The Daily Market Forecast... Rich & Quick Don't Mix

Tuesday’s Results: Neither suggested level triggered on pre-FOMC trading.

Quick Tip: Rich & Quick Don’t Mix

A favorite book of mine is “The Road Less Stupid” from esteemed business manager Keith Cunningham. I bought it before knowing what it was about because the title was all I needed to read. You absolutely MUST get something beneficial from a book with that name!

It ends up being great advice on starting and running a business. Some of the advice is applicable to other areas of life as well. His writing style is easy-to-read, direct, and fun. Go buy it.

The industry of trader education is packed with “Kool-Aid” vendors. You know, the “How to Work only 4 Hours a Week and Retire a Millionaire by Next Year!” authors. Cunningham shares a fact that you should know which I found very interesting. Warren Buffet invested full-time in the stock market for 9 years before he made his first million. Ha! Not a great name for a book is it? “How to make a million in ONLY 9 years!”

Any reasonable person knows that success takes time, learning, practice, mistakes, and correcting mistakes. Trading success included. Along that train of thought, Cunningham shares some questions to ask yourself and then think long and hard while writing your answers. Getting this right will move you much closer to success and maybe even all the way there. I’ll share a few here (apply these to your trading life):

  • What shortcuts am I taking that are based on greed, laziness, or impatience?
  • What skills do I need to master this?
  • Who can I hire as a coach to hold me accountable?
  • Where do I need to practice more to improve my game?

There are more but that’s a great start. Be real.

Today’s Best S&P Turning Points – FOMC day. Be mindful and careful of volatility in the afternoon. If you’re trading then, consider smaller size and larger stops.  

Sell 4275.00 stop 4280.75

Buy 4119.00 stop 4115.00

Trade Fearlessly,

Mike Siewruk

P.S. You’re invited! Don’t miss this webinar: “Why Trade Multi Strats?” Thursday May 5th @ 2PM ET. Click here for details.


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