Trade Aptitude

personal development trade planning

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

Wednesday’s results: This strategy is on hold.

The World Index: (+100/-100) plummets from +7 to -43 with most major world markets Bearish.

Catalysts: PPI & Jobless Claims @ 8:30. Yellen & Fed’s Williams @ 12:00. 30-year Bond Auction @ 13:00.

Quick Tip: Your Niche

Dr. Brett Steenbarger, in his book Enhancing Trader Performance (must read), writes about the importance of FIRST finding your niche in trading.

Too many new traders spend their time and money trying to find a strategy or indicator that makes money. They think that’s all there is to trading successfully.

The more important aspect is style. What style of trading resonates with you. There are so many different markets, timeframes, and styles of trading. If you could experiment with several different “niches” you’d be way better off than simply trading just like the guy in the YouTube video.

For example, our trading room runs 5 different strategies...

Trade Aptitude

personal development psychology

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

Thursday’s results: This strategy is on hold.

The World Index: (+100/-100) plummets from +43 to -36 with all major world markets flat or Bearish.

Catalysts: Non-Farm Payrolls/Unemployment Rate @ 8:30. Fed’s Cook @ 12:00.

Quick Tip: Great Job!

Your focus when trading should be on doing the job well. That doesn’t necessarily mean winning. You can do your job well and lose. Why? Because we have no control over the outcome, only our behavior and discipline to follow our rules.

Here are your main “job” components as a trader: Research, practice, preparation, execution, and review.

There are plenty of analogies that compare traders with athletes, musicians, artists, and the military. These are all considered performance activities. So is trading. Think about how much time and effort the successful of those professions put into these same “job” components.

I’ve found the definitive work on this subject is in Dr....

Trade Aptitude

personal development psychology trade planning

Today’s Best S&P Futures Turning Points: Buy 5343.00 stop 5339.25. Short 5340.00 stop 5343.75 if price drops below and retraces up to entry.

Wednesday’s results: Buying 5321.50 was filtered out during the FOMC Minutes volatility.

The World Index: (+100/-100) rises from -37 to +7 with sentiment mixed, firmly Bearish in Shanghai & HK, Bullish elsewhere.

Catalysts: Jobless Claims @ 8:30. Flash MFG & Services PMI @ 9:45. New Home Sales @ 10:00. Fed’s Bostic @ 15:00.

Quick Tip: After Losing

What do you do after a losing trade?

There’s statistical and observable evidence that the number of winning traders is much smaller than the number of mediocre, losing, and failed traders.

If that’s the case, then the best lesson you could learn and the surest route to success in trading is to emulate the winners. Copy their successful actions.

Setting aside their actual strategy rules, which you may never be privy to, think about how they handle losses. They have them, too. The answer is...

Trade Aptitude

personal development psychology

Today’s Best S&P Futures Turning Points: : Buy 5300.00 stop 5295.50. Short 5338.75 stop 5342.00.

Thursday’s results: Buying 5327.75 held for 4 bounces offering up to 8.25 points. Scalpers heaven.

The World Index: (+100/-100) drops from +14 to -7 with Asia Bullish and the western world mixed.

Catalysts: Fed Speakers: Kashkari & Waller @ 10:15, Daly @ 12:15.

Quick Tip: Brain Food

We’re living longer and healthier than prior generations. Attention to diet and exercise play a huge part. We know better what to feed our bodies and those that practice some discipline with diet and exercise reap the longevity benefit.

Your mind needs food, too. Not just the kind you eat, the kind you read, watch, and listen to.

You’re a trader so I’m sure you have plenty of trading resources for reference. Now broaden your mindset and challenge your beliefs with some books that while not about trading, I’ve personally found great advice and ideas applicable to trading within the...

Trade Aptitude

personal development psychology

Today’s Best S&P Futures Turning Points: Buy 5185.25 stop 5181.75. Short 5249.50 stop 5253.50.

Wednesday’s results: Neither trade triggered.

The World Index: (+100/-100) improves from -14 to +14, mixed sentiment and low volatility.

Catalysts: Jobless Claims @ 8:30. 30-Year Bond Auction @ 13:00. Fed’s Daly @ 14:00.

Quick Tip: Is it fun?

In James Clear’s awesome book Atomic Habits, he reveals “The Truth About Talent.” While there is a genetic component to the answer, it’s not the only component.

Talent also comes from learning, training, and practice. But before you agree to dedicate yourself to all that work, you need to really like what you’re doing. It’s difficult to persist when you don’t like something. It’s easier to persist when you do.

Clear offers a few questions to ask yourself so you can “pick the right one (habit)” that pertain to trading perfectly:

“What feels like fun to me, but work to others?”

“What makes me lose track of time?”

“Wher...

Trade Aptitude

personal development trade planning

Today’s Best S&P Futures Turning Points: Buy 5185.25 stop 5181.75. Short 5249.50 stop 5253.50.

Monday’s results: Shorting 5206.50 triggered at the close of the cash market and wasn’t taken. If you converted it to a swing trade it was only worth 4.25 points.

The World Index: (+100/-100) drops from +60 to +29 as the Bullish sentiment fades on lower volatility.

Catalysts: Fed’s Kashkari @ 11:30.

Quick Tip: Intuition

The best way to start trading is to have a plan with an edge and the discipline to execute without emotion.

Once you’ve arrived there you will have considerable experience and that leads to intuition. The interplay between these two can often be the difference between a profitable trade and a significant loss.

Experience is gained through considerable time observing markets, making trades, witnessing cycles, and understanding economic indicators.

Intuition, on the other hand, is more elusive. It's that gut feeling or 'sixth sense' that you mig...

Trade Aptitude

personal development psychology

Today’s Best S&P Futures Turning Points: Buy 5156.50 stop 5152.25. Short 5206.50 stop 5211.25.

Friday’s results: Shorting 5142.00 was filtered out during the Non-Farm Payrolls release/volatility.

The World Index: (+100/-100) remains at +60 with all open major world markets Bullish.

Catalysts: Fed’s Barkin @ 12:50, Williams @ 13:00.

Quick Tip: Perfect Practice

If you were an actor you would not only memorize and practice your script, but you would listen to or watch a recording of your performance to hone your act. Repeatedly. Practice and review.

This sequence is the formula for mastery. It applies to anyone wanting to truly master their profession including traders.

It’s critical that you practice in simulated mode before risking real money. You want to develop “mental muscle memory” and confidence.

It’s even more critical that you develop a consistent review process. Think about it this way, the trade plan you developed is your script. Your performan...

Trade Aptitude

personal development psychology risk management

Today’s Best S&P Futures Turning Points: Buy 5082.75 stop 5078.25. Short 5176.00 stop 5181.75. Both are filtered out during the PCE news release @ 8:30 ET

Thursday’s results: The buy at 5048.50 was filtered out due to the GDP release volatility but did bounce for a quick 12-points.

The World Index: (+100/-100) soars from -14 to +64 with all major world markets firmly Bullish.

Catalysts: Core PCE Price Index, Personal Income & Spending @ 8:30. Revised UofM Consumer Sentiment @ 10:00. MSFT & GOOG earnings strong.

Quick Tip: Three Q’s

The best formulas for success are simple.

One of my favorites on decision making, which applies to trading very well, comes from Keith Cunningham, author of The Road Less Stupid:

1 – What is the upside?

2 – What is the downside?

3 – Can I live with the downside?

This ritual can be accomplished instantly with a little practice. Once you’ve asked these questions to yourself enough, they’ll move from your conscious mind to yo...

Trade Aptitude

personal development psychology trade planning

Today’s Best S&P Futures Turning Points: Buy 5046.75 stop 5042.75. Short 5176.00 stop 5181.75.

Monday’s results: Buying 5169.50 ran for 16 points.

The World Index: (+100/-100) PLUMMETS from +24 to -79 with all major world markets very Bearish on higher volatility, S&P Futures up slightly. Contrarian alert: historically longs outperform at this level.

Catalysts: Housing Starts & Permits @ 8:30. Fed’s Jefferson @ 9:00. Industrial Production @ 9:15. Fed’s Williams @ 12:30, Barkin @ 13:00, Powell @ 13:15.

Quick Tip: Consistency

Having taught over 4000 traders in the past 16 years the goal I’ve heard most often is the desire for consistent profitability.

You know what profitability is but how do you define consistency in trading? Time certainly enters the definition. Short term traders would likely strive for weekly profitability. Long-term traders look to monthly, quarterly, or annual profitability. The decision is yours.

Here are the seven principles to obtai...

Trade Aptitude

personal development psychology

Today’s Best S&P Futures Turning Points: Buy 5169.50 stop 5164.75. Short 5249.50 stop 5253.50.

Friday’s results: Buying 5215.25 stopped out.

The World Index: (+100/-100) improves from +7 to +24 with mixed sentiment worldwide.

Catalysts: Retail Sales, Empire State MFG Index, Fed’s Williams @ 8:30. Housing Market Index @ 10:00.

Quick Tip: 5 Fears

Fear paralyzes progress in anything you do. In trading, there are 5 types of fear. Recognizing you’re susceptible to them is the first step to a solution.

Fear of Missing Out (FOMO) – you can’t tolerate watching a winning trade from the sidelines. This breeds impulsivity. Solution: Have an abundance of trade opportunities.

Fear of Loss – you still feel upset about losing money. Solution: Lower your risk and find a strategy you have confidence in

Fear of Being Wrong – you are embarrassed to be wrong and get mad at yourself when you are. Solution: Understand that individual trade results are meaningless. Focus on ...

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Trade Aptitude

Trade Aptitude

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Trade Aptitude

Trade Aptitude

Trade Aptitude

Trade Aptitude

Trade Aptitude

Trade Aptitude

Trade Aptitude

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