Results of Friday’s Best S&P Futures Turning Points: Neither trade triggered in a narrow range day. Both levels remain on the chart.
Today’s Best S&P Futures Turning Points (consider wider stops and less size in fast moving markets):
Buy 4439.50 stop 4436.00. Short 4510.25 stop 4516.00.
The World Sentiment Index: (+100/-100) eases from -36 to -21 with Asia firmly Bearish and the west mildly Bullish.
Catalysts: Nothing on the economic calendar.
Quick Tip: Simple Not Easy
You’ve probably heard the phrase “trading is simple, it’s just not easy.” Indeed, trade plans can be simple to execute but because of our thoughts, emotions, and behaviors we make them hard to follow thus missing the result we want.
Let’s say your “simple” trade rules were based on 1) Determine the big picture trend, 2) Sell rallies in a downtrend on a shorter time interval, 3) Buy dips in an uptrend on a shorter time interval. This is not only simple, but it makes sense. Price moves in waves of impulses and corrections within a trend.
But If you don’t follow your rules consistently, if you didn’t make it “easy,” it was because of your thoughts and emotions.
Dr. Woody Johnson PsyD dives deep into a solution in his awesome course, Secrets of the Peak Performance Trader:
1. Your thoughts (beliefs) must focus on positive outcomes. Every failure or loss is a learning experience.
2. Your emotions are driven by your thoughts. If your thoughts and mental image pictures are of success, growth, and disciplined behavior then you will act out…
3. The behavior you’re imagining!
Make this exercise (self-talk) a part of your morning routine. Repetition is key. You won’t change overnight. Just be persistent.
P.S. Did you know there are MANY techniques and formulas you can use to change your personal psychology about trading to improve your results? Learn how to change your unwanted behavior here.