Hey Traders,

Ok, be honest can you believe it is December! We are a few weeks from looking at 2020 through the rearview mirror and what a year it has been. Is just me or did 2020 feel like a never-ending infomercial? Just when I thought I’d seen it all, the “but wait there’s more” voice had something else to share. We had not even finished digesting one thing before we were facing another thing. The social and economic challenges and adjustments we‘ve had to make have not been easy emotionally, physically and mentally. Since this is the last WIT blog of 2020 and it feels like we’ve been in this year for much too long it’s time to jet into 2021 so let us get going. 

Trading can be frustrating. The idea of being able to generate income and make trading a business sounds great however the process to get there requires a lot of discipline and accountability. 

When it comes to trading, it is very easy especially with the kind of year we’ve had to be set on a particular mindset and be fixated on certain things and miss opportunities right in front of us.

As an investor, I struggled in early March to maintain a long-term investor perspective as I watched stock prices plummet every day for a month. Then when the blood bath ended I found myself hesitating to increase my long-term positions as the market started to recover. The speed of the market and huge price movement swings up and down had me doubting my swing trading skills. Then there were the position trades oh boy! My RUT condors aka my mama bird got no mercy from the market at all.

My favorite TV show of all time is Martin and there’s an episode where Martins’ mom went out of town and she left her bird Ruby with Martin and his girlfriend Gina for the weekend. Gina accidentally leaves the window open in cold Detroit weather and later discovers Ruby is dead. Martin hysterical in Martin fashion asks Gina “why’d you kill my mama bird Gina! Why?” So now when the RUT condors get killed, do I my best “mama bird” impersonation and ask why the market had to kill my mama bird. Lol! Ok back to 2020! The market has settled down since those early days of Feb/March and as we look ahead into 2021, regardless of where you are in terms of the market, it continues to show us that our opinions don’t matter. You can be as bearish as they come but that does not mean missing out on bullish setups when you see them. So what if anything could one have done differently hindsight 20/20? Haha!  

There is a life hack that was shared with me many years ago well before I was even trading about resources we all have and how we are to apply them. The concept is that we each have three resources. Some more than others but we each have some measure of time, treasure, and talent. With these resources, the idea is that we strive to increase and use these resources to the best of our ability. 

1. Time – Increase the valuable use of your time 

2. Treasure – increase the material resources in your life and use them appropriately 

3. Talents – increase or multiply your talents 

As I look ahead into 2021 and start to map out my goals, I looked at ways that I can increase these measures and how they can be applied towards trading. 

1. Time – Regardless of how long you’ve been a trader, you have to dedicate time towards education and knowledge of what is happening around the financial markets. Expecting to be successful in trading without education is setting unrealistic expectations. It is easy to assume you can get by without dedicating time towards learning especially with how the markets have recovered. It is also important to make sure you have a routine to follow through with the trading part of your day. Use that time effectively. No distractions 

2. Treasure – Have a plan! Don’t think that you need to have a ton of capital to get started. The goal is to increase and grow your accounts gradually over time. Set goals of how much you can add to your trading account each month and for how long. Now if you already have a significant amount to start that’s great! Make smart trading decisions to preserve it. Compounding your gains and maybe avoid withdrawing funds while you are still growing your account will accelerate this process. 

3. Talent – The financial markets are forever changing and evolving and as traders and investors it’s our job to make sure we stay sharp and prepared to evolve along with the markets. If you only have one way to approach the market you are selling yourself short and could potentially miss opportunities. Practice trading different market conditions and strategies. You want to have enough tools in your tool tox. Your go-to may always be the hammer but one way your sink might have a leak and the hammer, no matter how dependable it has been in the past just won’t fix the problem. 

No matter how 2020 started or ends for you, you made trading a part of your life, but it is not your life. Make sure you are carving out time to spend with your loved ones. Be good and do good and have a safe and wonderful Holiday Season ahead. 

Before I officially sign off Ladies tonight we have our Women in trading webinar at 8:30 pm est. Click here for the link Women In Trading Webinar

Until next time Traders!

Coach Em

---

Emily Muiruri

Emily Muiruri was born and raised in Nairobi, Kenya before her family moved to the US and settled in Maryland, Emily began her trading journey in January 2015 after 17 years of Property Management in the Self-Storage Industry. Like many new traders, Emily started off with directional trading strategies such as long calls, long puts and very little in cash flow strategies. Over time that has changed and now her core trading strategies are cash flow based such as are Covered Calls, Naked Puts, and Iron Condors. Though she is still a student learning and enhancing her trading skills, she has a strong desire to teach women to take control of their finances and become traders. Writing blogs is one of the ways she’s is looking to spread the word and get more women involved. Emily knows that with the right education and trading system women can be successful traders.

---

Financial freedom is a journey

The Tackle Today series is brought to you by Tackle Trading.

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.

# Sign up now for a 15-DAY FREE TRIAL #

---

Legal Disclaimer

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.