SPY on the Market: Building Confidence

You are receiving this email because you signed up to receive our free e-letter DayTradeSPY's SPY on the Market, or you purchased a product or service from its publisher, Eagle Financial Publications. [SPY-on-the-market-banner-1200] [Trading Room]( [Pick of the Day]( [Inner Circle]( [Ultimate Trading Workshop]( [SPY Signal]( SPY on the Market: Building Confidence by Hugh Grossman and Ahren Stephens 10/10/2024 SPONSORED CONTENT [Multimillionaire Trader Reveals His #1 Gold Pick]( Wall Street veteran Karim Rahemtulla has identified a stock that offers exposure to more than 1 oz of gold-worth over $2,500-for less than $20. [Click here to learn more about this game-changing opportunity.]( [Last week]( I talked about acquiring patience. This week’s topic is building confidence, the sister trait to patience that one needs to succeed in the stock market. Confidence is the feeling or belief that one can rely on someone or something -- a firm trust or conviction that one has the ability to meet life’s challenges and to succeed -- along with the willingness to act accordingly. Being confident requires a realistic sense of one’s capabilities and the ability to feel secure in that knowledge. The issue with confidence in the market is that it is fluid. It changes from minute to minute. You can be 100% confident in a trade, and yet, two hours later, you question your decision and find yourself quickly selling your position in wonderment as to why you ever bought it in the first place. So, what just happened to produce such a turnaround in your opinion of the trade? Perhaps a news item was released, a bounce off a major support or resistance area or maybe the price of the option just reversed so far and for so long that you cannot see it ever recovering. This is precisely what happened to me last Friday. I bought the SPDR S&P 500 ETF Trust (NYSEARCA: SPY) for $0.96 and was completely confident in the trade -- so much so, in fact, that I took a same day position, a strategy I normally would never entertain. In fact, I was overconfident that I would do extremely well with this purchase of the $572 call options. At a point soon after the purchase, I was up about a dime or so, and, believing that it would rise higher, I stayed with it. That was my second error; not taking the small gains on an option set to expire in a few hours. Then, SPY reversed and stayed low well into the afternoon. At around 2:50 p.m., I dumped my holdings for $0.20, taking a substantial loss. Error #3. As if it was still my trade, I continued watching as SPY shot back up with those calls hitting $1.43 before it was all over at the closing bell, just to round out my day with error #4. This all happened simply because I lost the exuberant confidence I had earlier in the day. Had I held on, as I knew I should have, I would have fared extremely well with this trade. [I Can’t Believe A Ticker Like This Exists]( Years ago, I came across a stock market ticker… One that has been my “edge” ever since… I trade it over and over again, every week… And thanks to this one ticker, I hit on 93.6% of my trades in 2023. [Here’s how you can too.]( To build confidence, you need to enjoy small successes first. Start with paper trades. Using a simulated account, execute 50-100 good paper trades before embarking on real dollars. Make all your errors and test your strategies first using pretend money before investing real cash into the market. As you improve your trading, your confidence will naturally be elevated as well. Even after you trade real dollars, slip back into paper trades every so often. Despite trading for many years, I still execute paper trades on a regular basis in order to keep my skills sharp. Log your trades and note your successes and identify and work on your weaknesses. Focus on those areas that need improvement. Once you have a string of successful trades, your confidence will soar. The key at that point is to ensure you do not become overconfident, whereby you are placing trades without the proper analysis or technical setups. It’s easy to do, and the market has a unique way to humble any arrogance. A series of small, successful trades, even if on paper, will up your confidence; then enter with conviction. Make your trade and stay with it. Keep practicing. [#1 A.I. Software to Find What to Trade]( With thousands of assets to choose from, filtering through these to find the most promising ones can be daunting. What if I told you there is a search engine like the one you love and trust, but designed for traders like you to search and dominate the markets by accessing the most timely and accurate information? If you’ve never traded with predictive analysis or leading indicators... If you feel like you don’t have the time (or knowledge) to properly conduct thorough research and analysis... [Come learn (for FREE) the #1 A.I. to find what to trade.]( This is just one of the many things we talk about in our morning Trading Room. Not surprisingly, most of our long-time subscribers have developed their level of confidence and truly understand the power of staying with their positions, even when they retrace momentarily. Want to know more about our services? [Click here]( for details on our Trading Room. [Click here]( for information on our highly successful DTS Signal. [Click here]( for the Pick of the Day and [click here]( for the Inner Circle. Why SPY? This stock provides for the most diverse exchange traded fund, the highest volume and the most liquidity. SPY options are also very affordable and highly predictive in their direction and strength. Nothing compares. And when you trade the best fund available, you can generally do so with complete confidence that the market will provide a reasonable return on your investment. Unless you are 100% confident in your trade, hold off. Remember: if in doubt, stay out. Sincerely, [Hugh Grossman][Ahren Stephens] Hugh Grossman and Ahren Stephens Editors, [Trading Room]( [Pick of the Day]( [Inner Circle]( and [Signal]( About Hugh and Ahren: [Hugh Grossman]Hugh Grossman has manned the helm of DayTradeSPY for over a decade now. A self-taught trader, who turned master trader, has learned everything about trading the SPY (the SPDR S&P 500 ETF). Hugh has been guiding his subscribers of Inner Circle, Pick of the Day, DayTradeSPY Signal, and the Trading Room to daily profits since 2010. [Ahren Stephens]Ahren Stephens has been studying the markets since his teens. He opened his first trading account at the age of 18 and has studied the stock market, forex market, and commodities markets for more than 20 years. Ahren is a licensed commodity broker, and was most recently an analyst at an award-winning, multi-million-dollar firm. With his knowledge he has been guiding his subscribers of Inner Circle, Pick of the Day, and the Trading Room to daily profits. About Us: Eagle Financial Publications is located in Rosslyn, VA. – Blocks from the Capitol. Our products have been helping investors build their wealth for several decades. Whether you’re a long-term investor or short-term trader, you’ll find the right strategy for you, including how to earn more steady income to spend now, preserve and grow your capital to enjoy later, and whatever other investment goals you have. 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