Thursday’s Best S&P Turning Points Results: The short @ 3738.50 only offered 8.75 points. The breakout after failure offered 5.50 points. See chart.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Short 3731.25 stop 3736.00. Buy 3605.00 stop 3599.25.
Quick Tip: Trader’s Fuel
If trading is a performance endeavor (it is) then the committed trader will train for peak performance. Not just practicing trading different markets and strategies in simulation mode, but training physically and mentally.
On the physical side there is exercise, oxygenation, hydration, and food. Get in the habit before you open your trading platform.
On the mental side there is discipline, self-control, and confidence.
Here’s some great news: In Roy Baumeister’s book, Willpower (must read), he references dozens of studies that overwhelmingly prove how to retain the willpower to stay disciplined and in control of your actions… in life, not just trading!
It turns out that making plenty of decisions weakens your resolve to stay disciplined and in control of your actions. You quit rather than persist. The reason is the part of your brain used is depleted of its primary fuel. Glucose.
Traders make dozens of important financial decisions. Food is the solution!
Now you know why the habit of training your body (exercise, food, water) doubles as the solution for your mental training. Have some healthy snacks available while trading. Keep the glucose level up.
I can personally attest to the improvement in my thinking and actions with this routine. Try it!
The World Sentiment Index: (+100/-100) DROPS from -21 to -64 with all major world markets bearish. Historically lower closes from the open occurred half the time but they were over twice as big as up moves.
Catalysts: Nothing on the economic calendar. More tech restrictions on China under consideration. Social media gets clobbered. UK scrambles for leadership. Options expiration.
P.S. Multiple strategies, software tools, teammates, and coaching. Learn why you should join our team here. For a personal consultation to assess fit (without selling) email me for an appointment: mike@thedailymarketforecast.