Stocks Futures Slide As China Seeks Better Trade Deal
How to Game Plan for Your Next Winning Trade
One of the easiest holes to fix for coaching students is their watch list. It's an easy fix because most don't create one.
I should say most don't create one past today. When I had my office in NYC we would call it a tracking journal. What's the difference? Think of it similar to setting goals.
You have long-term goals, let's say a year, then quarterly goals, monthly, weekly and then today's activities.
Once set, you pull goals from your yearly, into your quarterly, into your monthly, weekly and then today.
Your tracking journal functions the same way. This chart of DLTR is a good example from today. The stock price broke resistance but doesn't have a lot of "room to go." Major Resistance sits just ahead.
It's not a trade today, but one you must keep on your radar for the potential breakout to multi year highs. The glaring mistake most traders make is they only "plan" today's trades, and they leave all this wonderful money on the table.
Two ways to trigger alerts:
You can set alerts just beyond the breakout level or, you can actually have a buy stop for 100 shares just above this level. I prefer to own the stock. The trade doesn't need to be big, but 100 shares make you FEEL the position.
You feel if the breakout is strong or weak because you own it. You can't accomplish that with paper trading, or "watching it."
This technique brings you extra P&L each month because there are hundreds of setups you liked, but didn't trigger the day it fit your scan's criteria.
Your tracking journal doesn't need to be complicated, but it does need to be implemented on a daily basis.
If you do the work, you deserve to get paid. Follow this plan with discipline and I promise the rewards are worth the extra effort.
Have a great day.
PS. Today is a "sell short day in the SPY ETF, but not on a lower open. The sell short comes on the first significant push higher. Best case scenario on a breach of Friday's highs.
Dow Futures Slide Amid Report China Seeking Narrow US Trade Deal
Bloomberg reported Sunday that Chinese officials are no longer interesting in a broad-based trade deal with the United States, following months of stalled negotiations and tit-for-tat tariffs, and will instead pursue a more specifically defined agreement that removes any demands for China to tackle industrial
reforms or the thorny issue of government subsidies for state-supported enterprises
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