Have you noticed how much attention the prediction markets get? They’re in the news every day. People bet on everything from awards shows to election results.
Now, I don’t think it’s wise, but a lot of people trade these markets simply because they run for 24 hours. Hopefully, that doesn’t include you (because it’s the behavior of a degenerate looking for a dopamine fix). There’s a better way…
Weird Wall Street “glitch” can turn cheap options into money-multiplying moves
Table of Contents
The Big Picture
If you’re ever trading for the fun of it, for the highs, or doing it like a video game, please stop. It’s not going to end well, okay?
The way I trade and the way I teach is…
Trading Is a “Skilled Trade”
Think plumber, electrician, or welder. Think computer programmer or engineer. Trading is a specialty skill.
If you think about it, the skilled trades train you to have a process. They teach you a skill set. That’s how we trade, and I hope you approach it that way, too.
We take our commitment to teaching a skillset very seriously here at StocksToTrade.
In fact, we just launched the StocksToTrade Network. I only WISH this kind of education was available to me when I got started. Click the image below to get free access…
Now, the reality is, most people don’t approach trading as a skilled profession.
Most people trade because it looks cool. They see it in the movies, see the big profit screenshots, and see the Instagram profiles showing someone supposedly trading from the beach.
Have you ever tried trading on the beach? It doesn’t work. You can’t see the screen. But people see it on social media and come to trading for the flash. That’s why so many people fail.
It’s said that 90% of traders fail, right? Well, guess what?
90% of the 90% Trade for the Action
That means that roughly 81 out of 100 people who start trading do not give it the respect it deserves.
They trade for dopamine. They trade because of the hotel rooms and the Lamborghinis they see on Instagram.
Most people come for the flash and for the fun. They come for the highs and the lows. At the end of the day, it’s gambling. Most people treat the markets like a casino.
Now, I don’t gamble, but if you want to have a fun night out, I have no problem with that. If you like to take your partner to Vegas, get dressed up, have a fancy steak dinner, and have some fun at the craps table, no big deal.
But I hope you don’t do that every day. And I hope you NEVER approach trading like that.
My Take
I teach a very systematic approach to trading. It requires you to show up every day, to study, to watch webinars, to ask questions, and to consume information. To succeed, you’ll have to overcome emotions and hone your skills.
You’ll have to treat trading like a skilled profession, instead of a video game.
The good news is, most of your competition are degenerates. If you’re here, you’re in the right place.
Watchlist
“There’s a time to go long, a time to go short, and a time to go fishing.” – legendary stock speculator Jesse Livermore
I’ve been warning everyone for weeks that this week, and yesterday in particular, would be slow. Over the course of the next few days, as election returns come in, we’ll see a ton more activity.
In the meantime, one of the better-looking charts yesterday (Nov. 3) was Chanson International Holding (NASDAQ: CHSN):
CHSN 11/3/26, 5-min candles
CHSN had a hard rejection at the Oracle major resistance (M/R) yesterday afternoon, but also bounced off of VWAP.
Look for a pullback toward VWAP and/or the half-dollar level at $2.50 for an entry. Risk the lower Oracle support & resistance level at $1.74 and target the Oracle M/R around $4.
On My Radar
- Earnings to watch today: Uber Technologies (NYSE: UBER) and Riot Platforms (NASDAQ: RIOT) report before the open
- Europeans losing their minds over smart fridge hacks
- Why I think the dollar cross play is about to go bananas