Today was a rough trading day. There was an announcement on a Purchasing Manager Index that included data on spending, manufacturing, employment, and prices. There was also an announcement on Construction Spending that came out at the same time. The news was mixed, but the data that I interpreted to be the most important was bad, so I went short. The market went down about a point and then moved right back up. I kept waiting for it to come back down, but I got stopped out for a 3 point loss before it did. I won 1 point back on a correction.
I talked to 7 or 8 other MMT traders and everybody lost on this announcement. The lesson I learned from this is 1) you can't win every trade, and 2) whenever there is mixed data that I am not sure about I will wait for the correction before I jump into a trade.
There are no announcements tomorrow, but there are two high impact announcements on Wednesday. If I can get my live account set up and tested by then, I will trade these announcements live.
