Trade Aptitude
Results of Monday’s Best S&P Turning Points: The suggested short @ 4016.00 stopped out.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Buy 3958.75 stop 3953.25. Short 4050.25 stop 4053.75.
The World Sentiment Index: (+100/-100) EASES from +21 to +14 in a world of mixed sentiment and low volatility. Historically price has closed higher than the open 56% of the time with 2 times the gain as the losers.
Catalysts: Home Price Index @ 9:00. Chicago PMI @ 9:45. Consumer Confidence @ 10:00.
Quick Tip: Shades of Gray
Here’s a quote I love from superstar attorney Gerry Spence: “I would rather have a mind that is opened by wonder than one closed by belief.”
At first this quote seems to simply say “Have an open mind.” But it goes deeper than that. It’s more than merely having a positive attitude or not being fixed by your own opinion.
The word “wonder” is key. You can have an open mind that is limited. There are degrees of openness, like shades of gray. You have a self-imposed limit on how much you’ll be open to. And that limit is your belief. Because when the openness closes it does so from your limiting belief. Thus, no one is completely “open minded.”
In trading there are many strategies that have edge. There is no single “best way.” You need to be open minded enough to explore many different strategies and styles to find the few that resonate with your personality. This applies even if you’re already successful. Strategies I’ve traded years ago aren’t effective today.
Next time you’re closed to something new recognize the belief that held you back and think hard if it’s still valid.
Our team day-trades multiple strategies with edge in a live online environment. No one trades them all, but the abundance of setups provided allows everyone to find the trades that make best sense to them. 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