Ask Yourself These 7 Questions

February 10, 2004
Chris Curran

Stock
index futures opened the new week with a small upside gap on the heels of
analyst upgrades and merger news. After the ES offered a decent short entry off
of Friday’s high in the 1,142 area and filling the gap, the session turned
pretty boring with a capital B. If there’s anything positive to say about the
session, both the ES and YM did do a good job of “backing and filling” to work
off some of Friday’s excess

The March SP 500 futures closed
Monday’s session with a gain of +1.00 point, and finished in the lower 1/2 of a
narrow range. Volume in the ES was estimated at 472,000 contracts, which was
behind Friday’s pace, and below the daily average. Looking at the daily chart,
the contract posted an evening star and a “NR7” just above its 10-day MA and
20-day MA support. On an intraday basis, the contract is wedged between 60-min
support at 1,138.50 and 30-min and 13-min resistance at 1,140.50, but the real
barriers that continue to dog the upside are the intraday trend lines we’ve been
following.

Tuesday is free of any economic
reports so I wouldn’t be surprised if we continue to test both ends of Monday’s
range until a catalyst emerges to break it. Most likely that won’t be until the
notes from Greenspan’s speech are released on Wednesday morning.

Ask Yourself
a Few Questions

What is it about you
that makes you a trader?

Why did you choose
this business?

Are you able to make
quick decisions?

Are you able to
remain unemotional?

Are you confident in
your abilities?

When faced with
hardship, are you persistent to prevail?

What strengths
provide you with the right temperament to trade successfully?

Here is my list that I
have hanging over my computer screens in my office:

Trading is a fun,
and not a frustrating experience. The first principle of peak performance is
to put fun and passion first.

If the market
movement doesn’t work with my trading plan, then I must take action..

Money is not the
subject of my focus, price movement is

Losing is a part
of the process of making money. Any particular loss doesn’t make me a loser

Trading is a game
that I know that I can win.

Every losing trade
is an opportunity to learn. Therefore, I am learning constantly.

I don’t have to be
in the market all the time. I can wait for the right opportunity to come.

I don’t trade for
recognition and I don’t have to prove anything. Others opinion is of no
interest for me.