Results of Thursday’s Best S&P Futures Turning Points:Shorting 5040.25 was only good for a 5.25-point scalp. 

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

Buy 5026.00 stop 5021.75. Short 5022.50 stop 5026.75 if price falls below and retraces to entry.  

The World Index: (+100/-100) jumps from +29 to +67 with all major world markets Bullish on rising volatility.  

Catalysts: PPI, Building Permits, Housing Starts @ 8:30. Fed’s Barr @ 9:10. UofM Consumer Sentiment @ 10:00. Fed’s Daly @ 12:10. 

Quick Tip: 4 Fears

You know that a winning trader is a confident trader, and a losing trader is a fearful trader. Part of your personal development plan should be eliminating your fears. 

Yes, fears. Plural. You can have more than one. Over the years teaching traders I’ve noticed different types of fear. 

1. The most obvious is fear of loss. Managing your risk, pre-determining your “risk number” (the amount that negatively affects you ...

Results of Monday’s Best S&P Futures Turning Points: Neither trade triggered. The levels stay on the chart. 

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

Buy 4926.00 stop 4920.75. Short 4987.00 stop 4992.75.  

The World Index: (+100/-100) eases from +25 to +19 with mixed sentiment and increasing volatility. 

Catalysts: Fed’s Mester @ 12:00. Plenty of earnings. 

Quick Tip: Sequencing 

If trading is 80% psychological that leaves 20% to the edge your strategy has. We really don’t know if the 80% figure is accurate but you’ll hear a big number like that from many skilled traders and coaches. Regardless the accuracy, how we behave as traders is vitally important. 

Back when racquetball was popular I was a competitive player and found a coach to improve my performance. Here’s the dialog from “lesson one.” 

Coach: “Why do you want to play racquetball?” 

Mike: “Exercise, gets me in shape, fun.” 

Coach: “You have it backward. Yo...

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 4926.00 stop 4920.75. Short 4987.00 stop 4992.75.  

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

Catalysts: Final Services PMI @ 9:45. ISM Services PMI @ 10:00. Fed’s Bostic @ 14:00. 

Quick Tip: Reinvention

Great performers, traders included, never quit when the inevitable roadblocks and challenges arise. They adjust, learn from their mistakes, and move forward. 

You’re heard the term “reinvent yourself.” Out of favor actors do it. Corporations do it. Sometimes traders must do it. 

Like many traders who enjoyed the Tech Bubble in the late ‘90’s, I was trading a momentum strategy that printed money. It was simple and easy. Even during the crash, it performed well going short. Then it stopped working. The volatility dried up and the risk reward ...

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 4885.00 stop 4881.50. Short 4948.00 stop 4953.25

The World Index: (+100/-100) drops from +6 to zero with sentiment mixed worldwide on lower volatility. 

Catalysts: ADP Employment Change @ 8:15. Employment Cost Index @ 8:30. Chicago PMI @ 9:45. Crude Oil Inventories @ 10:30. FOMC Statement & Press Conference @ 14:00/14:30. 

Quick Tip: One Good Habit?

In his excellent book Atomic Habits author James Clear named chapter 20 The Downside of Creating Good Habits. Darn good title! 

Here’s the gist of it: once we practice something enough to become skilled and automatic we become less aware of improving it. We stop looking for the mistakes. After all, once it’s a habit you’re not thinking about it that much. 

Think about how well this applies to your trading. You have rules and the discipline to follow ...