Managing Good Days and Bad Days

I always find the day after FOMC to be a great day for reflection (if you decided to trade FOMC). If you had a really great day, it's the perfect time to look back at your trades and determine if it was great trading or great luck, or maybe a little of both. If you had a really bad day, it's a good opportunity to examine what you could have done differently. FOMC really tends to expose all of your strengths and weaknesses, so use these days as an opportunity to improve.

Personally, when I have a really good day or a really bad day, I usually either take the next day off or size down and look for one great trade opportunity. If you're riding the highs or feeling down, there's no reason to give back your gains or dig the hole even deeper. But it's also not a reason to rest on your laurels or stay down on the mat. Get back out there and stay engaged with the markets, but don't stare at the screen and obsess or fixate. Get in, get done, get out.

I've ridden the highs of great FOMC days to turn right around and give it all back and then some. I've also had a terrible FOMC day and then made it even worse trying to make it back. Now I simply review my trades, determine if I was lucky, good, bad, or unlucky, and then move on to the next day. Be a good winner, be a good loser, and carry on.

Tomorrow is quad witching, so be prepared for a wacky end of day tomorrow.

Here are today's NQ levels:

Current Price: 16837

Upside Targets: 16885 and then you're on your own, sorry

Downside Targets: 16829, 16767, 16659, 16564