Trade Aptitude
Results of Wednesday’s Best S&P Turning Points: Neither suggested trade triggered.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Buy 3895.25 stop 3890.50. Short 3949.50 stop 3954.75.
The World Sentiment Index: (+100/-100) drops from -43 to -14 in a world of mixed sentiment, Asia Bearish, western world modestly bullish.
Catalysts: Jobless Claims, Philly Fed MFG Index, Housing Starts & Import Prices @ 8:30.
Quick Tip: Try Waiting
Successful trading skills are very different in many cases than how we’ve been conditioned to believe and behave.
We all were taught winning and being right were good, losing and being wrong were bad. These concepts don’t apply to a probabilities game like trading.
Here’s another example via some advice from arguably one of the best traders in history, Jim Rogers.
Jim Rogers quote: “I just wait until there is money lying in the corner, and all I must do is go over there and pick it up. I do nothing in the meantime."
Who was taught this concept growing up? Did Dad ever say, “Do nothing?” Your teacher? Your boss?
Get comfortable with the idea of being a trader who can wait for the best opportunities.
OK… I’m taking literary license here because we all know Jim didn’t vegetate between trades. But what IS important is he didn’t trade. Research? Sure. Study? Yup. Plenty of productive tasks we can do while waiting for the “money lying in the corner.”
Our team day-trades multiple strategies with edge in a live online environment. Having other traders to discuss with makes waiting an easier pill to swallow. Join our team, learn the strategies, and trade live with us daily for 30 days. Money back if you’re not blown away!
Trade Fearlessly,
Mike Siewruk