Trade Aptitude

Results of Friday’s Best S&P Futures Turning Points: Price chopped in a relatively narrow range, neither trade triggered.  

Today’s Best S&P Futures Turning Points (consider wider stops and less size in fast moving markets): 

Buy 4131.25 stop 4127.50. Short 4176.50 stop 4181.75. 

The World Sentiment Index: (+100/-100) rises from -57 to -21 in a world of mixed bearish-leaning sentiment on lower volatility. 

Catalysts: Nothing on the economic calendar. 

Quick Tip: Fall in Love

I took a call from a fellow over the weekend who was interested in joining our team. His first question was “How consistent are your results?” I said, “Define consistency.” He said, “I can handle a losing day but not a losing week.”

After I explained why that was an unrealistic expectation I went into my coaching questions sequence to understand more about his motivation to trade. The first question I always ask is about commitment. If you’re not fully committed (to anything in life, not just trading) you’ll likely fail. The challenges of learning a new skill will be there. This means you really must love trading or at least like it a whole lot to succeed. 

He said “I really don’t like trading, to be honest. I just want the money.” When I asked him what he really loved doing he said he wanted to produce a movie, maybe even act in it. Film making was his passion. 

I said, “Go make a movie!”

He thanked me and hung up. 

I had a similar conversation during an interview on Money.net recently. I showed my template for a trade plan which has commitment as the first decision. The interviewer responded that our society today was less committed than the older generations. How can you teach someone commitment? 

It all starts with your affinity. How much do you like, even love the subject? It’s difficult to stay committed to anything you don’t like to do. 

The beauty of trading is there are so many ways to trade successfully, you simply need to find the style that resonates with your personality. You can shorten the process by reading Jack Schwager’s Market Wizards book series. Dozens of traders were interviewed. Their styles of trading were mostly very different. The one commonality they had was profitability. 

Our team day-trades multiple strategies with edge. Not everyone trades them all. The successful team members focus on the style they enjoy. Join the team, learn the strategies, and trade live with us daily for 30 days. Money back if you’re not blown away!

Trade Fearlessly,

Mike Siewruk