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1. Market Commentary
2. Futures Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
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4. Commodities Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Futures Economic Reports for Tuesday November 19, 2013
Hello Traders,
For 2013 I would like to wish all of you discipline and patience in your trading!
A few “post it” to put around your trading station/ trading area:
- Not one trade or one trading day will determine your success. It is the next 1000 trades. ( make sure you survive to take the next 1000 trades!)
- What separate the pros from the amateurs is the ability to accept losses, anticipate losses and know it is part of trading. most traders can do well when they are up or making money, very few can do it when they have a down day.
- Once you see you are down $XXX, you need to switch from offense to defense and start exiting positions and managing the trade NOT by adding positions.
- You are day trading but your progress is measured over the long run.
- Start writing a journal about the different reports and how the market reacted so you know which reports to avoid. This can also be a good way to evaluate yourself from the mental perspective as well as function as “cheat cheat notes” for the future.
- Start looking at trading as a business. Train your brain to look at trading from the outside rather that ” I am doing good or I am trading bad” everyone have losing days, its part of the market. Sometimes you can make all the right decisions and still be down.
- Set some goals: for each day, for each week, for each month. They should include profit target as well as maximum amount of $$ you are willing to risk on any given day. You are more successful if you hit loss limit, closed positions out than if you had a good day where you hit your target.
