Monday’s Blog Results: The suggested short @ 4443.00 stopped out for a 4.50-point loss. Team members saw the breakout setup that ran for 56.25 points.
Today’s Lesson: Wrong > right.
Curious how I’m going to dance out of that statement?
If you’re always “right” then you’ll never be open minded enough to change for the better. Being flexible and open-minded to new ideas is a huge advantage in trading.
I’m not saying you simply agree with every new idea you hear. I’m saying that when you’re presented with an intriguing idea (setup, rule, etc.) you owe it to yourself to investigate the value of it. And if you find improvement, then admit you were wrong and change.
I was told the great investor George Soros wrote in his book about a trade he took in the Japanese Yen. It ended up a monster winner. His first entry was short based on his analysis. It failed quickly so he doubled his size and went long. Just like that.
We are all going to be wrong or mistaken at times. The key to success in anything, not just trading, is recognizing and changing to what works.
Today’s Best S&P Futures Turning Points:
Short Level: Sell 4541.50 stop 4546.00.
Long Level: Buy 4454.25 stop 4449.75.
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