Results of Thursday’s Best S&P Futures Turning Points: Shorting 4143.50 offered a modest 4.75 points of reversal as price chopped sideways in the area for almost 2 hours.
Today’s Best S&P Futures Turning Points (consider wider stops and less size in fast moving markets):
Buy 4145.50 stop 4140.75. Short 4206.50 stop 4212.25.
The World Sentiment Index: (+100/-100) jumps from +29 to +50 with all major world markets bullish (S&P futures flat).
Catalysts: Retail Sales & Import/Export Prices @ 8:30. FOMC Waller speaks @ 8:45. Industrial Production @ 9:15. Business Inventories & Consumer Sentiment @ 10:00.
Quick Tip: Bad Decision?
Life (and trading) is all about making more good decisions than bad decisions. We can’t possibly make all good decisions. Rather than be down when your decision was bad, learn something.
Jamie Dimon, CEO of JPMorgan Chase, was quoted in Bloomberg regarding an embarrassing acquisition his company made in the Frank startup (a college financial planning website).
“… a huge mistake.”
“I’ll tell you the lessons learned here when this thing is out of litigation.”
And most importantly, he doesn’t want JPMorgan to be so “terrified of errors that we don’t do anything.”
If you took a trade following all the rules of your plan, which has historical edge, and you lost there was no mistake. Losing in itself is not a mistake.
If you violated your plan and you lost you did make a mistake. Learn a lesson. Write it down. If you don’t you’re likely to end up exactly where Dimon doesn’t want his team… terrified of losing and not doing anything.
Our team day-trades multiple strategies with edge in a live online environment. We lose regularly as all traders do, but we analyze whether it was normal or a mistake. Join the team, learn the strategies, and trade live with us daily for 30 days. Money back if you’re not blown away!