≈ Who draws the crowd and plays so loud, baby it’s the guitar man. ≈
We failed a thousand times as traders we will fail a thousand more. It’s OK. Just make sure you don’t fail too big for too long. The risk of ruin is something you must never run into. Be antifragile and benefit from shock.
Take an acoustic guitar as an example. The strings are stretched, submitted to stress, but just the right amount of it. If you pass the ideal point, they’ll snap. If you don’t stretch them enough they won’t play. In both cases, they will be out of tune, producing noise instead of music.
You have to strum the strings and press them against the neck to make music. In other words, you are submitting them to more stressful situations. No stress, no music. Just the right amount will do the trick. But how would you know the right amount?
Practicing, studying and refining your technique. Developing and knowing yourself during the process. Maybe you’re a Bossa Nova musician or the next heavy metal shredding master. Make mistakes. Thousands of them. Snap the strings and hurt yourself. Learn scales by also playing the wrong notes.
Put thousands of hours into practicing and refining skills into your trading business. You must work hard towards performing your greatest gig ever.
Chart of the Day
Nocturne and The Option Chain
In today’s Chart of the Day, you can see a music sheet (above) and an option chain (below). The music sheet is Frederic Chopin’s Nocturne in E-flat major arranged and tabbed for guitar. The other is a regular option chain from the Tastyworks platform. When you start trading or playing guitar, you won’t get everything right on the first try. Quite the contrary, it’s more likely that you will mess everything up, missing notes on the music sheet and losing money on the brokerage account. Practice is the key to perfection on both worlds. Train exhaustively before making any live gig.
Video of the Day
Ask For Help
Coach T’s thought of the day is to ask for help. If you’re a student and need help or clarity, ask someone for it.
Today’s Lineup
Rookie Corner
Let’s Go Hunting
We have covered a lot of ground in the few episodes of this blog. We have placed a successful long call trade and we have gone through how to properly follow through on the trade. We also worked on our belief systems to enhance our results. So what’s the next step?
Coaches Lounge 11am 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 8:30PM EST
Held every Thursday before Friday’s option contract expirations, this show helps you perfect your favorite cashflow strategies.
Halftime Report 12:30pm 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.
Market Recap 4:30pm EST
The Market Recap is designed to give you a quick overview of the day that was. While brief, this report is designed to cover all of the major events that drove the markets that day and help you plan for the trading day ahead.
