Tackle Today: Preparation Gets You Half Way There!
October 15, 2021
≈ Ready or Not We Trade! ≈
Traders,
As traders, our job is to search the depths of the market for the best opportunities. What if the market is unwilling to yield to our earthly desires? Is there something we can do or do we have to sway in the unpredictable winds of the markets? The answer to that question is yes…and no!
When we go through our daily routines, we are looking for specific conditions and patterns that tend to yield certain results, and although it is not often that we cannot find decent opportunities there are times when we just can’t nail down the trade that will bring us the potential profits we desire. So, we are left with only a couple of choices. We can choose to take an inferior trade setup and hope that the market gods will be kind and send some shekels our way or we can sit back and wait for the markets to come to us? Guess which one is easiest to do? Guess which one is chosen most often? You would be right if you chose the first option then you are like most inexperienced traders.
Most folks want to be successful at trading and therefore we need to choose the second option and that is waiting for the market to come our way. After trading for many years, I have come to learn that patience is a trader’s best friend and yet it can be the most elusive trait in the trading realm.
There are several benefits to being patient when it comes to trading. First up is the benefit of having only the best trades put in place. When one thinks about doing thousands of trades over the course of a trading career wouldn’t it make sense to do only the best trades? The second benefit of patience is that because we are using only quality setups our emotions are going to remain in check because the win rate of our trades should be high and this can only add to our sense of calm when entering our trades. The final benefit of being patient is that we can prepare ourselves to take advantage of the best trades and we can be completely prepared to act when the trade sets up. This advanced preparation can ensure that we have flawless execution of our trade plans.
When we prepare to trade by being ready when the markets present the opportunities, we can always be ready or not to trade!
Trade Well,
#TeamTackle
Chart of the Day
GDX Chart with RSI
This chart of the GDX shows a very extended downtrend that has finally shown a reversal and having the patience to wait for the reversal to take place would yield the best results instead of getting taken out of any trade prematurely.
Video of the day
Fundamental Focus: Debt to Equity Ratio Explained
Coach Greg explains what a Debt to Equity Ratio is and how traders and investors can use this important fundamental concept.
Today’s line up
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.
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.
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