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Here is the biggest lesson I’ve learned to transform myself in trading in the year 2020. 

I finally learned to be patient

The biggest and most wonderful transformation I had this year is that I became far more patient than I have ever been in my trading.  From day 1, I was always over managing, overzealous and over strategizing to my own detriment.  It took me 3 years to finally grow out of this trading personality and mature as a more fair tempered rule based trader/investor. 

I don’t know if my over trading tendency was a product of my greed or fear, probably both.  What was worse was my subconscious upbringing that wired me to think, “I must do more to make more, or I must work harder to produce the results I wanted.”  So, if you are in the same struggling phased like I was, please forgive yourself.  It is NOT your fault that you were trained to think like this by our society at large and it is OK to take a few years to unwind from your previous upbringing of a worker bee mentality.

At the end, this is what helped me to completely transform my trading personality:

1.  Totally psychology acceptance of my position size.  Everything sounds easy, but its very hard to actually do it.  What you will find when you totally accept your position size if that you start to not care as intensely or addictively.  You can just go about your day doing other stuff and live your life and only look at your portfolio once a day at the designated time slot.  If you are having trouble doing that, think about reducing your exposures.

• Stronger trust with my own technical analysis.  As a beginner, we all relied on our coaches and mentors to help us guide our analysis.  Over time and practice, you must learn to believe your own wisdom, which at times even differed from the mentors.  When the training wheels come off a bit, you will trust yourself and gain confidence through practice and persistence.  Today, I am beginning to understand I am just as good with my analysis as with people that have been doing this for 30+ years.  In return, I am willing to give myself a chance, and not get too influence by the news, society, other people or even friends.

• Care less about your P&L, more about your trading discipline.  Being a profitable trader is a result of your trading practice.  The goal is on how to perfect your trading discipline and P&L will just take care of itself.  I’ve heard more than one mentor telling me this by now.  Noah Davidson (Tackletrading Mentor) once told me that during his trading career, he has covered up his P&L for an entire year before disclosing it to himself.  The only reliance he had was to be a really disciplined trader to stay in business and not even look at his P&L.  Personally, I don’t think I can do that yet, but I have since learned to look at my P&L only when the market is closed and not pay too much attention to it to be patient with myself and not get caught up in a reactive mode.

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.

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