Fri AM Briefing Preparing For Our Emini Trading Room 10/11/2024
Preparing ES & NQ Traders
For Our Emini and Micros Futures Trading Room
This morning's trading room session emphasized the importance of discipline as the foundation for successful trading. Lessons on self-restraint, inspired by AA principles, were shared, paralleling the need for traders to control impulsive reactions. The session also highlighted the group's badge system, which fosters commitment and growth. Key market drivers include today's PPI data, with a focus on keeping a runner contract to maximize trading opportunities.
RESOURCES:For Our Emini and Micros Futures Trading Room
TRANSCRIPT:
Welcome ES MES Futures Traders
Good morning, everyone! Today's quote: "You are no longer foreigners or aliens, but fellow citizens with God's people and members of God's household." That's a powerful reminder—we are fellow citizens, grafted onto the vine.
Happy Friday, everyone! Let's get to it.
Welcome to the AM Briefing number 280, brought to you by MicrosTrader.com, where we believe that together we trade better. We are an ES MES Futures Trading room.
Yesterday, one of my newer members left me a couple of comments that I thought were really great. He shared some of his results and said, "I am trying to be disciplined," which is the number one thing in our room. I reinforce discipline every 10 minutes on Zoom, and it feels like every hour on Discord. The group is helping me because iron sharpens iron, and together we trade better. Especially George—thank you, sir! He brings a calming influence. My anxiety fades when I hear him on the YouTube AM Briefing or Zoom. He's truly a gifted man.
However, the key point I want to emphasize is that together, we trade better. We celebrate our discipline, and we celebrate our successes. At the end of the week, the group asks two questions in a purposeful order. The first question is about your discipline. Discipline always comes first. P&L comes second, because your P&L follows your discipline—this is critical to understand.
A Lesson on Self-Restraint
I want to share something with you today. My wife and I are actively involved in AA, and every morning during our Bible study, we also read a devotional from a book called Daily Reflections. Today’s reading is called "Self-Restraint." Though it talks about sobriety, it relates so much to trading. Here's a brief excerpt:
"Our first objective will be the development of self-restraint. My drive to work provides me an opportunity for self-examination. One day, I began to review my progress in sobriety and was unhappy with what I saw. As the day progressed, my discontentment grew, and pressures mounted. I retreated and asked myself how I could make the most of the day. I realized that, although I wasn’t where I wanted to be, I had learned not to react in my old ways."
This passage is so important for traders. You may not be the trader you want to be yet, but you must learn not to react in your old ways. Self-restraint and discipline are essential. Old patterns only bring sorrow and hurt, so it's crucial to move forward with new behavior.
Discipline First, Success Follows
Daily reminders help solidify this concept. On my website, you can find archived AM Briefings if you're a member of the group. We have a badge system now, and earning badges is required to progress through the training. I've noticed that those who earn their badges do better, and those who don’t stick around. So if you're not committed to earning those badges, don't join the group. However, if you want to check us out, grab a Zoom pass, or join us live on YouTube this coming Tuesday. If you like what we do, it costs you nothing to like, share, and subscribe. Consider becoming a member.
Tip of the Day: Keep a Runner
In the Flight School portion of our training, you'll learn about our three-contract system. The goal is to keep the third contract as a "runner." For example, Caleb had a phenomenal trade yesterday. He got long early, kept a single runner, and captured 20 points on that move. Great job, Caleb!
Today's Schedule and Market Drivers
It’s Friday, so here’s today’s schedule:
- 15 minutes before the market opens, we’ll be live on Zoom.
- 10 minutes before the market opens, we’ll review our reminder of the day.
- By 11 AM Eastern, we’ll either be managing a runner or done for the day.
For today’s market drivers, we’ve got PPI this morning and consumer sentiment 30 minutes after the market opens. Expect lots of volatility today, especially because it’s an election year. Friday rules are in place—don't give your week back! Trade with a smaller daily loss limit, and only trade a percentage of your weekly profit to ensure you head into the weekend as a winner.
Yesterday’s Review and ES Chart Update
Yesterday, our system provided six out of six successful trades if followed exactly. It was a beautiful day. We’ve moved up 100 points since the trade I talked about all week. We’ve been in a sideways pattern, and an explosion is coming soon—either up or down. Because it’s an election year, I wouldn’t be surprised if we see another leg up.
On the Bull-Bear side, we’ve broken out of balance and are developing a new one. It’s the Bulls' market to lose. We are at risk of a pullback, which could give everyone an opportunity to add more long positions and aim for new highs before the election.
I’ll see you all live 15 minutes before the market opens. Stay green, my friends!
More Information
Website: https://MicrosTrader.com
YouTube: https://www.youtube.com/@microstrader
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