Morning day trading plan; schooloftrade

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The James’ Report:  Day Trading Strategies for Professional Traders

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WINDS OF CHANGE:  Time shows us that change is always around us, in every aspect of our lives.  The economy, our personal lives, and our professional lives all work in cycles.  For a while the our good fortune feels like a strong wind at our backs, and then seemingly out of nowhere the wind shifts, blowing in our faces, and we encounter stiff resistance in what seems to be everything around us.  A skillful sailor relies on the wind, and they never get upset when the wind changes, they simple adjust their sails and move forward again.  A skillful trader is the same as the sailor, noticing a change in the direction of the market, never cursing the marketplace, but skillfully adjusting to the new market-personality and profiting from it once again like nothing changed.  Each of us has been in these shoes, some of us may feel like the winds of change will never stop-loss throwing us off our course, but we need to remember that the course we THINK we are intended-on may not be the course that gets us where we’re going.  The only guarantee in this life is change, so we need to be ready to change along with it, or risk failure along with the other sailors who refuse to adjust their sails. 

News from Europe & Asia for US Morning Session:

– Shanghai Composite surges higher almost 3% on speculation of urbanization plans by new gov’t coupled with banking sector investment for China insurers 
– Australia Q3 GDP growth hits 3-quarter low and slightly below estimates with its +0.5% reading
– BoJ Dep Gov: Reiterates will continue with powerful easing
– China HSBC PMI Services hits 3-month low of 52.1
– Euro zone’s economic slump was a little less pronounced with PMI Services data but France, Spain and Italy were the biggest drags
– Euro Zone Retail Sales come in far below expectations with back month lower revisions
– Spain auction results fails to impress markets; 10-year yield rise over 5bps in the aftermath

–European equity indices are broadly higher, but off of the best levels for the session, following the more than 2.5% gains seen in the Chinese equity markets. Today’s gains have been led by the Italian FTSE MIB.

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