Over the last 14 years, I was solely focused on building and selling successful tech companies. In the tech world if you do not seize the opportunity then someone else will. It’s all about ideas, business fundamentals, knowing your connections, marketing, and funding. With that said, I have experienced several setbacks in my life and in business. Someone once described my life as a sad country song where I had to be wily and a scrapper just to get ahead in life. I do not have a college education nor did I come from money. I am a normal person that works his ass off for a better life.
Why do you care about this? Because through all of this I learned to turn off the “noise” from friends, family, social media, and even colleagues so that I could focus on the end goal.
So here I am struggling to trade. As I step back today I realize that I go up nearly every day, then at some point I turn into a dumb ass and lose it all going red on the day. The pivot point is the noise vs opportunity variable.
I start my day with a plan, maybe 3 to 4 setups. These setups typically work out. As the day progresses the “noise” from Twitter, Instagram, and even chat rooms starts to fill my head with “opportunities”. The market moves so quickly that if I do not seize the opportunity I may miss it. This is what my tech entrepreneur brain is trained to think. I hear it on twitter and in the chat rooms from reputable people so it must be something to move on. I wait for what looks like a good entry, and then starts the devastation of my day. Wait, I did not spend the time looking at long and short-term support and resistance, scanning for news, or a catalyst. I saw an opportunity based on what I thought was good noise and went for it.
To remedy this issue I think I am going to pick my setups at night, review in the AM prior to opening, then only focus on chat room content related to my picks. Once my setups and planned trades are done, then I am done for the day. To make it harder on myself, I am going to shut down my broker software and switch it to paper trading for the remainder of the day. This way if I have a moment of stupidity I can test these theories with the Monopoly man’s wallet rather than my own.
If I miss an opportunity, then I miss it. I accept that many made a ton during the OTC days, which I was not a part of, so this should be no different.
Hearing how other people are so successful can be "noise" too. It is motivation but can also bring me mentally down when I'm struggling. I had to make myself write out that Billy at 14 days does not equal Tim Grittani at 4 years. How dumb is it that I have to mentally remind myself of that?
I share this because I know many other people are struggling as I am. Maybe some of you are having the same issues and I am so just putting it on e-paper for me, or reading it for you, is enough to help turn things around.