Trade Aptitude

Results of Friday’s Best S&P Futures Turning Points: Buying 4429.75 happened in the Globex last night, good for an 8-point bounce. The breakout short is still open.  

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

Buy 4386.75 stop 4382.00. Short 4471.00 stop 4476.75.

The World Sentiment Index: (+100/-100) plunges from +50 to -43 with all major world markets flat to leaning Bearish.    

Catalysts: Housing Starts @ 8:30.  

Quick Tip: No FOMO

Seasoned traders spend time on the review process. They compare their results (behavior) to their plan. This is an excellent way to improve incrementally and get more disciplined. 

There is a “downside” you’ll need to handle, though. Since you can’t take or get filled on every trade setup you’ll find in your review process that you miss plenty of great trades. It gets worse when you happen to be in a 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, revenge trading and loss of confidence. 

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

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.