Monday Day trading plan; schooloftrade

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The James’ Report:  Day Trading Strategies for Professional Traders

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THE SPIRAL:  We develop new skills in a circular motion, which begins with us in our natural state, using our instincts to react to problems that may arise in the future.  From this point we learn new techniques, which at first, will feel unnatural and awkward.  Repeated practice and execution of these new techniques will soon lead us to feel more confident in our skills, and before too long we are now naturally using our new techniques as if we have never been without them in the beginning.  Take the example of a student of the financial markets.  When you begin to learn you react out of instinct when you take a loss, trying to avoid those losses in the future by reading books, attending seminars, and trying to get as much information as you can.  At first, this new information seems foreign, unnatural, but if a new trader begins to practice every day with consistency soon these new skills appear to be natural, as if they were born to be a professional trader.  Remember today that when you begin the learning process of ANY skill you will feel ‘unnatural’ at first, but rest-assured that the SPIRAL of your learning will bring you right back to your natural-self very soon!

News from Europe & Asia for US Morning Session:

– Greece extends debt buy-back program until Tuesday to achieve the €30B target 
– PM Monti: To resign from PM post after 2013 budget law is passed 
– Japan back in a technical recession
– China data mixed with better Industrial Production and Retail Sales data while Trade Balance lower than expected with weaker components
– Russia hikes its deposit rate by 25bps while keeping other rates unchanged
– France and Italy Industrial Production data weaker than expected
– EU leaders receive Nobel Peace prize today; Makes one wonder why Stalin didn’t receive one for maintaining peace in Eastern Europe- Events of interest for the week include Germany’s Dec ZEW Survey (Tuesday), US FOMC decision (Wed Dec 12th), Italian and Spanish debt auctions (Wed and Thursday), EU finance minsters’ meetings (Wed and Thursday) and German Dec advance PMI data (Friday).

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