Tuesday’s Best S&P Turning Points Results: The short suggestion @ 3843.25 stopped out. The buy suggestion @ 3792.25 missed fill at the bottom of the day by 2 ticks and ran for 63.75 points. Reframe your thinking... the level worked.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Short 3923.25 stop 3928.25. Buy 3792.25 stop 3786.50.
The World Sentiment Index: (+100/-100) DROPS from +7 to -57 with all major world markets bearish. Historically there prices closes lower than the open 56% of the time.
Catalysts: EIA Petroleum Status Report @ 10:30. Risk off mood. Waiting on CPI.
Quick Tip: Rich & Quick Don’t Mix
A favorite book of mine is “The Road Less Stupid” from esteemed business manager Keith Cunningham. I bought it before knowing what it was about because the title was all I needed to read. You absolutely MUST get something beneficial from a book with that name!
It ends up being great advice on starting and running a business. Some of the advice is applicable to other areas of life as well. His writing style is easy-to-read, direct, and fun. Go buy it.
The industry of trader education is packed with “Kool-Aid” vendors. You know, the “How to Work only 4 Hours a Week and Retire a Millionaire by Next Year!” authors.
Cunningham shares a fact that you should know which I found very interesting. Warren Buffet invested full-time in the stock market for 9 years before he made his first million. “How to make a million in ONLY 9 years!” Ha! Not a great name for a book is it?
Any reasonable person knows that success takes time, learning, practice, mistakes, and correcting mistakes. Trading success included. Along that train of thought, Cunningham shares some questions to ask yourself and then think long and hard while writing your answers. Getting this right will move you much closer to success and maybe even all the way there. I’ll share a few here (apply these to your trading life):
There are more but that’s a great start. Be real.
P.S. If your strategies have proven edge and your results are spotty then you need to change your behavior. Click to learn how.