Morning Market Thoughts

by DAN Good morning. I hope you all had a relaxing day of rest yesterday. I’m in Minnesota. I went outside one time…to see how cold it really was. It was indeed cold, and I never went outside again. I could have just looked at my weather app, but I wanted to experience it for myself. Fortunatelly, I didn’t need to stand outside until I got frostbite on my nose and lost all feeling in my toes. It only took about 10 seconds for me to conclude: “This is not for me. Lesson learned. Nothing more to be gained by standing in the freezing cold.”

Losing is like that. No trader is really a trader without experiencing losing. Typically, every trader deals with significant losses at some point. That’s the time when you have to decide whether losing is for you. How long do you need to stand in the cold before finally deciding that it’s time to go in and stand by the warm fire with a fresh cup of coffee? For some of us, it takes a long, long, LOOOOONG time before we’ve had enough of losing. Despite losing significant money, we make no adjustments in our trading behavior. Perhaps we are lazy; perhaps we are stubborn; perhaps we just feel like we deserve to lose (Yes, many traders have a subconscious attraction to losing). But irrespective of the reason, many traders continue their poor habits and decisions for quite a while — long after getting frostbite on the schnoz and losing feeling in the fingers.

Ultimately, everyone comes in from the cold. Some figure it out right away. They realize very quickly that they need to change their habits. They come in from the cold with only a small reduction in their trading account. Others need to stand outside for longer. Their account is severaly damaged before they walk back inside. Others are much more hearty. They stay outside until they’ve lost it all. When they finally have had enough of the cold, they walk inside with nothing. They have indeed proven that they have an exceptional tolerance for the cold. But they’ve lost everything in the process.

How much tolerance do you have for the cold? Are you ready to come inside, or do you still need to spend more time in sub-zero temperatures because you just haven’t quite concluded that losing is not for you?

Decide.

–Dan

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I CAN HELP YOU COME IN FROM THE COLD
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On January 10th, I’ll be teaching a training course on the two biggest factors in controlling risk. If you’re ready to come in from the cold, I can open the door for you. Because I want to give our members everything you need to succeed, this course will be free. It’s part of your membership. But make sure you attend. After I’ve give the course on January 10th, it will only be available for purchase in our store.

If you aren’t yet a member you can become a member now and attend the course at no charge – https://stockmarketmentor.com/member-signup/?coupon=freetrialwebinar

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