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Today, trading coach Brian King joined me for a special Profit Takeover show.
Together, we talked about how to formulate a TRADING PLAN – one that will hand you the kind of big winners I’ve recommended so far this year.
And that trading plan was especially important today…
Because non-farm payrolls were released.
This report tells us more than just the number of workers employed in the U.S. In truth, it tells us about the health of the country’s economy. And that’s why it can have such a strong effect on the market.
Analysts expected an increase of 400,000 new jobs in December. So imagine the market’s surprise when the actual number was less than half that estimate at just 199,000.
This is exactly why having a trading plan in the morning is so important. The market may have recovered quickly after a soft open…
But what if it hadn’t?
Today, Brian and I explained exactly how to set a trading plan in the morning.
- Fixing the Pre-Market Woes
One of my worst trading days was bad before the market even opened – but I made it worse.
I remember sitting at my desk before opening bell, my head in my hands, saying “no, no, no.” I had a trade that was about to go haywire – and not in the way I wanted it to.
And I multiplied my mistake by overcompensating. I tried to make up for what I had blown, but I did too much. I was in the wrong mindset, and I turned a bad day into an awful day.
Look – if you’re in a bad mood in the morning, don’t trade. Trading needs to be an emotionless gig if you want to be successful.
Brian told me that if he has a fight with his wife in the morning, then he won’t trade until they’ve made up.
(To that, I had to say that if I never traded when my wife was mad at me, I’d be out of business.)
If you don’t feel right, listen to some music. Read a good book. Talk to your kids.
Get in the right headspace before you trade, or you could be in big trouble.
- Trade to It, Not Through It
Here’s a big mis-conception when it comes to events like earnings or non-farm payrolls: don’t trade them.
I trade before a big event… and I trade after it. But I don’t base my trades around an event.
This allows you to react to the news rather than be disappointed by it. Think about an earnings report – you can trade the big run-up before the report. And you can take advantage of option premium after the report. But don’t trade through the report, or you’ll likely end up disappointed.
- Daily Training Sessions with Brian King
It’s important to make sure that you’re always learning. You’re always looking for new opportunities… and learning how to trade those opportunities.
And that’s Brian’s specialty. He spends every morning scanning the markets, looking for candlestick setups. And then, once opening bell rings, he executes, trading those set ups as a career retail investor.
But that’s not all Brian does – he also hosts two coaching sessions per day for my Profit Revolution members:
This is where he teaches trading mindsets, helps you formulate a plan, and becomes the small-group trading coach that some people pay thousands of dollars a month for.
But you can get access to Brian’s daily sessions for the price of a Profit Revolution membership – a great deal, if you ask our current members:
If you want exclusive, small-group training like this every single day the market’s open, then click here to sign up for Profit Revolution today!
Have a great weekend,
Founder, Profit Takeover
January 07 2022