Results of Monday’s Best S&P Futures Turning Points: The suggested short @ 4146.00 stopped out.
Today’s Best S&P Futures Turning Points (consider wider stops and less size in fast moving markets):
Buy 4136.50 stop 4132.50. Short 4206.50 stop 4212.25.
The World Sentiment Index: (+100/-100) rises from +29 to +36 in a mildly Bullish world of falling volatility.
Catalysts: ADP Employment Report @ 8:15. International Trade @ 8:30. ISM Services @ 10:00. Crude Oil Inventories @ 10:30.
Quick Tip: On Needs
To succeed in trading (actually, anything in life) you must be motivated. There will always be setbacks, frustrations, losses, failures, and rejections. If you’re not motivated you won’t persist. You’ll quit and carry that psychological “loss” with you. Collect enough of those and you’ll be miserable.
The answer is to get and stay motivated. But how? Find your unsatisfied need. You don’t require motivation for anything that you’re already satisfied with. You don’t even think about it. If you have enough money for acceptable shelter, food, transportation, and recreation you’re not worried. You have those. You’re covered.
But if you don’t have enough money for any, or all, of those things, you’ll be VERY motivated to get them and keep them. They are the basics and you must have those.
Trading is challenging. It requires willingness to learn, change, be open-minded and disciplined. That requires plenty of motivation. Finding your “unsatisfied need” is critical to your sustained motivation. Thus, your ultimate success as a consistent, profitable trader.
For example, I intensely value freedom. Not just our democratic society, but personal freedom of time, location, and finances. I want to work WHEN I desire, live WHERE I desire, and not be constrained by the budget to do so. To me, trading is the ideal endeavor for getting and keeping those freedoms. Find yours and remind yourself daily.
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