≈ You know that road. ≈
— Please, Neo. You have to trust me.The Matrix (1999) —
— Because you’ve been down there, Neo. You know that road. You know exactly where it ends. And I know that’s not where you want to be.
Think about it for a second: trying to get rich quickly and getting into debt are not the same thing, but they actually lead you to the same road: broken. So how to attract wealth and avoid going broke?
For those of us, traders and investors, who have chosen the long-term wealth-building path, speed does not matter, only direction does. However, if you don’t know how to use time in your favor, either going too fast or to slow or not going at all—stalled—, he won’t be merciful, but ruthless.
Investing is awesome. Being able to save some money every single month, keeping expenses below income and learning how to make the money grow by compound it over time is great. The feeling is liberating.
But what about those who stopped or never started? Probably these people fell into one of the following traps:
#1 The comfort zone
The comfort zone destroys dreams and wealth. Taking risks with method builds dreams and wealth.
#2 Lack of time
Busy people have time for everything and time itself is always opening new empty slots for them.
#3 Excess of Self-confidence
In a bull market, everyone is a genius. Convictions build up, we leverage. When things turn sour we break and blame everyone, while we should be only blaming ourselves.
Between who we are today and where we want to go, who we want to be, there are a million traps. They can be triggered anywhere, at any time. Many pseudo-investors get caught on those every day. Those are people that insist on taking the same road they’re used to, even knowing exactly where it ends.
Chart of the Day
Nice timing, Disney.
Late Tuesday, Bob Iger stepped aside as Walt Disney’s CEO. Bob Chapek stepped in.
Nice timing. With the markets in panic mode and the growing fears of a coronavirus outbreak in the US, it seems that not even The Avengers can save this stock from breaking the $128 support level.
Video of the day
Get in the car
Please, Neo. You have to trust me.
Today’s line up
Traders Lounge 11 PM EST
Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.
The Coaches Show Replay
If you missed last night’s episode where Coaches Matt Justice and Noah Davidson talked about Intraday Timeframes and Adjusting to Volatility or would like to watch it again, check it out in the video below.
S.T.E.P. MasterMind Group 8:30 PM EST
Owners of our premium S.T.E.P. System are invited to attend. Coach Noah Davidson will be showing how to apply the principles taught in the course. You will find the recordings to previous meetings below.
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.
Trading Justice Podcast Episode 362: Pete Thomas on Precious Metals, Coronavirus outbreak, and Fed policy
In this episode, we welcome Pete Thomas to discuss topics gold, palladium, the Coronavirus outbreak, and Fed policy. Listen to the episode in the player below:
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