The Daily Market Forecast... Trade Plan Part 6

Monday’s Blog Results: The suggested short level @ 4322.00 caught the top of the market and ran for 124.00 points at the close. How much did you bank?

Quick Tip: Trade Plan Part 6

You’ve made five trade plan decisions so far, time devotion, style, capital investment, asset class and strategy selection. Next is risk management.

There are seven main risk management rules you should incorporate in your trade plan:

1. Use stops, know your tolerance.
2. Breakeven trades are winners.
3. Don’t quit.
4. Trade multiple contracts/shares.
5. Move your stop tighter.
6. Diversify. 
7. Document, review, get present time edge.

Too much information for a blog post. For details on all these rules watch this video, take notes, email me with questions: [email protected].

Today’s Best S&P Futures Turning Points:

Short Level: Sell 4263.75 stop 4268.50.

Long Level: Buy 4140.75 stop 4135.75.  

Trade well,

Mike Siewruk

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