Everyone thinks they are different but everyone is the same.
I'm talking about trading in this email, but it applies to way more...
You have a plan. You set it up when you were calm and clear. You knew your level, you knew the math, you knew exactly what you were going to do.
And then the moment comes and you freeze. Emotions and 'what if's' get in the way of the best laid plans...
When it's time to buy (or sell puts) it's not this fun super hero saving the world moment. In fact it feels more like a gut punch if you let emotions get in the way. What if we keep dipping, should I wait, what if this time is different?
It's not just buying low that's a problem. Maybe you took a spread off early because it felt like it was about to go against you. Maybe you rolled a covered call that should have let you get called away. Maybe the stock pulled back to your exact level and you just... didn't pull the trigger.
I get it. I've been doing this for decades and I still have to hold my breath and force myself to execute my plan.
This is not a trading problem. It's a human problem.
The 'what ifs' are always going to be there. What if the stock keeps dropping after I buy? What if I sell the covered call and it rips? What if I'm wrong?
Always. They will always be there. The stock will keep dropping, the stock will rip when you sell the call and you will be wrong... Just accept you can't buy the very bottom or sell the very top and this gets a little easier.
Jocko says discipline equals freedom. He's not talking about trading but he should be. The discipline to follow your plan is the only thing that frees you from that mental loop.
There's an old quote about buying when there's blood in the streets. Warren Buffett says be greedy when others are fearful.
These aren't just clever things to say. They're describing the exact feeling of doing the 'right' thing when it feels terrible.
Buying in a pullback sucks. Letting a stock get called away when it's running sucks. Sitting on a spread when your emotions says get out... sucks.
But you know what sucks worse?
Not doing anything. Staying stuck right where you've always been. That my friends is the ultimate kind of suck. And it compounds.
Quick side note: The weekly income newsletter is crushing. The puts we sold on Reddit Monday closed in 2 days. We're now at $3,976 in realized gains over 45 weeks. One trade every Monday. One contract. Stocks under $100. Nothing fancy.
Inner Circle members have done even better because some of the stocks we trade are under $50 and the $3,976 profit is only on a single contract. If you want access to my trades and my income newsletter sign up today
I challenge you to sit with this thought this weekend.
What if you don't do what you said you were going to do?
Where will you be a year from now?
How will you feel about not taking action?
You already know the answers... We all know how it feels to be right where you were 3 months ago... The regret of not taking action is way worse!
So with your best David Goggins impression, ask yourself who's gonna carry the boats. Then go make your trades the market is looking pretty bearish early this friday morning. Buy low friends!!
If you don't know where to start, hit reply. Let's talk about it.
Have a great weekend I'll be sending out another weekly income newsletter on Monday so if you haven't already, you should join the inner circle!
Turning wealth into knowledge.
$Maxwell
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