The Daily Market Forecast... Steps
Apr 28, 2022
Wednesday’s Results: Neither trade triggered.
Quick Tip: Steps
Without goals people drift through life never achieving their true potential. This is not opinion but documented fact from numerous psychological studies. No goals? No progress.
Small and “reasonable” goals are typical for most people if they bother to set goals at all. Yet, they require the same attention as big and “audacious” goals. Really. But there is a difference in the path. The execution.
You’re reading a trading blog so let’s assume you want to achieve the goal of being a consistent, profitable trader.
- Ignore the urge to set a small and “reasonable” goal. That may be something like earn $1000 per month from your trading. It’s not enough to keep you trying. You’ll likely quit before you get there because the reward you seek is not compelling enough to you. Why suffer up the learning curve for $1000 per month?
- Set the big audacious goal first. The goal that is far larger than what you would ever expect. Bigger than you believe is even possible. That may be something like earn $1 million per year from your trading. Don’t dwell on all the reasons why it’s not possible like you don’t have the capital to earn that much. Just put it out there. It’s where you want to be one day. Believe you’ll get there one day. Imagine the lifestyle.
- Make the big audacious goal doable. How? Steps. A golf tournament is won one hole at a time. A skyscraper is built one floor at a time. A degree is earned one class at a time. A successful trader is developed one trade at a time. Get your trading education. Write your trade plan. Execute one trade at a time. Review that trade to ensure you’ve followed the rules precisely. Correct your mistakes immediately. Edit your trade plan to prevent the mistakes. Keep on trading.
By believing in the big goal but working toward it one trade at a time you’ll persist through the ups and downs to reach your big goal. This method is proven in every endeavor in life. Own the big vision but take it one trade at a time.
Today’s Best S&P Turning Points (same as yesterday)
Sell Short 4334.75 stop 4340.
Buy 4140.75 stop 4135.75.