The Daily Market Forecast... goodbye frustration
Tuesday’s Blog Results: The suggested buy at 4772.50 caught the bottom of the day session running for 14.75 points before ending the day +7.25.
Today’s Trading Tip: Goodbye frustration.
What frustrates you? Losing? Missing a winner? Not understanding? Slow markets? Fast markets?
Frustration is a common emotional response to opposition, annoyance, or disappointment. It happens when your goal is denied or blocked.
In many areas of your life, you can and do control the outcome. You’ve learned through growing and experience how to “get what you want.”
In trading you cannot control market behavior. You need to truly accept this fact. Once you do, your need for control can be transferred to the ONE thing in trading you CAN control… your behavior.
If you want to finally rid yourself of frustration in trading follow these 5 simple steps:
- Admit you can’t control the market. Funny as it may seem I’ve found that looking in the mirror and saying this until I laugh out loud is highly effective.
- Identify the most frustrating aspect of your trading. Dig deep. The more pain you feel the more gain you’ll see.
- Ask yourself, “How can I change this?” “What can I do differently to stop the catalyst of my frustration?”
- You’re not alone. Ask fellow traders how they handle frustration. Whatever you’re trying to solve it’s highly likely someone else already has.
- Remind yourself daily during your premarket routine what your frustration is and your solution.
Today’s Best S&P Futures Turning Points:
Short Level: Nothing worth the risk.
Long Level: Buy 4761.75 stop 4756.00 (5.75 risk).
Happy Holidays and Trade Well,
Mike Siewruk
TheDailyMarketForecast.com/blog
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