Wed AM Briefing Preparing For Our Emini Trading Room 10/09/2024
Preparing ES & NQ Traders
For Our Emini and Micros Futures Trading Room
For Our Emini and Micros Futures Trading Room
Today’s briefing emphasizes the importance of trading discipline ahead of significant economic events, like tomorrow’s CPI release. Traders are urged to pre-plan their trades while maintaining patience and caution. Market volatility is expected, particularly in light of FOMC minutes and CPI data, with a focus on risk management. Trading strategies are reviewed to highlight the value of preparation and measured decision-making for consistent profitability.
RESOURCES:
TRANSCRIPT:
Welcome ES & MES Futures Traders
Good morning, everybody, and welcome to the AM Briefing. Happy Wednesday, October 9th, also known as "Hump Day." It's the day before the release of the CPI data and the day after a spectacular moon event. As it says in Matthew, "With God, all things are possible." It is indeed possible for you to become a successful trader—one who consistently profits.
Key to Success: Good Practices and Faith
Make sure you're in a group that constantly reinforces good behavior and models honest, transparent practices. With God, all things are possible. Put Him in the captain's seat, not just as a co-pilot. Be a good steward of the time, health, and resources that He provides. Take it seriously, be grateful for the opportunity to do what we do, and remember that with God, all things are possible.
AM Briefing #278
Welcome to the AM Briefing #278, brought to you by MicrosTrader.com. We are an ES & MES futures trading room with a high-probability system that reinforces daily discipline and sound trading principles.
Monday Reminders
Time stamps are available if you want to skip ahead. If you are new, make sure to earn your badges and grab a Zoom pass. What's the difference between a Zoom pass and a free YouTube Live session? The Zoom pass puts you in the captain’s chair, allowing you to see all the instruments and dashboards that you can't see from the passenger seat.
Tip of the Day
- Pre-plan your trades: If you've watched any of our Zoom sessions or become a member, you know we are always pre-planning our trades—whether it's identifying the next long, the next short, or both.
- Don't force trades: Yesterday, a member hoped for more than a 13-point range. However, there’s value in seeing us refrain from taking unfounded trades. We don't jump on trades for fear of missing out; instead, we wait for high-probability setups.
The Importance of Pre-Planning Trades
It's crucial to pre-plan your trades and your trading hours. Step away from the charts when necessary and pre-plan your time off. Always be aware of the schedule of economic events like today's FOMC minutes or tomorrow’s CPI report. For example, I am pre-planning to possibly trade all day tomorrow, depending on the market conditions.
Yesterday’s Review
While on Zoom yesterday, I outlined two possible trades. We often plan trades that might not materialize immediately but could develop later in the day. That’s the essence of reading price action—planning based on what the candlesticks are telling us. Sometimes, those trades play out later, so it’s important to remain patient and disciplined.
Schedule for Today
- Mental Training: 1 hour before the market opens
- Reading of "The Best Loser Wins": 10 minutes before the opening
- Manage or Done: At 11:00 AM Eastern, unless you're in a trade
Market Outlook
We're currently in the upper distribution of yesterday's range. Be cautious about longing here, but if you do, consider reducing risk with fewer contracts. Tomorrow's CPI release may drive volatility, and we might see a breakout, but today is likely to be a day of "slop and chop," so trade cautiously.
In Summary
Today's key advice is to plan your trades and manage your risk wisely. Patience and discipline are crucial to long-term success in trading.
MORE INFORMATION:
Website: MicrosTrader.com
YouTube: YouTube Channel
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