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.
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.
Financial freedom is a journey
Sign up now and gain unfettered access to all of the quality content and powerful Scouting Reports that our Pro Members enjoy for 15-days absolutely free with no strings attached and let us show you what your trading has been missing.
Tackle Trading LLC (“Tackle Trading”) is providing this website and any related materials, including newsletters, blog posts, videos, social media postings and any other communications (collectively, the “Materials”) on an “as-is” basis. This means that although Tackle Trading strives to make the information accurate, thorough and current, neither Tackle Trading nor the author(s) of the Materials or the moderators guarantee or warrant the Materials or accept liability for any damage, loss or expense arising from the use of the Materials, whether based in tort, contract, or otherwise. Tackle Trading is providing the Materials for educational purposes only. We are not providing legal, accounting, or financial advisory services, and this is not a solicitation or recommendation to buy or sell any stocks, options, or other financial instruments or investments. Examples that address specific assets, stocks, options or other financial instrument transactions are for illustrative purposes only and are not intended to represent specific trades or transactions that we have conducted. In fact, for the purpose of illustration, we may use examples that are different from or contrary to transactions we have conducted or positions we hold. Furthermore, this website and any information or training herein are not intended as a solicitation for any future relationship, business or otherwise, between the users and the moderators. No express or implied warranties are being made with respect to these services and products. By using the Materials, each user agrees to indemnify and hold Tackle Trading harmless from all losses, expenses and costs, including reasonable attorneys’ fees, arising out of or resulting from user’s use of the Materials. In no event shall Tackle Trading or the author(s) or moderators be liable for any direct, special, consequential or incidental damages arising out of or related to the Materials. If this limitation on damages is not enforceable in some states, the total amount of Tackle Trading’s liability to the user or others shall not exceed the amount paid by the user for such Materials.
All investing and trading in the securities market involves a high degree of risk. Any decisions to place trades in the financial markets, including trading in stocks, options or other financial instruments, is a personal decision that should only be made after conducting thorough independent research, including a personal risk and financial assessment, and prior consultation with the user’s investment, legal, tax and accounting advisers, to determine whether such trading or investment is appropriate for that user.