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Today’s Best S&P Futures Turning Points: Buy 5046.75 stop 5042.75. Short 5176.00 stop 5181.75.
Monday’s results: Buying 5169.50 ran for 16 points.
The World Index: (+100/-100) PLUMMETS from +24 to -79 with all major world markets very Bearish on higher volatility, S&P Futures up slightly. Contrarian alert: historically longs outperform at this level.
Catalysts: Housing Starts & Permits @ 8:30. Fed’s Jefferson @ 9:00. Industrial Production @ 9:15. Fed’s Williams @ 12:30, Barkin @ 13:00, Powell @ 13:15.
Quick Tip: Consistency
Having taught over 4000 traders in the past 16 years the goal I’ve heard most often is the desire for consistent profitability.
You know what profitability is but how do you define consistency in trading? Time certainly enters the definition. Short term traders would likely strive for weekly profitability. Long-term traders look to monthly, quarterly, or annual profitability. The decision is yours.
Here are the seven principles to obtain consistency in your trading results, courtesy of the late Mark Douglas from his best seller Trading In The Zone (you should own this book).
1. Objectively identify your edges.
2. Predefine your risk on every trade.
3. Completely accept the risk.
4. Act on your edges without reservation or hesitation.
5. Pay yourself as the market makes money available to you.
6. Continually monitor my susceptibility for making errors.
7. Never violate these rules.
Notice that risk and reward, the principles associated with money, are only two of the seven. The rest are psychological. That tells you where you need to devote your training time.
Tired of trading alone and guessing what to do next? Join our team. You can learn the strategies and trade live with us daily for 30 days. Money back if you’re not blown away! Take advantage of the final days of this promotional price.
Trade Fearlessly,
Mike Siewruk
P.S. Feel free to pass this along to your trading buddies. Share in the wealth!
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