The S&P market opens today off the support level from last week.  It is quite interesting how the market moves.  It is like an orchestra with no main conductor.  The music gets to flow freely without limitations.  No limitations is mainly due to the amount of money that it takes to control the market.

That is why in the days of pit trading there were primarily two big groups that dominated.  We called them paper and commercial.  If they traded together they had a chance at moving the market, and that is what they did.

Nowadays, most traders are screen traders.  The groups are still the same, but just the names and places have changed a bit.  but why do into this?

The precise reason of why I want to discuss the groups of traders is to discuss market manipulation.  Usually when you hear people cry manipulation is either those who are losing money or a politician who is having a bad day.  Markets predominately have very good movement, and that is how we are able to trade them.

Price is clearly on a support zone from last week.  It was fun to watch that zone hold last week, and give us a nice move higher.  It will be very interesting to see what happens on this support.  I am keeping a close eye on the lower zone.  However, there is a chance that current support holds.  We need to be aware of both scenarios even if one has a higher chance of happening.

A good trader always keeps an open mind about the markets.  I am looking for the markets to go lower.  However, I am keeping the idea of a possible bounce open until it is not.  That is what good traders do in my opinion.  I have never claimed to be the best trader out there and nor will I.  I am good and what I do, and can teach others how to also be a good trader.

How is your approach to trading?  Do you like to have a clear bias or do you just trade what you see?

Today, we made $625 in the Emini Trading Room.  It is a great example that we do not need to be in the market all the time.  Out of the 3 trades I was in the market less than 15% of the day.  It is always about the quality of trades.  The quantity does not matter.  We are snipers who wait for their setup, and then jump on board for the duration of the trade.

Trading is the best business in the world in my opinion.  We get to choose our earnings.  However, we need very high level skills to carry out our business plan.  That is why I always say that trading is about quality over quantity.  By diligently waiting on our setup we are prepared to take the trade when we see it.  On the other hand, if we are taking every setup then when we see the good one we may be down too much on the day already.

This is precisely why we need a clear trading plan, so that we know what to look for.  Without a map it is difficult to get to the destination.  With a map it is easy to find the destination.  A map with notes about places to avoid and the best places to stop for food or rest is an even better map.  You see the latter two scenarios gets us to our destination.  The last map, though, gets us to our destination in the best way.

Not having a clear plan for trading encourages over-trading.  It is with a clear plan of action that we allow the best outcomes to occur.  Do you usually take less or more trades than I took today when you are day trading, either paper trading or money trading doesn’t matter?

Today’s Emini Trading Room was another fun time.  We pulled 23.75 points out of the market or a gross of $1,187.50.  Our concept is to keep our losses small.  When we have our big winning days we can maximize them for account growth.  Trading isn’t about being right or wrong.  Trading is about trading our system as best as possible to obtain the result of being profitable.  It is important to not have a big bias on the day.  Instead, we need to use our trading tools to trade what we see in front of us.

The amount of wins and losses per day doesn’t matter as long as we had a result within our trading plan.  There are a lot of critical things to being a successful trader, and every aspect is very important.  A good concise trading plan will give you the tools you need to make a living trading.

The big reason why I say that Trading is a difficult way to make easy money, is because of trading consistency.  Being consistent for a few days or a week is easy.  However, being consistent for a month, multiple months, and many years is easier said than done.  If we haven’t trained consistency then it is easy to get off the path, and onto a rocky road so to speak.

It is during the times when we haven’t trained consistency that trading bias can affect us most.  That is why I not only have a trading course on my trading system, but also one on the mind and trading mindset.  Trading is a professional sport like the NFL, NBA, or the NHL.  We use our minds though, while they use their bodies and minds.

That is why training is so important.  Not just any training though; we need to train properly.  This eliminates a lot of the natural trading bias that can seep in as we are trading.  It also helps us be more clear in our own heads as we make decisions.

Once we are clear trading bias becomes what we see and not what we want.  This then gives us an edge in what we see in the markets.  It helps us determine the type of trading day we are in.  Knowing the type of day we are trading really helps us pull profits out.  It is this crucial aspect of trading that helps us become more consistent.  If you do anything like this in your trading comment down below and let me know.   It is always great hearing from new and seasoned traders.

The S&P market has been in turmoil lately.  Price has been working itself lower all year.  Of course there have been a few bounces over that time, but overall it has moved lower.  This does give a bearish bias to the market to most people.  However, we must keep an open mind even though the best trade in 2022 has been to be short.  There are clear levels that can take price higher as well as those that take price lower.

There is a lot of support under the market currently.  There is also a good chance we could see a bounce from current levels.  That gives us a bit of an edge in trying to trade the market.  Personally, I am looking for a bit of a bounce.  What are you looking for?