FOMC Meeting Begins, Manufacturing Reports & Euro tests Big Round Number

The James’ Report:  Day Trading Strategies for Professional Traders

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THE BIG TREE:  There is an old Chinese saying that says ‘a big tree catches more wind’ which means that as you grow larger you will attract more criticism, resentment, and have to deal with new obstacles.  The big tree is an effective way of thinking about how we deal with success, which we need to stay humble as we grow as a professional trader.  The big tree must adapt to its size, swaying in the wind, rather than breaking.  When the tree is flexible it can never be hurt by the wind.  Similarly, as a trader we must also deal with criticism and resentment in a flexible way, never allowing our emotions get us off our trading plan.  It is a certainty that we will run into challenges in our trading career at some time or another, and the true test will be our ability to be flexible, humble, and ‘bend in the wind’ so we can grow as large as we wish.

News from Europe & Asia for US Morning Session:

– Pressure mounts on BoJ for more monetary easing at its Oct 30th policy meeting. Market chatter of another $250B in asset purchases but Japan Govt denies any such pressure on BOJ
– Moody’s cuts rating on 5 Autonomous Spanish regions and affirms 5 other
– Spain 2012 deficit to GDP may be 7.2-7.4% of GDP against the planned 6.3% target
– Greek political leaders meet today, as the negotiations over the release of the next bailout tranche reach the final round
– Obama the perceived winner of the third and final presidential debate
– Hong Kong Monetary Authority (HKMA) continues to defend its USD peg and curb HKD currency appreciation 

–Following the mixed open, European equity indices are mostly lower, led by the German DAX index, amid the rise being seen in peripheral yields. 

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