Ignore the rest
When I was a novice investor, I worried about things outside of my control. Moreover, I would give them power over my emotions. It was pure idiocy. Why should my state of mind depend on factors I can’t influence – such as whether the market rises or falls on any given day, or the size of market returns for the year?
As time passed, I wised up by learning the best investors focus on what they can control. That includes my savings rate, the frequency of my investments, buying the lowest-cost funds to minimize friction, holding my positions long enough to allow compounding to work its magic, not panicking during bear markets, continuing to invest when volatility rears its head, maxing out retirement accounts every year to get tax-deferred or tax-free growth, and dedicating myself to lifelong learning to stay on top of the best practices.
I say again, I’m in complete control of everything I just listed.
Now think about what you can and can’t control as a trader. You can follow your rules, buy at the optimal times, move stop losses appropriately, follow best practices for stock selection, position size properly to avoid unnecessarily large losses, build and abide by smart risk management protocols, and finally, never quit.
You can’t control market movements, which trades win, the news, or overnight gaps.
Consider today’s message your nudge to focus on what you can control. Ignore the rest.
Chart of the Day
Crude Oil Daily Chart – Breakout
Crude oil final took out resistance and has its sights set on $75 as the next target. Watch as the energy sector rides its coattails to the moon.
Video of the day
The Queens Court
In this week’s edition of the Queens Court, the coaches bring separate trading picks for Coach Emily to review. Will she accept the trade ideas or will she lop off the coaches heads?
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.
Trading Lounge at Night 8:30 PM EST
Join Greg Holmes tonight as he hosts the second of our Trading Lounges today.
Halftime Report 12:30 PM EST
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.
Trade Masters 7:00 pm EST
Join us for a special webinar with the coaches where they’ll analyze some trade setups.
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