Trade Aptitude

Results of Thursday’s Best S&P Futures Turning Points: Neither suggested trade triggered. Both remain on the chart for today.

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

Buy 4386.75 stop 4382.00. Short 4434.25 stop 4489.50. 

The World Sentiment Index: (+100/-100) PLUMMETS rises from -79 to -71 with all major world markets firmly Bearish. 

Catalysts: PMI MFG/Services Flash @ 9:45. 

Quick Tip: Your Unsatisfied Need.

To succeed in trading (actually, anything in life) you must be highly motivated. 

Why? Because there will always be setbacks, frustrations, losses, and failures. 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. 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. Keeping these freedoms is what motivates me through the thick and thin of trading.

Think about what’s vitally important to you that you don’t have. Add it to your trade plan. Remind yourself when the going is tough.

Mike Siewruk

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