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Weekly Trading Tip

Opinions you get for free; perspective must be earned.

S&P 500 Support/Resistance October 31, 2001

1043.73 1051.47 1061.23 1068.97 1078.73
Think of these futures numbers as having gravity, with the middle (pivot) having the most gravity. These numbers tend to suck the market into them. In order to escape the gravity of these numbers, you need sufficient velocity.

Today's Market Commentary

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Pre-Opening Commentary:

The trading gauge has been set at 5 for this week, as volatility and volume should rise with the release of several key economic reports.

David Floyd's Morning Commentary can now be found at TradingMarkets.com

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Day trading performance can be achieved two ways:

1. Hitting a couple of "home runs" from time to time while suffering equity drawdowns in the interim.

2. Or consistently looking for high probability set-ups that can allow the trader to generate a consistent income stream by getting "singles" and "doubles" throughout the trading day.

Either system will work with proper money management and a sound methodology, but we prefer to go for consistency on a day to day basis.

To achieve these results not only requires a proven methodology, but rigorous adherence to it. Controlling fear and greed is what separates winning traders from losing traders.

"There are old traders and there are bold traders, but there are very few old, bold, traders."
Ed Seykota, Market Wizards

IMPORTANT DISCLAIMER: Market volatility and volume may delay system access and trade execution.You can also lose all your money daytrading. Day Traders should be experienced and sophisticated investors. They should understand the risks associated with day trading and the high aggregate commissions/ticket costs that will occur in relation to the high volume of trading activities; and the capital used for trading should not be funds for retirement and they should be aware that account capital and margin credit may be lost and that such loss can be afforded and will not cause undue hardship.