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Trading Advice Daily Forecast for the Emini S&P500

Yesterday’s high at 1291.25 was a swing high. Based on our cycle analysis we see this morning being a retracement and consolidation time. The short term trend is definitely still long so expect to see pick up at around the 1268.50 support level, although we’re not expecting yesterdays high to be exceeded today. Watch out for economic announcements today if you are trading at 8.30am - Jobless Claims - and 10am - Existing Home Sales.

Look for key resistance today at 1278.50, 1285.00, 1291.00 & 1300.00 - and key support at 1268.50, 1260.00, 1256.50, & 1248.50

Mo | July 24th, 2008 | Continued

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Traders’ Guide to Keeping the Big Picture

I’ve noticed from the emails Trading Advice has been receiving recently that its at times like this, when the market changes its trend, that new and struggling traders run into the most difficulty, because they don’t have effective methods for holding the overview. Everyone gets comfortable as the bandwagon moves consistently in one direction, only to be thrown from their seats because they weren’t expecting the change in direction.

Mo | July 20th, 2008 | Continued

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Profitable Cycle Trading Method - Part III

Read Profitable Cycle Trading Method - Part II here.
Cycles are rough sine waves. A cycle moves up until it reaches a high then curls down moving downward until it reaches a low before it curls upward once more. When a cycle has bottomed out, curls up, and then starts moving upwards we can say that [...]

Mo | June 12th, 2008 | Continued

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Profitable Cycle Trading Method - Part II

Read Profitable Cycle Trading Method - Part I here
Principle 4
Discipline. The most fundamentally important part of making this method work is self discipline. To be consistently profitable you need to be disciplined every trade, every day. The one time when you relax your rules, you can be sure will be the time it will come [...]

Mo | June 8th, 2008 | Continued

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Profitable Cycle Trading Method - Part I

Many traders don’t like to share advice about their trading system because they think it will lose it’s edge. Here at Trading Advice blog our philosophy is that there’s plenty to go around!
This is the first in a series of three blog posts that shares one of my favorite cycle trading methods in detail:
First things [...]

Mo | June 2nd, 2008 | Continued

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Other Recent Articles

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Guide to regaining your trading optimism

This is ’take 2′ on this previous post which I discovered was only showing half the content. Sorry about that!
Here’s a blog post with some trading advice for one of the struggling trader’s toughest obstacles - staying positive.
Perhaps you’ve had a string of losing days or even months! Or perhaps you’ve started to become profitable, only to [...]

19Jul2008 | Mo | Continued
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How To Put Your Past Failures Behind You And Move On To Trading Success

In the early days of trading, I once lost $1600 overnight because I made a mistake and left two contracts open. Another time I lost $400 and then another $1500 on a mad binge trying to get the $400 back. It was painful. Gut twisting, panic inducing, emotional hell. Not only in [...]

16Jul2008 | Mo | Continued
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Book Review: The Trading Method That Can Make You Rich - by Roy Kelly

Priced at $195, used copies almost unheard of, this book with its almost ‘cult-like’ following has intrigued me for years. I finally decided to buy “The Trading Method That Can Make You Rich” and see what the fuss is all about.

14Jul2008 | Mo | Continued
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10 Ways to Deconstruct Your Trading and Build a Better Plan

Just like a mechanic, to be successful as traders we need to learn how to diagnose the different aspects of our trading and repair, replace, or adjust them. For some that’s a bit of fine tuning, for some its a complete overhaul!

9Jul2008 | Mo | Continued
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Losing? How to Figure Out Where You Are Going Wrong

One of the most common questions we receive at Trading Advice is “where am I going wrong?”. To the new or struggling trader, there can often seem like such a mind boggling array of variables in trading, that it seems impossible to unravel the primary issues.
When you strip away your emotions on the [...]

7Jul2008 | Mo | Continued
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5 Reasons to Use Cycles in Your Trading Plan

One of the most important pieces of trading advice that I ever received was to investigate cycles. And after 5 years of using a profitable trading system based on cycles, I’m convinced that they are of enormous benefit.
Reason 1
One of my favorite reasons for trading cycles is that a large percentage of traders don’t [...]

30Jun2008 | Mo | Continued
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10 tips for preparing for a profitable trading day

Every great athlete, musician and professional where the stakes are high, knows that warm up and preparation can make a big difference to performance. Here are 10 tips -trading advice for preparing for your best trading day.

22Jun2008 | Mo | Continued
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Is your blood sugar affecting your trading without you even realizing?

This is a slightly different piece of trading advice than the usual! But don’t say that we don’t tell you everything you may need to be successful!!
A few years ago I started to have really bad migraine headaches during and after trading. You can have a profitable trading method and a great mindset, but if [...]

17Jun2008 | Mo | Continued
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