Good morning, traders…

Ben here.

I often tell my students that who you are as a person is who you are as a trader.

You see, in the stock market, your mindset is just as important as the tools and strategies you use. 

If you’re not in the right headspace, no amount of technical knowledge will save you from making poor decisions (and potentially losing a lot of money).

This is especially true in the options market where the price action is far more volatile than normal stocks. 

You need to connect your head, your heart, and your hands to execute your strategy with precision.

A crucial aspect of getting into the right trading mentality is understanding the common psychological challenges that traders must deal with.

That way, you can avoid these problems in your trading. 

With that in mind, let’s break down five mental challenges traders often face (and their potential solutions)…

Challenge #1: Lack of Confidence

No one likes to lose money…

But in trading, this fear can hold you back. 

You might hesitate too long or even pull out of a trade too soon. 

A lack of confidence in cutting a position could mean taking an easily avoidable loss. 

Meanwhile, a lack of confidence in pulling the trigger can cause you to leave money on the table. 

The best traders in the world have confidence in themselves and conviction in their trades. 

The Solution:

• Always have a plan. 
• Know your entry and exit points.
• Don’t put too much money into a single trade.
• Set limits to how much you’re willing to lose.

Challenge #2: Overconfidence and Confirmation Bias

Confidence is good. But, overconfidence? Not so much. 

There’s a fine line between having conviction in your setups and feeling utterly invincible. 

If you think you can’t make a mistake, you might take unnecessary risks or ignore important signals. 

Even worse, you might only look for info that backs up what you already believe (that’s called confirmation bias). 

The Solution:

• Always question your decisions.
• Stay open to new information, even if it contradicts what you believe.

Challenge #3: Greed and Overtrading

Along that same line of thinking, greed can push you too far. 

You might take big risks or trade too often, thinking you’ll strike it rich. 

But if you get too aggressive in the options market, odds are one position will wipe you out.

Remember: Slow and steady wins this race…

Try to:

• Pace yourself. 
• Remember that trading is a marathon, not a sprint.
• Keep in mind that more trades don’t necessarily mean more profit.

Challenge #4: Marrying a Position

Have you ever been in love?

I know the feeling. I’m lucky enough to be married to the woman of my dreams!

Now, imagine falling in love with a stock or trade. 

You believe in it so much that you ignore all signs to let it go. 

This “marriage” can be costly. I NEVER get married to a single stock, trade, or position.

The Solution:

• Listen to the volume and price action. If it’s time to move on, do it!
• Treat each trade as a separate opportunity.
• Always have multiple actionable plays on your watchlist.

Challenge #5: Analysis Paralysis

The internet has changed the trading game forever.

These days, with so much data online, it’s easy to get lost in the details. 

If you spend too much time analyzing, you might miss out on good opportunities. 

The Solution:

• Set aside specific times for analysis.
• Work on separating ‘signal’ (valuable information) from ‘noise’ (meaningless chatter).
• Focus on key indicators that matter most to your strategy and act on them when the setups present themselves.

In short, to be a successful trader, you need more than just knowledge; you need the right mindset. 

Stay aware of these challenges, and you’ll be on the right path.

Now, let’s get to what you’ve all been waiting for…

💰The Biggest Smart-Money Bets of the Day💰

• $1.65 million bearish bet on CORT 06/21/2024 $22 puts @ $3.30 avg. (seen on 4/23)

• $834,000 bullish bet on FCX 07/19/2024 $50 calls @ $2.49 avg. (seen on 4/23)

• $722,000 bearish bet on JETS 06/21/2024 $19 puts @ $0.27 avg. (seen on 4/23)

Happy trading,

Ben Sturgill

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*Past performance does not indicate future results