentiment and low volatility. 

Catalysts: Durable Goods @8:30. Home Price Index @ 9:00. Consumer Confidence, New Home Sales & Richmond MFG Index @ 10:00. 

Quick Tip: 5 Fears

I follow a high-performance coach, Brendon Burchard, and his message yesterday was about “The 4 Types of Fear.” 

In trading, we have 5 types of fear! Recognizing you’re susceptible to them is the first step to a solution. 

Fear of Missing Out (FOMO) – you can’t tolerate watching a winning trade from the sidelines. This breeds impulsivity. Solution: Have an abundance of trade opportunities. 

Fear of Loss – you still feel upset about losing money. Solution: Lower your risk and find a strategy you have confidence in 

Fear of Being Wrong – you are embarrassed to be wrong and get mad at yourself when you are. Solution: Understand that individual trade results are meaningless. Focus on the long term. 

Fear of Success – you don’t have a winning self-image and don’t think you deserve success. Solution: Read The New Psycho-Cybernetics by Maltz & Kennedy. No kidding. I read it twice in a row. 

Fear of Uncertainty – you hesitate to decide and always want more information. Document your results and study the flow of wins and losses to understand uncertainty is never going away. 

Trade Fearlessly!

Mike Siewruk

P.S. It's our 3-year anniversary this month and we're celebrating by offering qualified new members a fabulous gift! Watch the replay of our latest training session for details on all the trading software and services you can have at a small fraction of the normal price. Click here.