There is more noise than ever. Every time you check your phone. Your email. Your TV. Your computer.
One analyst says to buy this stock after the election. Another says to buy this stock. One blue check Twitter handle says this industry will go to the moon if Biden wins. Another says Trump this stock will tank if Trump wins.
Knowing how to block out all the noise is more important than ever right now. I have traded in 5 other elections prior to this one. I want to show you how to develop a tunnel vision to survive and thrive in times like these.
In my latest video lesson, I breakdown the best approach to have towards the election, how to block out excess noise, and how to prevent it from affecting your trading:
Limit Social Media
Social media will provide you so many conflicting signals right now. The only thing you need to focus on is PRICE ACTION and trend. Focus on your edge. Your setups that make you money are either there, or they’re not.
Staying up to date on the election provides no benefit to you as a trader, or in your journey for self-improvement in general. Why waste time focusing on what you cannot control. You only need updates once or twice a day to know what’s going on.
"Do Not Disturb"
Don’t be a slave to stimulation. “Do not disturb” on your phone is your best friend during periods like this. When you’re charting, studying, and trading, turn this on. No distraction. Locked in. Focus on what’s important: Making money, and growing your knowledge and skills.
How you spend your time when you’re not trading is crucial. A great way to block all the noise is to study. Review and journal your trades from the day and the week. See common patterns of behavior. Study your best trades, figure out how to replicate them. Study your worst trades, figure out how to eliminate them.
Read trading books. Study courses. Listen to podcasts of great traders. Keep yourself busy. Idleness is where unproductivity and negativity is born.
Focus on Price
It doesn’t make sense the stock market is ripping even though the election is still completely undecided. But the market has no obligation to act rationally to do us. It’s our job to profit on the movement, not interpret the meaning behind it.
No one knows what the stock market will do after the election is decided. Focus on price. And stick to your edge in the markets.
Know Your Edge
This time is more important than ever to know your edge. What type of stocks do you trade? What strategies are the most profitable for you? What time frame do you trade on? If you don’t have answers to these questions, you’ve got work to do.
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