The Daily Market Forecast... time comes first

Monday’s Blog Results: The suggested short was only good for a 5.50-point scalp. The breakout upon failure was a bit better at 9.50 points. Two small winners.

Quick Tip: Time comes first

You have a rules-based trade plan (if you don’t, quit trading and create one). It might be time to refresh it.

One way is to simply read it and consider your current situation (goals, capital, etc.) then update what needs to be changed.

A better way is to start fresh, as if you don’t have a trade plan yet. This will get you thinking more creatively and likely produce a much better plan. You’ll have to do some research and learn the trade plan process and components all over again. As Jim Kwik wrote in his best-seller Limitless, approach reading (learning) as if you know nothing about the subject. Bring no baggage or limiting beliefs.  

Let’s do this together over the next few days. 

Time comes first. That is, how much time can you devote to trading? What time of day? Which days of the week? This is your primary decision. All subsequent decisions are based on it. What you trade, how much capital to invest, your style and strategies, all those decisions are dependent on your available time.

Your homework for today is quick and simple. Write down when you are available for trading. Create a schedule for a day, week, and month. That’s it. Tomorrow you’ll use that decision to optimize the next step: Style.

Today’s Best S&P Futures Turning Points:

Short Level: Sell 4365.00 stop 4370.75.    

Long Level: Buy 4181.25 stop 4175.50 is a long way off, consider buying 4370.50 (stop 4364.75) if price trades above and retraces back.

Trade well,

Mike Siewruk

P.S. Tired of trading alone? Need more quality setups? Join our team of great traders and accelerate your performance. Copy down this coupon code WINTER2022 and save 100 per month for life on your membership. Click here for FREE video training and details.