Tackle Today: Se7en
January 16, 2020
≈ What’s in the box? ≈
Lust
Gluttony
Greed
Sloth
Wrath
Envy
Pride
The cardinal sins. Capital vices. We are them and they are us. If we are fortunate enough to not possess all of them at once, even in low and manageable quantities, we must, at least, acknowledge the fact that they alternate between themselves during our lifetime.
However, there is one place that seems to bring all the Deadly Se7en together as a dark unstoppable force: the financial markets.
Lust: The dark and seductive side of trading: gambling. The get-rich-quick, easy money, trading for entertainment and pleasure, the heat of the moment, adrenaline rush.
Gluttony: Over position sizing and overtrading. Everything you can trade for a few pennies leading to an unmanageable number of current positions.
Greed: The misuse of leverage in the search for the highest returns, the FOMO, the last-minute decisions to increase the ROI by a hair, approaching dangerous levels of return vs. risk.
Sloth: The carelessness, the lazy trading, the lack of journaling and performance tracking, the abandoned positions in the portfolio.
Wrath: The revenge trade, mad at oneself for incurred losses, mad at the market, mad at the candles, averaging down to recoup trades that are already lost.
Envy: The comparison, the lack of your own image in other’s mirrors, the portrayal of a low-resolution image from other’s success.
Pride: Success is a bad teacher in the financial markets. The overconfidence, never admitting your trading needs improvement, the perfectionist in the surface wearing shattered pieces of ego underneath.
The Deadly Se7en is a force so powerful that can only be rivaled by the divine light of the Heavenly Se7en. The ultimate Clash of Titans:
Chastity
Temperance
Charity
Diligence
Patience
Gratitude
Humility
What’s in your box today?
Chart of the Day
The Seven Deadly Sins
Painted by Hieronymus Bosch between 1505 and 1510, “The Seven Deadly Sins and the Four Last Things” depicts the following cardinal sins (in Latin, counter-clockwise from bottom-center):
Ira, Superbia, Luxuria, Accidia, Gula, Avaricia and Invidia.
It also depicts Death, The Last Judgment, Paradise and Hell in the four corners of the painting.
Access the full-resolution image HERE.
Video of the day
Trading Concept Check: Chart Types
Line, Area, Bar & Candlestick Charts. Watch this quick video to help you make sure you understand the different styles of charts that traders use to help them make profitable decisions.
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.
Cashflow Club 8:30 PM EST
Held every Thursday before Friday’s option contract expirations, this show helps you perfect your favorite cashflow strategies.
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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