« One word, a world of difference. »
In the 90s, the self-esteem movement took over the world and started a new norm: everyone became brilliant overnight. This led to the acceptance of mediocrity instead of excellence producing entire generations of people who are afraid of challenges and criticism. As traders and investors, patting ourselves in the back for errors we commit is not always a wise strategy. Bad decisions we make can destroy our wealth once and for all.
The excess of self-confidence, not enough sleep, heavy workloads or cultivating wrong mindsets that summon the Four Horsemen of the Trading Apocalypse could be the very cause of our failure.
Instead, we have to nurture a growth mindset. The first steps you can take towards it is to (1) avoid praising your efforts during a failure and (2) avoid bashing yourself like you are the worst creature to ever walk the face of this planet. The extremes do not work.
The second step—the middle ground—is to identify the mental triggers that lead you to fail so you can overcome them one by one. It doesn’t have to be complicated; something simple like the following list will get you started:
This doesn’t work.
I don’t know.
It doesn’t make sense.
I can’t do this.
I’m not good at this.
I don’t get it.
Now, let’s attach the word YET at the end of each phrase to see how it works:
This doesn’t work…yet.
I don’t know…yet.
It doesn’t make sense…yet.
I can’t do this…yet.
I’m not good at this…yet.
I don’t get it…yet.
The growth mindset, the thriving in the face of failure, starts with one word.
One word, a world of difference.
Chart of the Day
The Power of YET
Video of the day
Jack Schwager on how to remove emotion from trading
The one recommendation Jack Schwager, the author of New Market Wizards, give on HOW TO REMOVE EMOTION from trading.
Today’s line up
Rookie Corner
What do we really want?
This week we are going to take a departure from the indicator train of thought that we have had the last couple of weeks. We are doing so because I have had some thoughts about the philosophical side of trading recently and I think there is some value to this discussion. What do we really want as traders?
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 Noah Davidson and Tyler Craig talked about the Put LEAPS from the new Tackle Trading Playbook or would like to watch it again, check it out here.
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 Episode 347: The Traders Expo 2019
The Tackle Trading team has recently returned from the Trader’s Expo in Las Vegas, Nevada, and wanted to share their experiences on this podcast. If you have never been to a trading convention, it is truly interesting to hear what happens when like-minded individuals meet. Listen to the episode in the player below:
Financial freedom is a journey
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