Trade Aptitude
Results of Friday’s Best S&P Turning Points: Neither suggest trade triggered in a relatively narrow range day session.
Quick Tip: Mastering Trading
George Leonard noted in his book Mastery that “Our culture has become hooked on the quick fix, the life hack, efficiency. Everyone is on the hunt for that simple action algorithm that nets maximum profit with the least amount of effort.”
Sounds like “Lottery Mentality.” And unfortunately, those are the kinds of teasers you read in your emails every day. Don’t fall for it.
To master anything, you’ll find coaches and authors all agreeing on the same basics:
1. Intense focus.
2. Practice.
3. Incrementally improving (day by day).
4. Persistence.
5. Acknowledging Mastery is a journey, not a destination.
Nothing quick and easy about that.
Your trading plan should include personal development goals and ongoing trading education. This doesn’t necessarily require hours a day although that would surely accelerate your gains.
Just like your exercise regime, if you devoted 30 minutes a day to simulated trading a new strategy you’d see your trade execution skills improve in short order. You might even find a better strategy!
Our team day-trades multiple strategies with edge in a live online environment. No one trades all the strategies, but they have a working knowledge of each and choose which fits their personality. Join our team, learn the strategies, and trade live with us daily for 30 days. Money back if you’re not blown away!
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Buy 4029.75 stop 4024.25. Short 4103.75 stop 4109.50.
The World Sentiment Index: (+100/-100) EASES up from -64 to -57 with most major world markets Bearish. Historically price has closed lower from the open 73% of the time.
Catalysts: PMI Services/MFG @ 9:45. Existing Home Sales @ 10:00. Putin opts out of Nuke Pact. Risk-off mood continues.
Trade Fearlessly,
Mike Siewruk