« The curious story of William Wrigley Jr. »

William Wrigley Jr. had a curious story.

He was born on September 30, 1861, in Philadelphia. By the time he was 30 years old, he moved to Chicago to start a new business arriving at the shores of Lake Michigan with $32 in his pocket (≈ $930 today, according to in2013dollars.com).

The business? Wrigley’s Scouring Soap. On he went, from door to door, selling his product. Because he was a very smart entrepreneur, he offered to his customers a little incentive to keep sales figures going up: baking powder.

But there was a problem. The baking powder was generating more buzz than the soap.

Problem to us, opportunity to him. He quickly moved from scouring soap to baking powder. “To hell with what I think! Give customers what customers want!”

Again he went, from door to door, selling baking powder and offering customers an incentive. This time, two packages of chewing gum for each can of baking powder they purchased.

Guess what. The chewing gum was generating more buzz than the baking powder. “To hell what I think! Let’s manufacture chewing gum!”

128 years later, the Wrigley Company is the largest manufacturer and marketer of chewing gum in the world.

Mr. Wrigley’s story teaches us two valuable lessons.

#1: Diversify. Had you put a small amount of your money on each of Mr. Wrigley’s businesses, you would have lost everything in the first two but made a fortune on the last one.

#2: Adapt. Build your trading business around the current market conditions. To hell with what we think, the chart is the chart. Go from bullish to bearish to cash flow in a heartbeat.

Vocation is important but it is nothing without adaptation. If you want to get paid to change your opinions, become an entrepreneur. Or a trader.

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Change your opinion

This is how crazy the markets can go in only 10 months (July 2018 › May 2019). Up, down, sideways, up again, down again, even further down. We will never know. That is exactly why we have to learn how to adapt to it.

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Trading Concept Check: Portfolio Design

Watch this quick video to help you make sure you understand the important concept of proper portfolio design for all of your trading and investing strategies.

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The S&P 500 is the premier stock market index tracked by professionals. It was created in 1926 and includes the 500 largest companies listed on U.S. exchanges. Since inception, it has risen approximately 10% annually (with lots of volatility and down years along the way). Today I wanted to provide clarity on the many ticker symbols based on the S&P 500.

Traders Lounge 11 AM EST

Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.

Coaches Show Replay

If you missed last night’s episode where Coach Gino Poore talked about the Put Ratio Calendar Spread from the new Tackle Trading Playbook or would like to watch it again, check it out here.

Bear Market Survival Guide MasterMind Group 8:30 PM EST

Owners of our premium system The Bear Market Survival Guide are invited to attend. System architect, Tyler Craig, will be showing how to apply the principles taught in the course. You will find the recordings to previous meetings below.

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The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day and fun in a way that only Matt and Tim can deliver.

Trading Justice Episode 340: Trading Sins with Father Guido Stockaducci

In this episode of the Trading Justice Podcast, we are joined by Father Guido Stockaducci, a.k.a. Noah Davidson, to hear about some of the confessions he’s heard from traders who’ve broken their rules. Listen to the episode on the player below.

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