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Monday’s results: No trades suggested.
Today’s Best S&P Futures Turning Points: This strategy is in a drawdown and trading is halted.
The World Index: (+100/-100) rises from -29 to +10 with sentiment mixed for the markets that are open.
Catalysts: S&P Home Price Index @ 9:00.
Quick Tip: Newbies Only Part 2
Happy New Year! The next several blogs are part of a multi-part process to tune up your trading plan for the coming year. If you didn’t read yesterday’s you can find it here.
Assuming you’re passionate about trading, recognize it will take time to develop the skills, and you’re committed to succeed, let’s expand on your time commitment and how that affects your next few decisions.
If you only have several hours a month to devote to your trading, you would be best suited for position trading. These are long-term trades that don’t require much attention.
If you have several hours a week available, you could also swing trade. These are short-term trades that last from several days to weeks. They require attention daily.
If you have several hours a day available, you could also day trade. These are trades that are opened and closed on the same day. They generally require constant attention, although there are some strategies for day trading that don’t.
Now is the time to really think about these time commitments. Visualize how they will mesh with your current lifestyle. It’s easy to pick one and say to yourself “I can do that” but if you get this decision wrong, you’ll be wasting your time. You may find once you’re executing you don’t really like it, and you’ll have to start the process over. You want every decision you’re making to resonate with your personality and lifestyle.
Regardless of which you choose, you’ll be investing time in research, execution, and review. For each type of trading above, look at a calendar and block off the hours and days you’ll be performing each task.
For example, in order of time required, position trading requires the most research and little execution and review. Swing trading requires more execution and review. Day trading requires even more execution and review.
Tomorrow in Part 3 we’ll look at the money side.
Our trading teams focus on multiple strategies for day trading futures and high-probability candidates for swing trading options. You can try either or both risk-free. Join us.
To your trading success,
Mike Siewruk
PS: Feel free to forward this invitation to your trading buddies. Share in the wealth!
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