Trade Aptitude
Monday’s Best S&P Turning Points Results: The suggested buy at 3987.00 ran for 17 points with 2-points of adverse move.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Short 4033.50 stop 4036.75. Buy 3922.50 stop 3917.75.
Globex View: Inside, tight range session.
The World Sentiment Index: (+100/-100) JUMPS from -64 to +50 with most major world markets bullish. Historically price closes LOWER than the open 54% of the time.
Catalysts: Home Price Index @ 9:00. Consumer Confidence @ 10:00. Chinese markets SOAR on looser Covid restrictions. Dollar lags. Waiting on GDP, Powell tomorrow.
Quick Tip: Solo vs. Multi-Strat
If you read this blog daily you know that our team trades live daily in a multi-strat environment. Focusing on multiple strategies is not for everyone. In fact, few of our team trade all the strategies.
So why have them?
1. Diversity. Markets change character. They’re either trending or not, volatile, or not. No single strategy works well in all those conditions. Having the choice to deploy the most appropriate strategy gives you flexibility and edge.
2. Abundance. If you find yourself breaking your rules to get in the action, you’ll benefit from the abundance of setups multi-strat provides. You won’t have FOMO. You know that there will be plenty of opportunities so you can choose the best probability trades.
3. Action. If you’re comfortable with fast action and quick decisions you’ll enjoy the experience more than focusing on one strategy and getting bored with the waiting time.
4. Learning. You’ll need to study and practice different rule sets. This doesn’t mean you must trade them all, but it’s extremely helpful to know how other traders, your opponents in the competition, are viewing the same price action.
5. Entry clues. It’s not uncommon for two different strategies to be setting up trades in the same direction. This confluence is good.
6. Exit clues. It’s also not uncommon for one strategy to signal a buy while you’re short a different strategy (and vice versa). These can be excellent profit targets.
7. In his book Enhancing Trader Performance, Dr. Brett Steenbarger implores new traders to learn, practice, and experience many different styles of trading before deciding which to adopt. Your trading style must resonate with your personality.
Imagine the confidence and consistency you would have trading with true abundance. Join us for a live trading demo this Thursday December 1 @ 12:30 PM ET. Click here to register.
Trade Fearlessly,
Mike Siewruk
P.S. This is a real money live trading event. Win or lose you’ll see how our team trades with probabilities. Only 100 spots available. Click here to register.