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Friday Feature: Habits of a Wealthy Trader – Part 1

October 2, 2020

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Part 1: Be Comfortable with the Uncomfortable

It took me years to understand that trading is mostly about psychology.  After you spend a year learning all the strategies, anyone can do it.  However, only a few are successful because your brain is conditioned in the wrong way to make money.  Here are some hard-learned tips I keep reminding myself to observe and become better a professional trader.

Take the Uncomfortable Trade

Are you more bullish or bearish these days?  The news has been super negative about everything, but what does the chart say?  What is your definition of a trend and where is it going regardless of everyone else’s opinions?  If you have been a bear, challenge yourself to take the uncomfortable bullish position for a bit.  If you are too comfortable being a bull, challenge yourself to take more bearish positions. 

Wealthy traders are ultimately the most open minded about everything.  Even in the face of a pandemic, everything is still possible.  Don’t limit yourself just because you are being told to have certain opinions.  No human on earth will know what happens next.  We are not God.  Take the uncomfortable trade, you might be delighted with the results especially if you are struggling right now.

As a chartist, back in June, I published a blog on Tackletrading calling the market with a bullish trend.  Did you think I was comfortable with that?  Of course not…but the chart is the chart.  I can not argue with the market, I will always lose.  When you truly can let your own bias and judgement take a back seat, what you will find is emotional relief regardless of how the market will move.

In fact, I have been more excited about the market because of the trend showing multi-year megaphone pattern.  This is positioned for major directional plays in both ways.  If you can accept all the possibilities, you will see that our market today is the biggest opportunity for those that can trade both ways and have an open mind to do the uncomfortable trade.

Pearl Li. The Theta Finder. In the Making.

Tackle Trading: Pearl Li.

Pearl Li previously has been a product management professional for more than 10 years working at well-known companies such as Amazon and Nielsen Company. She took the leap in 2016 with Elite Legacy Education to learn about building long term wealth through financial market trading/investing. In 2018, Pearl happily left her job to pursue investing/trading fulltime producing theta style trading that generates monthly cashflow. She is thrilled to be a voice on the Tackle Trading platform to share her transformation as she goes through various phases of her growing experience.


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2 Replies to “Friday Feature: Habits of a Wealthy Trader – Part 1”

  1. Avatar MichaelProkop says:

    Thank you Pearl! I always enjoy your articles.
    Mariana

  2. Avatar Kerk LeBlanc says:

    Outstanding, Thank you

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