The Daily Market Forecast... what's your style?
Friday’s Blog Results: Neither suggested level triggered.
Today’s Trading Tip: What’s your style?
With all the online trading education available now; blogs, podcasts, books, newsletters, video courses, tip sheets, live rooms, daily, weekly, monthly… you are SO LUCKY! Excess supply + limited demand = great value, they’re all a great BUY.
Except you’re not vetting them properly. You see, in trading there are TOO many ways to beat the market. Yup. You should know this because if everyone did the same thing no one would be on the other side of your trade! I would guess that most of these offers work just fine! But the abundance of strategies, indicators, and mentors can be more confusing than helpful.
Why? Because if you choose the wrong market, style, or strategy… the one that doesn’t resonate with your personality, it doesn’t matter how successful anyone else is trading it. You’ll fail. No need to start this way.
After 14 years of helping over 4000 would-be traders find their “dress code,” I’ve developed a simple checklist you can follow when getting started (or not performing if you are trading). Don’t let the simplicity of this fool you. Truly consider each item in sequence. Journal your answers. Done honestly, you’ll have clarity of purpose. Then you can pick your tour guide with confidence.
- Why do you want to trade? (Money is an easy answer… dig deeper because this isn’t easy and perseverance is required to succeed).
- How much time can you comfortably devote to research, trading, and review? (Day-trading is intense, Swing less so, Position even less so. The less time you have the longer your holding period should be).
- How much Risk Capital can you start with? (Money you can afford to lose financially and psychologically. This helps you find your asset class and leverage tolerance).
- Are you trading for income (spendable now) or capital gains (account growth)?
- Would you rather have few but BIG winners or many but SMALL winners? (Can’t have both “many” and “big”, the point is to match your personality).
Now you can find the strategy that fits best.
Today’s Best S&P Futures Turning Points:
Short Level: Sell 4631.50 stop 4637.00.
Long Level: Buy 4552.25 stop 4546.50. Same as Friday.
Trade well,
Mike Siewruk
P.S. Tired of trading alone? Need more quality setups? Learn how our team-based approach can accelerate your trading performance. Click here for FREE video training.