« 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
Sign up now and gain unfettered access to all of the quality content and powerful Scouting Reports that our Pro Members enjoy for 15-days absolutely free with no strings attached and let us show you what your trading has been missing.
Tackle Trading LLC (“Tackle Trading”) is providing this website and any related materials, including newsletters, blog posts, videos, social media postings and any other communications (collectively, the “Materials”) on an “as-is” basis. This means that although Tackle Trading strives to make the information accurate, thorough and current, neither Tackle Trading nor the author(s) of the Materials or the moderators guarantee or warrant the Materials or accept liability for any damage, loss or expense arising from the use of the Materials, whether based in tort, contract, or otherwise. Tackle Trading is providing the Materials for educational purposes only. We are not providing legal, accounting, or financial advisory services, and this is not a solicitation or recommendation to buy or sell any stocks, options, or other financial instruments or investments. Examples that address specific assets, stocks, options or other financial instrument transactions are for illustrative purposes only and are not intended to represent specific trades or transactions that we have conducted. In fact, for the purpose of illustration, we may use examples that are different from or contrary to transactions we have conducted or positions we hold. Furthermore, this website and any information or training herein are not intended as a solicitation for any future relationship, business or otherwise, between the users and the moderators. No express or implied warranties are being made with respect to these services and products. By using the Materials, each user agrees to indemnify and hold Tackle Trading harmless from all losses, expenses, and costs, including reasonable attorneys’ fees, arising out of or resulting from user’s use of the Materials. In no event shall Tackle Trading or the author(s) or moderators be liable for any direct, special, consequential or incidental damages arising out of or related to the Materials. If this limitation on damages is not enforceable in some states, the total amount of Tackle Trading’s liability to the user or others shall not exceed the amount paid by the user for such Materials.
All investing and trading in the securities market involve a high degree of risk. Any decisions to place trades in the financial markets, including trading in stocks, options or other financial instruments, is a personal decision that should only be made after conducting thorough independent research, including a personal risk and financial assessment, and prior consultation with the user’s investment, legal, tax, and accounting advisors, to determine whether such trading or investment is appropriate for that user.