Friday’s Blog Results: Your suggested buy level at 4722.75 never triggered. Team members saw a nice bounce off a secondary volume level, good for 16.50 points.
Today’s Trading Tip: Thought journaling.
Documenting all your trade setups, taken or not, is critical to improving results. It’s quick and easy to do. With many strategies the information can be downloaded directly from your trading platform. There is no excuse NOT to have this valuable data.
Then there is the more important information most traders ignore… their thoughts and feelings. Trader psychology author and trainer Dr. Woody Johnson suggests that 80% of trading success is based on your personal psychology. If that figure is anywhere near accurate then you should be keeping what he calls a “Thought Journal.”
Start with the trades you take. You want to make this habit easy to acquire. Immediately after you place the trade log your mental condition. Sharp? Alert? Foggy? Fearful? Describe your feelings. Did you follow ALL the rules? Log the results of the trade afterward. Once you have dozens of trades logged you’ll be amazed when you review the results. Repeating patterns will emerge. Patterns of behavior that can be adjusted for improved performance. For more details on the process click here.
Today’s Best S&P Futures Turning Points:
Short Level: Blue skies above. Consider selling 4766.00 stop 4771.75 if price trades below and retraces back there.
Long Level: Buy 4792.75 if price trades above and retraces back there, stop 4789.25.
Happy New Year!
P.S. If you enjoy this daily blog, let me know. Doing this every day is like talking to the universe and not getting an answer! Drop me an email with your opinion, suggestion, critique, or request for a specific trading lesson. Thanks in advance! [email protected].