Hey friend,
Nothing on the economic calendar today – and it’s a pretty light week overall.
Let’s see how the markets have been moving.
The Daily Direction
Note: All indexes closed higher to end last week and have been moving higher this morning – sending the short-term direction for the S&P 500 back upward.
The Daily Nugget
Don’t let the last trade set the mood for the next one.
A big winner can make you feel bulletproof.
A bad loss can make you question everything.
Both can mess with the next trade.
After a winner, traders often get a little loose.
They size up.
They chase something they normally wouldn’t.
They assume they’re seeing the market especially well.
After a loss, the opposite happens.
A perfectly decent setup appears and suddenly they hesitate, cut the position too much or talk themselves out of it entirely.
But the next setup has nothing to do with what happened an hour ago.
It should be judged on the same rules you would’ve used before the last trade existed.
That’s easier said than done.
But one habit helps:
Before entering, ask yourself whether you’d take the exact same trade if your previous position had never happened.
If the answer changes because you just made or lost money…
Your P&L may be making the decision for you.
The Traders Agency Team
P.S. Did you miss my LIVE YouTube session this morning? Then make sure you click here to watch the replay now.
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