The Daily Market Forecast... Payday.

Monday’s Results: Price fell below our buy level before the open killing the trade. No entry on the short idea.

Quick Tip: Set Your Payday

If you’re like most retail traders you are focused on growing your trading account so you can increase your risk and ultimately your expected reward. Taking a “paycheck” from your trading account seems like taking a step backward.

The trading account is intangible. The figures on the statement don’t mean the same to you as a tangible reward. Psychologically, you NEED to be rewarded for a job well done. Make those wins REAL.

Here’s a simple formula for getting paid, growing your account, and improving your trading skills simultaneously:

1. Determine your payday (weekly, bi-weekly, monthly).
2. Log your trading account balance at the start.
3. On payday calculate your gain/loss in the account.
4. Pay yourself a pre-determined percentage of the gain. Take nothing if you lost.

If you’re more interested in growing the account make the percentage small, maybe 10% or 20% of the gain. Even though the actual paycheck may be small, when you spend it on something tangible, YOU will change. You will FEEL different about your trading. Your confidence will soar. And when that payday arrives when you DON’T get paid, you will automatically work smarter and improve your trading.

Today’s Best S&P Turning Points

Sell 4210.00 stop 4214.75.

Buy 4002.00 stop 3998.25

Trade Fearlessly,

Mike Siewruk

P.S. You’re invited: “Why Trade Multi Strats?” Thursday May 5^th @ 2PM ET. Click here for details.