Day Trading Plan Morning Prep; SchoolOfTrade

—————————————————————————————

The James’ Report:  Day Trading Strategies for Professional Traders

—————————————————————————————

DAILY LOSS:  Our lives have become increasingly complex, and each day we strive to find ways to simplify our lives by removing clutter, and letting go of things that are slowing us down.  Complexity in our lives does not help us accomplish the real goals we have, and a ‘daily loss’ is one of the easiest ways to make our goals easier to achieve.  Today’s ever-changing technology is a good example of this;  we have so many ways to keep in contact with people around us that we find ourselves buried in phone calls, emails, text messages and Social media posts.  Our goal with technology is to make communication easier, but in the end if we do not remove the clutter that comes with it we will be no better off than we were without this technology.  The same is true in our trading careers.  We set out on this path to learn to make profits as a trader, yet many new traders find themselves overwhelmed by different ideas, strategies, techniques, and rules.  It’s important that each day we take 5 minutes from our busy lives and think about what we can remove from our routine.  Think about your ‘daily loss’ every day, and find ways to stay focus on what’s most important in your quest for success.

News from Europe & Asia for US Morning Session:

– Focus this morning is on US Nov Non-Farm payrolls

– China Shanghai Composite has best weekly gain in 3 months
– Australia trade balance showed the highest deficit since late 2009, Exports to China rose to A$6.28B from A$5.25B prior 
– Asia Development Bank trimmed its 2012 and 2013 Asia GDP to 6.0% and 6.6% respectively
– Budget talks said to have resume between White House and Boehner staff
– German Bundesbank cuts 2012 and 2013 GDP outlook; Austria cut growth view too in session
– A 7.3 magnitude earthquake hits offshore North-eastern Japan; limited tsunami warning issued (later lifted); Fukushima nuclear facility was not impacted.
– UK industrial Production and Manufacturing data come in worse than expected with back-month downwards revisions
———————————————————————————————————