Today’s Best S&P Futures Turning Points: This strategy remains on hold.

The World Index: (+100/-100) plummets from +79 to -50 with renewed selling and sticky volatility. 

Catalysts: Jobless Claims @ 8:30. 30-Year Bond Auction @ 13:00. Fed’s Barkin @ 15:00. 

Quick Tip: Try Waiting 

Successful trading skills are very different in many cases than how we’ve been conditioned to believe and behave. We were all taught to work hard and smart to control the outcome of our efforts. In trading we cannot control whether we win or lose but we can control how much we lose. 

Some market conditions are more difficult than others to even control the losses! What’s the solution? 

Here’s some advice from arguably one of the best traders in history, Jim Rogers. 

He said “I just wait until there is money lying in the corner, and all I must do is go over there and pick it up. I do nothing in the meantime."

Who was taught this concept growing up? Did Dad ever say, “Do nothing?” Your teacher? Your bos...

Today’s Best S&P Futures Turning Points:This strategy remains on hold.

The World Index: (+100/-100) soars from -7 to +79 with all thoughts of the correction vanishing. 

Catalysts: Crude Oil Inventories @ 10:30. Fed’s Collins @ 12:00. 10-Year Bond Auction @ 13:00. 

Quick Tip: Change It

Popular trader psychologist and author Brett Steenbarger said, “The greatest enemy of change is routine.” 

I had to stop and think about this. Over the years I’ve learned that routines are healthy. They are habits and assuming they’re good for you, they’re important to have. I started a morning routine, a pre-trading routine, a midday routine, and a nighttime routine. 

So now I’m being advised to change all that? 

Not at all. Steenbarger was referring to the time you spend between your routines, in particular while trading. The pre-trading routine is important. Keep it. 

But don’t go on autopilot while trading. Be aware of changing market conditions. Listen to divergent viewpoints. Zoom out to the...

Today’s Best S&P Futures Turning Points: This strategy remains on hold.

The World Index: (+100/-100) soars from -100 to -7 with mixed world sentiment on stabler volatility. Tokyo +10%. 

Catalysts: Trade Balance @ 8:30. Dip buyers testing the water. 

Quick Tip: See the Big Picture

Traders can often get caught up in the day-to-day fluctuations of the market, much like people who live their lives without pausing to reflect. 

In Larry Wilson’s book, Play to Win: Choosing Growth Over Fear in Work and Life, he emphasizes the importance of stepping back and seeing the bigger picture to make better-informed decisions. 

For day traders, this means taking a break from the extreme volatility yesterday and understanding the cause(s). 

Wilson also teaches us about the two life orientations that you must choose between.

1. Play to win.

2. Playing not to lose. 

What’s the difference? 

People who have a positive attitude packed with a view of abundant opportunities that are willing to overc...

Today’s Best S&P Futures Turning Points: This strategy remains on hold.

The World Index: (+100/-100) plummets from +86 to -50 with all major world markets Bearish except the USA with tech leading the way. 

Catalysts: Jobless Claims @ 8:30. Final MFG PMI @ 9:45. ISM MFG PMI and Construction Spending @ 10:00. AAPL & AMZN earnings after the bell. 

Quick Tip: Three Facts

Most of your success in trading will come from your ability to manage your psychology about winning and losing and being right or wrong. Unfortunately, we’ve all been raised to believe that winning is good, losing is bad, being right is good, being wrong is bad. The market is different. 

One of my favorite books on trading is Trade Your Way to Financial Freedom by Van Tharp. He gets this game from a psychological perspective really well. 

Here are three facts about trading success he uncovered in his research of successful traders/investors. They all had: 

1. Controlled risk. 

2. Win rates of 35% to 50% but winning...

Today’s Best S&P Futures Turning Points: This strategy remains on hold.

The World Index: (+100/-100) SOARS from -7 to +86 with all major world markets strongly Bullish. 

Catalysts: ADP Employment Change @ 8:15. Employment Cost Index @ 8:30. Chicago PMI @ 9:45. Pending Home Sales @ 10:00. Crude Oil Inventories @ 10:30. FOMC Statement @ 14:00, Press Conference @ 14:30. META reports after the close. BOJ raises rates.

Quick Tip: Disqualifying 

Traditional work (your job) makes becoming a winning trader difficult. Not because of the time devotion, but because it instills a belief that is NOT helpful in trading. 

What is it? Always doing something. Can you imagine if you were caught doing nothing and told the boss “Now is not a good time to be working on this.” Or “Wednesdays are difficult days to get anything done, so I’m going to loaf.” 

In trading NOT entering a trade is not only OK it’s sometimes the smart decision. Today is FOMC day. Volatility will be high for an hour or so. Ther...

Today’s Best S&P Futures Turning Points: Nothing tradeable today.  

Thursday’s results: This strategy is on hold... but had a superb week of gains and may be back in business on Monday. 

The World Index: (+100/-100) soars from -71 to +36 with all most world markets mildly Bullish on fading volatility. 

Catalysts: PCE/Personal Income @ 8:30. UofM Consumer Sentiment (revised). 

Quick Tip: How Not to Confirm

Many traders use a two-step process to enter their trades. The first is called a “setup.” Certain conditions appear ripe for an entry. The second step is called “confirmation.” The final evidence says pull the trigger. 

Here’s an example: Our trend strategy will signal that a trend is starting based on a chart pattern and current volatility. But that is not when the entry occurs. We wait for confirmation by looking for additional signals, then buy on a retracement to reduce risk and improve price. Simple enough. 

Yesterday a trade signaled and confirmed. It was worth 26 S&P poi...

Today’s Best S&P Futures Turning Points: Nothing tradeable today.  

Thursday’s results: This strategy is on hold... but is improving and likely out of the drawdown soon.

The World Index: (+100/-100) eases from +50 to +36 with most major world markets mildly Bullish. 

Catalysts: PPI @ 8:30. UofM Consumer Sentiment @ 10:00. Earnings starts with big banks. 

Quick Tip: Resilience 

Baseball great Harmon Killebrew said, “The most important athletic ability is the talent to comeback from behind.” True in sports, true in business, true in trading. 

The great come-back athletes were different than their peers. They knew there would be setbacks. They thought in advance how to handle them. They didn’t get emotional. They snapped to attention and executed their plan. 

Traders have losing streaks. Can’t avoid them. 

Are you reactive or proactive? What’s your comeback plan? 

Here’s what works for me: Let’s say I have three losers in a row day trading. I take a vigorous walk not thinking at ...

Today’s Best S&P Futures Turning Points: Nothing tradeable today.  

Tuesday’s results: This strategy is on hold... but is improving and likely out of the drawdown soon.

The World Index: (+100/-100) is stable at +21 in a mildly Bullish, low volatility world. 

Catalysts: Powell @ 10:00. Crude Oil Inventories @ 10:30. 10-y Bond Auction @ 13:00. Fed’s Bowman & Goolsbee @ 14:30. 

Quick Tip: Persistence

Every successful person in trading and in life has gone through barriers and setbacks to achieve their success. Every failure was viewed as a learning experience. 

In trading everyone deals with losing streaks, drawdowns, unfilled winning trades, slippage, internet outages, criticism from family and friends, and more. 

Consider: 

“I have not failed. I have just found 10,000 ways that won’t work.” Thomas Edison

“I have failed again and again throughout my life. That’s why I’ve been successful.” Michael Jordan

"Success is stumbling from failure to failure with no loss of enthusiasm." ...