Update Your Plan by Trade Aptitude

Yesterday’s results: Shorting 5869.00 stopped out. The long suggestion didn’t trigger.  

Today’s Best S&P Futures Turning Points: Buy 5939.00 stop 5834.25. Short 5895.00 stop 5998.25. 

The World Index: (+100/-100) rises from -14 to +7 with the East bearish and the West bullish. 

Catalysts: Jobless Claims @ 8:30. Fed’s Hammack @ 8:45. S&P MFG/Service PMI Flash @ 9:45. New Home Sales @ 10:00. 

Quick Tip: Update Your Plan

Your trade plan probably started out simple. You had rules for entry, exit, risk, position size, candidate selection, and some filters for changing market conditions. The historical performance was positive. Great start. 

Once you started trading real money you likely encountered trade setups that didn’t make sense at the time. What to do? Grit your teeth and follow the rules? Pass on the trade? 

You felt compelled to be a rule-based trader, but your growing experience and skill level is telling you not to take the trade or maybe even take a trade that comes close to the rules but does not quite meet them. 

These situations are clues that are begging for more research. They represent ideal opportunities to enhance your trade plan by considering alternative rules. 

The next time you’re faced with a trade outside your current rule set, journal why in detail. You’ll want to review your trade history for these same conditions to determine if your intuition was correct. 

Trade plans are iterative. They improve with your experience.

Our trading teams focus on multiple strategies for day trading futures and high-probability candidates for swing trading options. Maybe you'll fit right in. You can try either or both risk-free.

Trade Fearlessly,

Mike Siewruk

P.S.  Feel free to pass this along to your trading buddies. Share in the wealth!