“What is your why?” is a question posed to people from all walks of life. Whether it’s asked as part of a success story or someone struggling in need of motivation, from playing sports, business, music, entertainment, or any other platform, the answers will have some variation of:
- Providing for my family
- To leave a legacy
- Having a positive impact on the lives of others
Most of the time we don’t see the struggle of a successful person. The sleepless nights they spend rehearsing, practicing, researching to perfect their craft. What they had to give up or sacrifice to learn then apply and give everything they have to do what they love to do. As new traders, we go seeking and searching for people who have found success in trading that have been in similar situations as us. When we hear that so and so has been trading 10, 15, 20 years we create objections to separate us from them and justify why their success was easier compared to us today. We want to meet people who started trading three months ago and are now financially free when the reality is that success comes over time. That mindset of “overnight success” does not apply to what we do. Can you catch a lucky break and have a big home run? Yes, but the chances of that happening regularly are slim. Therefore, if you are planning on trading and investing for more than 90 days, you need to spend some time thinking about your why.
Your “Why” comes from within you. It is a feeling that compels you to do the work you want to do even if it requires short-term sacrifice. … Regardless of those sacrifices, you still feel driven to pursue the work you really want to do because it gives you meaning. You can’t imagine doing anything else.
Regardless of where we are in our trading journey, it’s a good idea to reflect on your why from time to time. Sometimes we are forced to for the days we are frustrated and need motivation and other times when sharing a success story. Dina Ritz, an avid #teamtackle member recently shared her success story and I wanted to give her a shoutout in this month’s blog. She wrote:
“Hey everybody! The money I’ve made from tackle tracking techniques has made it possible for me to publish my new book. For anyone who wants a good detective read with a dystopian twist, here’s the read for the year and as always any money I make goes right back into investing with Tackle Trading!”
She gained an interest in trading and decided to invest in education to learn the financial markets. Like most new treaders, she struggled initially but she stuck with it and plugged in daily while paper trading what she was learning. She finally got over her fear and gained the confidence to begin live trading and over time managed to take the profits she made from trading to finance her why. I had the pleasure of chatting with Dina about her journey and here’s what I gathered. Hopefully, her journey will encourage you to stay the course through the ups and downs. If you are brand new and don’t how to approach the markets or have a solid daily routine her approach may be something you could implement for yourself.
Dina’s why when she decided to learn how to trade was to:
- Better manage her money
- Make her book a reality
- Start a publishing company
Preparation: Her preparation starts on the weekend by going over the scouting reports. During the week she gets to work an hour early so she can have an hour to go through her daily routine and prepare for the day. She also tunes into Tackles Half Time Report and has it on in the background while she’s working.
Trading Style: Dina’s preferred style of trading is that of short term swing trading. When information overload on the different types of chart patterns became overwhelming, she narrowed them down and only trades patterns she understands and recognizes. For now, Dina swing trades stocks. She is learning options and is practicing in her paper trading account. She likes to trade tech stocks and precious metals
Managing accounts: She has a margin account that she uses for swing trading and an IRA. She finds that separating the two helps her stay focused on short term and long term investments. As her confidence continues to increase, Dina is now helping manage other family members with their accounts.
Coaching/Mentorship: Dina knows and understands the value of having a coach. She credits her success in being able to publish her book to the coaches who have helped her along the way. She also belongs to a network of fellow writers, screenplay writers, editors, publishers where they meet regularly to help each other perfect their craft. That experience made her decision to become a pro member of team tackle a no brainer. Being able to plug into our community of coaches and students where we all get to share and go through this journey together has helped her get to where she is.
Dina will be joining us at 8:30 pm est. to share more on how she approaches the markets from her preparation, daily routine, swing trading and the value of coaching on tonight’s Women In Trading Master Mind Group so don’t miss it unless you are a guy and in that case Game 1 of Nuggets vs Lakers will be on. Lol
In the meantime, do support your fellow #teamtackle member and order a copy of What Greater Sin (A Deacon MacNair Mystery) available on Amazon. It will be a great way to kill time while waiting for the bulls and bears to battle it out.
Until next time Traders!
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.
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