Tackle Today: Is time to hit the reset button?
March 2, 2021
≈ When frustration kicks in≈
Traders,
Ever get so frustrated with yourself when you aren’t seeing the results you want from your trading you feel like throwing in the towel? Yeah, been there done that too! What causes us to reach this level of frustration can be narrowed down to these two areas of your trading journey. Education and application.
Education: How long does it take to really become a Master Trader? We place so much emphasis on this question wanting to know the exact time we will get the “you have passed” notification as if we are taking a final exam. When truly the question to ask to how much time can I dedicate each day/week/month to learn and perfect this skill? This does not mean that the more hours you clock in will result in profits either. At times you feel like a genius and other times you will be pounding your head thinking “I should know this by now”. Learning about technical analysis and option Greeks is journey. Your process is YOUR process, and it will differ from another trader based on your style of trading as well as the systems and products you will be using. Identify what is important for you to learn at that time. Going through courses quickly just to get through the checklist should not be the game plan. If trading futures isn’t in the horizon for at least another year, then focus on what is right now.
Application: I do not really know what is more frustrating, learning trading terminology or figuring out how to maneuver around the broker software finding the right buttons to click, wondering whether or not your order was submitted. Again, much like the education process, the more time spent staring at charts does not mean more profits. It is possible for a passive trader who spends less than 1 hour on their account vs a day trader who spends 5 hours to have better returns on any given day. Keep it simple, focus on what is working and what you understand. You have heard most coaches say to look for the low hanging fruit. Whether it’s bullish retracements, bullish breakouts, bearish retracements or bearish breakdowns, trade what chart looks easy on the eyes. If you must squint your eyes or zoom in to try and recognize the pattern you should probably move out. We all have our “favorite” stocks to trade and sometimes those set ups just aren’t there and we start to make justifications of entering trades when there hasn’t been confirmation. Experiencing loses when other traders are talking about their profits will mess up your psyche and that is a good time to stop and re-evaluate your position sizing, asset allocation, timing – entry and profit taking processes.
The good news is that frustration could be that thing that gets do the one thing many of us are reluctant to do which is to ask for help. It could mean going back to basics and re-learning somethings over again or creating a new playbook that fits your trading personality. Whatever it is, have the talk with a coach or fellow trader can be all that is needed to get you back on track.
#TeamTackle
Chart of the Day
S&P 500
Chart of the Day: After a frustrating week of testing support levels, the S&P 500 appears to have found it at the 50MA and looks to be getting back on its upward trend.
Video of the Day
Setting Proper Expectations
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