Results of Thursday’s Best S&P Futures Turning Points: No trades triggered. 

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

Buy 4807.50 stop 4802.25. Short 4821.50 stop 4827.25 if price closes below and retraces to fill. 

The World Index: (+100/-100) rises from zero to +21 in a mildly Bullish world with low volatility. 

Catalysts: Chicago PMI @ 9:45. 

Quick Tip: Optimism & Pessimism. 

Can they co-exist? Should they? Yes, but on different levels. 

Starting the New Year, it’s common to set goals. You want to be optimistic about your trading, career, family, and the state of the world itself. It would be wasteful and unnatural to be pessimistic. 

Those positive goals you set are in your “big picture.” Where you want to be a little pessimistic is in the details. 

How are you going to achieve your goals? You want to imagine the roadblocks and challenges that will inevitably arrive on your path to success. Once you see what thos...

Results of Wednesday’s Best S&P Futures Turning Points: : Buying 4798.00 stopped out. 

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

Buy 4704.00 stop 4699.25. Short 4822.25 stop 4826.50 

The World Index: (+100/-100) drops from +7 to -14 with the major markets mixed. S&P futures Bullish.

Catalysts: GDP, Jobless Claims, and Philly Fed MFG Index @ 8:30. 

Quick Tip: Never Stop…

…learning! 

If the market is a mirror that reflects your character flaws, then trading is the journey of self-improvement.

You’ve no doubt read books, enrolled in courses, hired a mentor, listened to podcasts, read blogs, and watched countless videos on HOW to trade the markets. You’ve educated yourself with all the information you needed to complete a personalized trade plan. 

Is it working for you? Are your trading results right on target? 

If not, consider this quote, author unknown, “Successful trading is 10% analysis, 90% psychology, and 100% dis...

Results of Monday’s Best S&P Futures Turning Points: : Shorting 4800.50 caught the high of the session and ran for 8.50 points to the close. If you were swing trading it’s still open ranging below the level. 

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

Buy 4769.00 stop 4765.25. Short 4783.50 stop 4787.25 if price drops below and retraces back. 

The World Index: (+100/-100) reverses from -21 back to +29 in the major markets mixed. 

Catalysts: Building Permits & Housing Starts @ 8:30. Fed’s Barkin @ 9:30, Bostic @ 12:30. 

Quick Tip: Trade Less 

Doctors heal. Lawyers argue. Artists create. In those and other professions if you’re not doing something you’re not productive.  

The same doesn’t apply to Traders, however. You don’t have to trade all the time to be a productive, successful Trader. You don’t have to trade every setup, or day, or week. In fact, trade selection or filtering is important and necessary. 

Trading succe...

Results of Friday’s Best S&P Futures Turning Points: : Neither trade triggered.  

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

Buy 4769.00 stop 4765.25. Short 4800.50 stop 4805.50 (Buy the breakout if this short fails). 

The World Index: (+100/-100) reverses from +29 to -21 with most major world markets mildly Bearish. S&P futures are not. 

Catalysts: NAHB Housing Market Index @ 10:00. 

Quick Tip: Consistency

Here’s an important quote from Dr. Brett Steenbarger, author of many books on trader psychology and an accomplished S&P futures day trader:

“You are most likely to become consistent IN your trading if you are consistent in working ON your trading.” 

How? Preparation and review. Sports teams do this. Prepare for the opponent, play the game, watch the video reviews. 

Are you preparing enough for your trading session? Are you assessing current market conditions and adjusting your expectations to what is probable? 

Ste...

Results of Wednesday’s Best S&P Futures Turning Points: : Neither trade triggered.  

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

Buy 4704.00 stop 4699.25. Short 4800.50 stop 4805.50 (aggressive traders only, shorts are riskier today. We have no remaining volume levels above this). 

The World Index: (+100/-100) eases from +43 to +29 with most major world markets mildly Bullish.

Catalysts: Empire State MFG Index @ 8:30. Industrial Production @ 9:15. Flash MFG & Services PMI @ 9:45. 

Quick Tip: One Question Quiz

Think for a moment before you answer this question. Do you find it harder to take a loss or a profit? 

The answer says a lot about your trade plan, style, trading psychology, and what you need to work on. 

If your answer was a loss, then your risk management plan needs help. You might be trading the wrong strategy, possibly one with more losers than winners or large losers. 

If your answer was a profit, then your r...

Results of Monday’s Best S&P Futures Turning Points: : No levels offered due to contract rollover. 

Today’s Best S&P Futures Turning Points (all trades are filtered out prior to CPI release today): 

Buy 4662.00 stop 4658.25. Short 4714.50 stop 4719.75. 

The World Index: (+100/-100) gains from +14 to +29 with most major world markets mildly Bullish.

Catalysts: CPI @ 8:30. 30-year bond auction @ 13:01. 

Quick Tip: Commitment

If you’re relatively new to trading you’ve probably experienced overwhelm from all the choices you have. All the decisions you must make. 

What asset to trade? 

Which timeframe? 

Which broker? 

Whose strategy to follow? 

How much to risk? 

The list is long. After guiding more than 4000 new traders through the process of making these decisions over the past 15 years I’ve found there is a hierarchy to these decisions. 

Start with commitment. Don’t even think “I’ll give this a try.” 

Here’s an example. A friend of mine is a successful thoroughbred trainer....

Results of Tuesday’s Best S&P Futures Turning Points: Neither trade triggered. 

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

Buy 4521.00 stop 4517.00. Short 4628.50 stop 4632.75.

The World Index: (+100/-100) SOARS from -43 to +57 with all major world markets Bullish. Risk on.

Catalysts: ADP Non-Farm Employment Change @ 8:15. Revised Non-Farm Productivity & Costs @ 8:30. Crude Oil Inventories @ 10:30. 

Quick Tip: You’re Biased!

No offense. There are so many cognitive biases that affect our trading results, and everyone has some. Possibly the worst bias is called Personal Blind Spot.

It occurs when you fail to recognize your weaknesses and shortcomings, leading to suboptimal trading decisions and poor performance.

One of the primary ways to resolve this bias is through self-reflection and self-awareness. You must take the time to assess your strengths and weaknesses and be brutally honest about their limitations.

Easier sa...

Results of Monday’s Best S&P Futures Turning Points: Buying 4551 filled in the Globex session early this morning running for 9.50 points so far, still open. 

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

Buy 4521.00 stop 4517.00. Short 4598.50 stop 4604.25. 

The World Index: (+100/-100) rises from -43 to -29 with most major world markets mildly Bearish. 

Catalysts: Home Price Index @ 9:00. Consumer Confidence, Richmond MFG Index, and Fed’s Goolsbee @ 10:00. More Fed speakers @ 10:05, 10:45, 13:05, and 15:30. 

Quick Tip: Mastering Trading

George Leonard noted in his book Mastery that “Our culture has become hooked on the quick fix, the life hack, efficiency. Everyone is on the hunt for that simple action algorithm that nets maximum profit with the least amount of effort.”

Sounds like “Lottery Mentality.” And unfortunately, those are the kinds of teasers you read in your emails every day. Don’t fall for them. 

To master anyt...

Results of Wednesday’s Best S&P Futures Turning Points: Neither trade triggered. 

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

Buy 4259.50 stop 4254.00. Short 4305.00 stop 4309.00.

The World Index: (+100/-100) SOARS from zero to +64 with most major world markets very Bullish. 

Catalysts: Jobless Claims @ 8:30. Powell hints dovish.

Quick Tip: Play to Win 

All your results start with your orientation toward life. In Larry Wilson’s book, Play to Win: Choosing Growth Over Fear in Work and Life, he reveals the two orientations that you must choose between.

1. Play to win.

2. Playing not to lose. 

What’s the difference? 

People who have a positive attitude packed with a view of abundant opportunities that are willing to overcome challenges, grow and risk for gain are “Playing to Win.” 

Conversely, people who need to remain in their comfort zone, looking for the “easy way,” have a skeptical, negative attitude, and don’t see o...