Trade Aptitude

psychology trade planning Jan 03, 2024

Results of Tuesday’s Best S&P Futures Turning Points: The levels yesterday were not updated from the day before (error) and were non-tradable.  

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

Buy 4704.00 stop 4699.25. Short 4814.25 stop 4820.00. 

The World Index: (+100/-100) stays at -58 with the major world markets Bearish on increasing volatility.   

Catalysts: Fed’s Barkin @ 8:30. ISM MFG PMI & JOLTS @ 10:00. FOMC Meeting Minutes @ 14:00. 

Quick Tip: No FOMO

Seasoned traders spend time on the review process. They document every trade their strategies set up, taken or not. They compare their results (behavior) to their plan. This is an excellent way to improve incrementally and get more disciplined and confident. 

There is a “downside” you’ll need to handle, though. Since you can’t take every trade every day and night you’ll find in your documentation and review process that you MISS LOTS of great trades. It gets worse if you happen to be in a losing streak or drawdown and you’re seeing the losers on your statement and the winners absent. 

How do you feel about that? You may develop Fear Of Missing Out (FOMO). And that will likely lead to overtrading and impulsivity. Not good. 

Here is a simple reframing trick that should set you straight. Instead of focusing on all the winning trades you missed, start counting the losing trades you missed. Aren’t those really “winners”? 

Tired of trading alone?  Our team day-trades multiple strategies with edge in a live online environment. Join us, learn the strategies, and trade live with us daily for 30 days. Money back if you’re not blown away! 

Trade Fearlessly,

Mike Siewruk

P.S. Forward this blog to your trading buddies. Share in the wealth!


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