- The Opening Print
- Posts
- Hey! It's Fed Day
Hey! It's Fed Day
Here's a lesson on game plans.
Follow @MrTopStep on Twitter and please share if you find our work valuable!
Every week, MrTopStep invites traders to an “Own the Close” contest where the closest guesstimate where the SPX will settle on Friday’s 4:00 cash close.
The winners get a free week's access to the MrTopStep Chat and trading tools. Enter your guess now!
Our View
I want to share something and this goes back to following your trading game plan. I usually write the Opening Print at night, as I did on Monday evening. However, on Tuesday morning, I changed my mind about the Lean.
A fellow trader was warning me about the downside and seeing the ES fall. Ultimately, I changed the Lean — something I never like to do. I even told our editor that: “You know what happens when I do this.” He said it was a dice roll, but we went with it anyway thinking that it’s what made the most sense.
When I do this, it almost always blows up in my face. If I have done it 20 times in 30 years, I'm wrong changing it probably 85% of the time.
The moral of the story is to stick to your plan. Generally, your first instinct will be the correct one.