Tackle Today: Trading Enemies ⚔️
November 19, 2019
« Defeat them and you shall succeed. »
“Investing is the intersection of Economics and Psychology.”
Seth Klarman—
Building a solid intellectual foundation is paramount to succeed in the financial markets. However, there is another key component, a cornerstone, that gets neglected by those who only see ROIs: trading psychology. To get to the point where you witness many losses in a row and still stay calm, solid training in controlling your emotions is required.
That is why the message today is about the Five Trading Enemies, little demons that live on your shoulders and whisper low vibration messages into your ears. Defeat them and you shall succeed.
Enemy #1: Perfection – “You are not good yet. Learn a little bit more and then execute”. Perfection is a process, not a final goal. It’s like the horizon line: you see it, you want to get there, but once you get there, it’s not there anymore and you have to keep pushing forward. Solution: 1 > 0. Anything you do is greater than zero, so do it.
Enemy #2: Time-waster – “How about some twitting now? Have you checked the new series on Netflix?” This enemy wants to keep you occupied, not productive. Solution: “I want results, therefore I need to execute.”
Enemy #3: Information Overloader – “OMG, that’s too much, you are not going to learn all these things”. Solution: Break the information into small chunks you can digest. This enemy hates small chunks.
Enemy #4: Victimizer – “It’s not your fault. It’s your cat/coach/platform/website/everyone else’s”. Solution: Hold yourself accountable for your own results. “Despite the circumstances, what can I do to get there?”.
Enemy #5: Speed Comparator – “That trader has been trading for only 4 months and is already making money”. Solution: speed does not matter, direction does. Compare yourself to who you were yesterday, not to who someone else is today.
Chart of the Day
Who owns the Superheroes?
Enemies need superheroes. Protagonists need antagonists. Light produces shadow. Presence and absence. Good and evil. That’s the duality of life. Pick your side.
Video of the day
Must Read: Trade your Way to Financial Freedom
Coach T from Tackle Trading tells you to read the book Trade Your Way to Financial Freedom by Van Tharp.
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 8:30 PM EST
This is our weekly MasterMind group. Join the coaches tonight, 8:30pm EST to discuss the markets and help you prepare for the week.
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.
Financial freedom is a journey
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