Friday’s Best S&P Turning Points Results: Buying 3623.50 stopped out.
Quick Tip: Do Nothing
Your job might make becoming a winning trader difficult for you. Not because of the time commitment, but because jobs instill a belief that is not helpful in trading.
What is it? Doing something. Can you imagine if you were caught doing nothing and told the boss “Now is not a good time to be working on this.” Or “Thursdays are difficult days to get anything done, so I’m going to loaf.”
In trading not entering a trade is not only OK sometimes it is the better decision. There are times when the probability of success is low. Don’t trade. Unlike your job, doing nothing is completely acceptable.
While market catalysts like economic reports and global news events are the obvious times to not trade, there is another “event” that can be worse: how you feel.
Mindset is critically important to trading success. Trading while in a funk, angry, foggy or any other condition that is not optimal should be avoided. It’s tough for those of us who prefer pushing through any obstacle and getting the job done. Therefore keeping a “thought journal” while trading is beneficial. It won’t take much review to find those conditions when you’re better off not trading.
The World Sentiment Index: (+100/-100) DIPS from +14 to -14 in a world of mixed sentiment and modest volatility. Historically higher closes from the open occurred 74% of the time.
Catalysts: ISM MFG & Construction Spending @ 10:00. USD up almost 14% this year should be squeezing earnings this quarter. Oil up on production cut potential.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Short 3678.50 stop 3682.75.
Buy 3568.75 stop 3565.75.
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