≈ I don’t believe in ghosts, but I know they do exist. ≈
The financial markets are composed of, basically, two kinds of individuals: the ones that don’t know and the ones that think they know.
Traders in the second group are doomed to fail. Because they think they know, they usually don’t leave room for errors, which inevitably occur. They are more worried about being right most of the time than actually making money. Situations have to adapt to their planning, not the other way around. They want to suppress volatility and kill uncertainty. “If” is a forbidden word.
The ones in the first group acknowledge their ignorance and poor forecasting abilities. From start to finish, their process is filled with “Ifs”. They know they can end up being in the 30% slice of the probability in a 70% POP trade. They know chart reading is not failproof, a breakout can fail and a single Tweet can ruin their positions. So, they adapt their planning to situations, not the other way around.
By knowing they can be wrong, their errors become a source of information of what does not work, increasing their chances of success over the long run. Certainty becomes a ghost they don’t believe in.
Chart of the Day
The Department of Planning
There are only two things certain in life: Death & Taxes.
Video of the Day
Finish the courses you’ve started
Coach Tim talks about the importance of taking advantage of the courses at Tackle Trading.
Today’s Lineup
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.
The Coaches Replay
If you missed last night’s episode where Coach Tyler & Coach Tim talked about Bullish Retracements or would like to watch it again, check it out here.
Tackle 25 Master Mind Group 8:30PM EST
Join and learn how to better use the Covered Call System with the Tackle 25.
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.
