{"id":14019,"date":"2018-03-06T13:22:32","date_gmt":"2018-03-06T21:22:32","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=14019"},"modified":"2018-03-06T22:56:48","modified_gmt":"2018-03-07T06:56:48","slug":"day-trading-mind-traps-3-07-2018","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/day-trading-mind-traps-3-07-2018\/","title":{"rendered":"Day Trading Mind Traps 3.07.2018"},"content":{"rendered":"

____________________________________________________________________<\/em><\/strong><\/p>\n

Voted #1 Blog and #1 Brokerage Services on\u00a0\u00a0TraderPlanet<\/a>\u00a0 \u00a0for 2016!!<\/em><\/strong><\/p>\n

____________________________________________________________________<\/em><\/strong><\/p>\n

Trading 102: Day Trading Mind traps<\/strong>\u00a0<\/strong><\/p>\n

“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<\/p>\n

MINDING THE MIND<\/strong><\/p>\n

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.<\/p>\n

INTUITIVE TRADING<\/strong><\/p>\n

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.<\/p>\n

<\/p>\n

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\"\"<\/a><\/div>\n<\/div>\n<\/blockquote>\n<\/div>\n<\/div>\n

Good Trading!<\/strong><\/p>\n

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.\u00a0 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.<\/p>\n

Futures Trading Levels<\/strong><\/p>\n

3-07-2018<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Contract March 2018<\/td>\n\u00a0SP500<\/td>\nNasdaq100<\/td>\nDow Jones<\/td>\nMini Russell<\/td>\nBitCoin Index<\/td>\n<\/tr>\n
Resistance 3<\/td>\n2759.83<\/td>\n7007.75<\/td>\n25384<\/td>\n1595.37<\/td>\n12481.67<\/td>\n<\/tr>\n
Resistance 2<\/td>\n2747.17<\/td>\n6973.50<\/td>\n25215<\/td>\n1578.93<\/td>\n12068.33<\/td>\n<\/tr>\n
Resistance 1<\/td>\n2735.58<\/td>\n6940.25<\/td>\n25032<\/td>\n1568.77<\/td>\n11396.67<\/td>\n<\/tr>\n
Pivot<\/td>\n2722.92<\/td>\n6906.00<\/td>\n24863<\/td>\n1552.33<\/td>\n10983.33<\/td>\n<\/tr>\n
Support 1<\/td>\n2711.33<\/td>\n6872.75<\/td>\n24680<\/td>\n1542.17<\/td>\n10311.67<\/td>\n<\/tr>\n
Support 2<\/td>\n2698.67<\/td>\n6838.50<\/td>\n24511<\/td>\n1525.73<\/td>\n9898.33<\/td>\n<\/tr>\n
Support 3<\/td>\n2687.08<\/td>\n6805.25<\/td>\n24328<\/td>\n1515.57<\/td>\n9226.67<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Contract<\/td>\nApr. Gold<\/td>\nMay Silver<\/td>\nApr. Crude Oil<\/td>\nJune\u00a0 Bonds<\/td>\nMar.\u00a0 Euro<\/td>\n<\/tr>\n
Resistance 3<\/td>\n1362.2<\/td>\n17.46<\/td>\n64.19<\/td>\n144 13\/32<\/td>\n1.2545<\/td>\n<\/tr>\n
Resistance 2<\/td>\n1351.1<\/td>\n17.18<\/td>\n63.74<\/td>\n144\u00a0 1\/32<\/td>\n1.2487<\/td>\n<\/tr>\n
Resistance 1<\/td>\n1343.1<\/td>\n16.97<\/td>\n63.08<\/td>\n143 19\/32<\/td>\n1.2452<\/td>\n<\/tr>\n
Pivot<\/td>\n1332.0<\/td>\n16.69<\/td>\n62.63<\/td>\n143\u00a0 7\/32<\/td>\n1.2395<\/td>\n<\/tr>\n
Support 1<\/td>\n1324.0<\/td>\n16.49<\/td>\n61.97<\/td>\n142 25\/32<\/td>\n1.2360<\/td>\n<\/tr>\n
Support 2<\/td>\n1312.9<\/td>\n16.21<\/td>\n61.52<\/td>\n142 13\/32<\/td>\n1.2302<\/td>\n<\/tr>\n
Support 3<\/td>\n1304.9<\/td>\n16.00<\/td>\n60.86<\/td>\n141 31\/32<\/td>\n1.2267<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Contract<\/td>\nMay\u00a0 Corn<\/td>\nMay Wheat<\/td>\nMay Beans<\/td>\nMay SoyMeal<\/td>\nApr. Nat Gas<\/td>\n<\/tr>\n
Resistance 3<\/td>\n392.3<\/td>\n523.9<\/td>\n1085.33<\/td>\n400.00<\/td>\n2.83<\/td>\n<\/tr>\n
Resistance 2<\/td>\n390.4<\/td>\n515.8<\/td>\n1081.42<\/td>\n397.20<\/td>\n2.79<\/td>\n<\/tr>\n
Resistance 1<\/td>\n389.3<\/td>\n511.4<\/td>\n1078.08<\/td>\n392.60<\/td>\n2.77<\/td>\n<\/tr>\n
Pivot<\/td>\n387.4<\/td>\n503.3<\/td>\n1074.17<\/td>\n389.80<\/td>\n2.74<\/td>\n<\/tr>\n
Support 1<\/td>\n386.3<\/td>\n498.9<\/td>\n1070.8<\/td>\n385.2<\/td>\n2.7<\/td>\n<\/tr>\n
Support 2<\/td>\n384.4<\/td>\n490.8<\/td>\n1066.92<\/td>\n382.40<\/td>\n2.68<\/td>\n<\/tr>\n
Support 3<\/td>\n383.3<\/td>\n486.4<\/td>\n1063.58<\/td>\n377.80<\/td>\n2.66<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Economic Reports, source:\u00a0<\/strong><\/p>\n

http:\/\/app.bettertrader.co<\/p>\n

\"Economic<\/p>\n

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\u00a0here in\u00a0contained are derived from sources believed to be\u00a0reliable,\u00a0but are not guaranteed as to\u00a0accuracy, 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\u00a0judgement\u00a0in trading.<\/p>\n","protected":false},"excerpt":{"rendered":"

____________________________________________________________________ Voted #1 Blog and #1 Brokerage Services on\u00a0\u00a0TraderPlanet\u00a0 \u00a0for 2016!! ____________________________________________________________________ Trading 102: Day Trading Mind traps\u00a0 “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 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[230,67],"tags":[18,350,144],"class_list":["post-14019","post","type-post","status-publish","format-standard","hentry","category-day-trading-2","category-future-trading-news","tag-day-trading","tag-economic-reports","tag-futures-trading-levels"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/14019","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/comments?post=14019"}],"version-history":[{"count":4,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/14019\/revisions"}],"predecessor-version":[{"id":14023,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/14019\/revisions\/14023"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=14019"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=14019"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=14019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}