Day Trading Mind Traps - Trading Levels & Reports for 3.07.2018

Day Trading Mind Traps 3.07.2018

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Trading 102: Day Trading Mind traps 

“One way our brain helps keep us safe is to protect us from an awareness of our weaknesses. The brain believes that it is better to be falsely confident than recognize the real risks. This protective mechanism tends to work against us in trading.” Kenneth Reid, Ph.D

MINDING THE MIND

The mind can play tricks on us. Intuitive Trading is an attempt to mind read the market, which makes us susceptible to whipsaws. Hindsight Bias causes traders to underestimate the difficulty of trading, while Competency Bias causes us to over-estimate our abilities. These are mental banana peels that set us up for a fall.

INTUITIVE TRADING

Intuitive trading is a natural response to excessive randomness and non-linearity in the market. But making informed guesses is not the same as formulating a rule-based pattern-recognition system that gives a trader a true edge. Without a rule-based plan, intuitive traders expend a great deal of energy mindreading the market, which will not improve your odds of success. In fact, professional traders make a good living exploiting the emotionally-driven behavior of intuitive amateurs.

Good Trading!

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.  You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

Futures Trading Levels

3-07-2018

Contract March 2018  SP500 Nasdaq100 Dow Jones Mini Russell BitCoin Index
Resistance 3 2759.83 7007.75 25384 1595.37 12481.67
Resistance 2 2747.17 6973.50 25215 1578.93 12068.33
Resistance 1 2735.58 6940.25 25032 1568.77 11396.67
Pivot 2722.92 6906.00 24863 1552.33 10983.33
Support 1 2711.33 6872.75 24680 1542.17 10311.67
Support 2 2698.67 6838.50 24511 1525.73 9898.33
Support 3 2687.08 6805.25 24328 1515.57 9226.67
Contract Apr. Gold May Silver Apr. Crude Oil June  Bonds Mar.  Euro
Resistance 3 1362.2 17.46 64.19 144 13/32 1.2545
Resistance 2 1351.1 17.18 63.74 144  1/32 1.2487
Resistance 1 1343.1 16.97 63.08 143 19/32 1.2452
Pivot 1332.0 16.69 62.63 143  7/32 1.2395
Support 1 1324.0 16.49 61.97 142 25/32 1.2360
Support 2 1312.9 16.21 61.52 142 13/32 1.2302
Support 3 1304.9 16.00 60.86 141 31/32 1.2267
Contract May  Corn May Wheat May Beans May SoyMeal Apr. Nat Gas
Resistance 3 392.3 523.9 1085.33 400.00 2.83
Resistance 2 390.4 515.8 1081.42 397.20 2.79
Resistance 1 389.3 511.4 1078.08 392.60 2.77
Pivot 387.4 503.3 1074.17 389.80 2.74
Support 1 386.3 498.9 1070.8 385.2 2.7
Support 2 384.4 490.8 1066.92 382.40 2.68
Support 3 383.3 486.4 1063.58 377.80 2.66

Economic Reports, source: 

http://app.bettertrader.co

Economic Reports - Wednesday, March 7th

This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.

Tags: > > Posted in: Day Trading   | Future Trading News  

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