Trade Aptitude

psychology trade planning Dec 19, 2023

Results of Monday’s Best S&P Futures Turning Points: Shorting 4800.50 caught the high of the session and ran for 8.50 points to the close. If you were swing trading it’s still open ranging below the level. 

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

Buy 4769.00 stop 4765.25. Short 4783.50 stop 4787.25 if price drops below and retraces back. 

The World Index: (+100/-100) reverses from -21 back to +29 in the major markets mixed. 

Catalysts: Building Permits & Housing Starts @ 8:30. Fed’s Barkin @ 9:30, Bostic @ 12:30. 

Quick Tip: Trade Less 

Doctors heal. Lawyers argue. Artists create. In those and other professions if you’re not doing something you’re not productive.  

The same doesn’t apply to Traders, however. You don’t have to trade all the time to be a productive, successful Trader. You don’t have to trade every setup, or day, or week. In fact, trade selection or filtering is important and necessary. 

Trading success is based on probabilities. This fact alone tells you that you should be carefully selecting your trades, choosing only those that have the highest probabilities of success. It’s unlikely that all your setups are of equal quality, so you’ll pass on many of them. 

Have you every played poker? Or at least seen a poker tournament on TV? Do the players bet on every hand? The cards they get vary in quality. They assess the probability of winning and play or fold. In fact, one of the first lessons you’ll learn if you get formal training in poker is to fold more often. 

Warren Buffett was quoted as saying, “The difference between successful people and very successful people is that very successful people say no to almost everything."

He’s saying by being selective in their choices, successful people can devote their attention to the things that are most important and have the greatest potential for success. 

That’s a tough pill to swallow! You’re a trader. You want to trade, not pass! Get comfortable with passing. Invest time into researching your strategy’s historical performance. Enhance your edge. Don’t over-trade. 

Our team day-trades multiple strategies with edge in a live online environment. Each strategy has what we call an “Edge Document.” They contain hard evidence gleaned from thousands of setups when NOT to trade the strategy. 

Join the team, learn our strategies, and trade live with us daily for 30 days. New lower rate available now. Money back if you’re not blown away!

Trade Fearlessly,

Mike Siewruk

P.S. Forward this blog to your trading buddies. Share in the wealth!


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