Results of Tuesday’s Best S&P Futures Turning Points: No trade triggered. 

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

Buy 5242.00 stop 5236.25. Short 5314.50 stop 5320.25 (same as yesterday). 

The World Index: (+100/-100) drops from +36 to -14 with major markets mixed. 

Catalysts: Crude Oil Inventories @ 10:30.  

Quick Tip: Great Job

Your focus when trading should be on doing your job well. Don’t think that winning is good and losing is bad though. You can do your job well and still lose. Why? Because we have no control over the outcome, only our behavior. 

Here are your main “job” components as a trader: Research, practice, preparation, execution, and review. Your trade plan should be organized along these lines. 

There are plenty of analogies that compare traders with athletes, musicians, artists,...

Results of Friday’s Best S&P Futures Turning Points: No trade triggered in another narrow day. 

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

Buy 5242.00 stop 5236.25. Short 5314.50 stop 5320.25. 

The World Index: (+100/-100) jumps from -50 to +36 with most major world markets mildly Bullish. 

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

Quick Tip: Your Behavior

Imagine starting in trading without any historical information. No price charts. No patterns to study. No economic information. No annual reports. What would you use to determine if it was time to buy or sell? 

Thankfully, we needn’t dwell on that question at all. We have incredible historical information available that we can research for potential edge in our trading. The fact is that historical information is ...

Results of Wednesday’s Best S&P Futures Turning Points: No trade triggered.  

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

Buy 5242.00 stop 5236.25. No short trade today. 

The World Index: (+100/-100) jumps from zero to +43 with most major world markets Bullish on rising volatility. 

Catalysts: Jobless Claims & Philly Fed MFG Index @ 8:30. PMI MFG & Services @ 9:45. Existing Home Sales @ 10:00. Fed’s Barr @ 12:00. 

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 enters the definition. Wanting a daily paycheck from the market is more challenging than a weekly or monthly paycheck. 

In Dr. Brett Steenbarger’s excellent...

Results of Monday’s Best S&P Futures Turning Points: No levels were presented. 

Today’s Best S&P Futures Turning Points (filtered out during CPI release): 

Buy 5183.00 stop 5177.25. Short 5177.00 stop 5182.75 if price drops below and retraces to entry. 

The World Index: (+100/-100) jumps from -25 to +31 with most major world markets Bullish.  

Catalysts: CPI @ 8:30. 10-year Bond Auction@ 13:01. 

Quick Tip: Slippage

One aspect of trading newbies don’t consider is order execution. At first glance you may think “How hard could buying and selling be? Click a mouse!” Getting your price is not always possible, though. 

For example, I was live testing a new process whereby the entries and exits were set at different prices and quantities. Scale-in, scale-out. There were significant advantages… less risk, potentially greater reward. 

My platform allows for most of the orders to be...

Results of Friday’s Best S&P Futures Turning Points: Shorting the breakout from 5155.00 failed. 

No volume levels today due to contract rollover combined with an all-time high trading range. 

The World Index: (+100/-100) dips from +6 to -25 with Asia Bullish and the west modestly Bearish. 

Catalysts: Nothing obvious.  

Quick Tip: Confirmation

Many traders use a two-step process to enter their trades. The first is called a “setup.” Certain conditions appear ripe for an entry. The second step is called “confirmation.” The final evidence says pull the trigger. 

Here’s an example: Our trend strategy will signal that a trend is starting based on a chart pattern and current volatility. But that is not when the entry occurs. We wait for confirmation by looking for additional signals, then buy on a retracement to reduce risk and improve price. Simple enough. 

Last week a trade signaled...

Results of Monday’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 5097.00 stop 5092.25. Short 5138.25 stop 5143.00. 

The World Index: (+100/-100) drops from -19 to -31 with the major world markets leaning Bearish on very low volatility. 

Catalysts: Final Services PMI @ 9:45. ISM Services PMI @ 10:00. Fed’s Barr @ 12:00 & 15:30. 

Quick Tip: Change is Coming

Here’s a great quote from Market Wizard Ed Seykota, “The markets are the same now as they were 50 years ago because they keep changing – just like they did then.” Clever, huh? 

Lately it seems that every morning is a waiting game for price to break out of a narrow range. Trend attempts fail. Reversals get modest gains. 

What to do? 

1. Have abundance. The more strategies...

Results of Friday’s Best S&P Futures Turning Points: The short idea was filtered out during the 10:00 economic releases but worked well running 15 points. 

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

Buy 5097.00 stop 5092.25. Short 5093.00 stop 5097.75 if price drops below and retraces back to entry. 

The World Index: (+100/-100) drops from +13 to -19 with the major world markets mixed on very low volatility. 

Catalysts: Nothing on the economic calendar. 

Quick Tip: How You Feel

Looking at Friday’s chart you see that the short entry was filled with minimal adverse move and ran for a quick 15 points. Great way to start the trading day!

Except this occurred during an important economic news release. The volatility can be extreme and slippage both on entry and exit can ruin your result. 

Imagine, our team is trading...

Results of Thursday’s Best S&P Futures Turning Points: The short idea was filtered out during PCE release, as noted.

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

Buy 5046.75 stop 5042.75. Short 5117.50 stop 5121.00.

The World Index: (+100/-100) eases from +19 to +13 with most major world markets mildly Bullish. 

Catalysts: Final MFG PMI @ 9:45. ISM MFG PMI, ISM MFG Prices & Revised UoM Consumer Sentiment @ 10:00. Fed’s Waller @ 10:15, Bostic @ 10:50, Daly @ 13:30, Kugler @ 15:30. 

Quick Tip: Not Gambling

The uninformed frequently consider trading a form of gambling. But even the trader who knows there are similarities and differences doesn’t always focus on the keys to taking the “gamble” out of their trade plan. 

Consider these and audit your personal trade plan for compliance. 

1. Trading uses probabilities from...

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

Today’s Best S&P Futures Turning Points (all trades filtered during PCE release): 

Buy 5046.75 stop 5042.75. Short 5083.75 stop 5086.50.

The World Index: (+100/-100) jumps from -44 to +19 with mixed sentiment across the planet.  

Catalysts: PCE/Personal Income/Spending & Jobless Claims @ 8:30. Chicago PMI @ 9:45. Pending Home Sales @ 10:00. Fed’s Bostic @ 10:50 and Mester @ 13:15.

Quick Tip: Consistency

Markets are either trending or not, volatile, or not. It should be no wonder that traders may have similar cycles of performance, winning streaks, losing streaks, consistency, and inconsistency. 

If you’re NOT in the zone, here’s a simple but highly effective checklist to work through. 

1. Take a break, clear your mind, and come back to trading with a fresh perspective.

2. Analyze your past trades...

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

Today’s Best S&P Futures Turning Points (all trades filtered during GDP release): 

Buy 5046.75 stop 5042.75. Short 5117.50 stop 5121.00.

The World Index: (+100/-100) plummets from +38 to -44 with most major world markets Bearish on rising volatility. 

Catalysts: GDP @ 8:30. Crude Oil Inventories @ 10:30. Fed’s Bostic @ 12:00 and Williams @ 12:45. 

Quick Tip: Pros Agree

Three celebrated authors on trading success, Mark Douglas, Van Tharp, and Alexander Elder, all agree that one aspect of trading is crucially important: 

"The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading." - Mark Douglas

"Successful trading is not about being right; it’s about being disciplined. Discipline is the ability to follow one's trading plan,...