13 min
How to Overcome Doubt The Option Genius Podcast: Options Trading For Income and Growth
-
- Investing
People literally ask me this one question ALL THE TIME… “Allen, how did come up with such a lucrative, safe, and easy way to trade?” I explain it all in my new book Passive Trading, get your free book here https://www.passivetrading.com/free-book!
Option Genius was built with you...the individual trader, the breadwinner, the dreamer, the rock your family depends on ...in mind. Because we know what it takes to become a successful and profitable trader. And that’s exactly what we help you do best. Get your $1 trial of Simon Says Options, our most conservative and profitable trading service here https://simonsaysoptions.com/stockslist-ss-trial-offer.
--
Do you ever feel doubt before you put on a trade? A little feeling that, "Oh my God, I don't know if I should do this one. Oh geez, I don't know if this is going to work out. Is this a good idea to do this trade or do it right now? Maybe I should wait, maybe not." We all do. It's normal. It's part of trading because when we're trading, we need to be right, but we can never be 100% certain. There's no a hundred percent guaranteed sure thing trade that we can have no doubt about it and just put it on and be like, "Yes, I'm going to make money on this trade." It doesn't work that way. Anything could happen. That's why trading is so lucrative because you're dealing with the unknown.
You're kind of like Elsa in Frozen 2, you're going into the unknown and that's what traders get paid for. And that's what we as investors have to take into account and we have to overcome, because I've seen, especially newer traders, that doubt that fear stops them in their tracks, where they don't put on trades or once they put on a trade, they don't want to touch it. They don't want to adjust it. They don't want to get out and so what could of been a small loss turns into a big loss or what could have been an awesome trade gets skipped because they're just afraid. There was one fellow in particular, his name was Jim, taught him the whole strategy. He knew it backwards and forwards. He could recite it to me better than I could myself. He knew the rules of the strategy.
He knew the rules of the trade and he could put a trade on almost better than anybody else, but the doubt of losing money or the fear of losing money would keep him from not staying in the trade. He would always jump out well before he was supposed to, and so he could not make a positive winning trade because he just kept getting out too fast. Anytime he would start losing a little bit of money, he would jump out even though that's not the way selling options works. A lot of times you put on a trade where you sell options and it might be negative for a few days. You might be sitting on a loss, eventually time to gain kicks in and that loss starts to go away and eventually turns out, hopefully in your favor. But even with the odds in our side, even with time on our side, there are no slam dunks. There is no 100%.
And so in this episode I wanted to talk about a way that you can overcome this doubt and put yourself in a situation that will be beneficial so that you have a little bit more confidence going into your trade, so you feel not only better about yourself, but a better about the trade as well. So I have to tell you about a cartoon. It's funny, right? We're going to talk about trading, but we're going to learn about trading through a cartoon. There's this cartoon called Bob the Builder. Now Bob cartoon series started back in 1999, and he is a nice fellow. He's a cartoon. He's not a regular cartoon. He's little bit animated, little different type of animation than your average Mickey Mouse or your Cinderella type cartoon.
But anyway, Bob runs a construction company and all of his employees are construction equipment. So the backhoe and the bulldozer and the whole makey-thingy machine, they're all his employees or partners or friends or whatever, and they all talk. And in every episode they're given different j
People literally ask me this one question ALL THE TIME… “Allen, how did come up with such a lucrative, safe, and easy way to trade?” I explain it all in my new book Passive Trading, get your free book here https://www.passivetrading.com/free-book!
Option Genius was built with you...the individual trader, the breadwinner, the dreamer, the rock your family depends on ...in mind. Because we know what it takes to become a successful and profitable trader. And that’s exactly what we help you do best. Get your $1 trial of Simon Says Options, our most conservative and profitable trading service here https://simonsaysoptions.com/stockslist-ss-trial-offer.
--
Do you ever feel doubt before you put on a trade? A little feeling that, "Oh my God, I don't know if I should do this one. Oh geez, I don't know if this is going to work out. Is this a good idea to do this trade or do it right now? Maybe I should wait, maybe not." We all do. It's normal. It's part of trading because when we're trading, we need to be right, but we can never be 100% certain. There's no a hundred percent guaranteed sure thing trade that we can have no doubt about it and just put it on and be like, "Yes, I'm going to make money on this trade." It doesn't work that way. Anything could happen. That's why trading is so lucrative because you're dealing with the unknown.
You're kind of like Elsa in Frozen 2, you're going into the unknown and that's what traders get paid for. And that's what we as investors have to take into account and we have to overcome, because I've seen, especially newer traders, that doubt that fear stops them in their tracks, where they don't put on trades or once they put on a trade, they don't want to touch it. They don't want to adjust it. They don't want to get out and so what could of been a small loss turns into a big loss or what could have been an awesome trade gets skipped because they're just afraid. There was one fellow in particular, his name was Jim, taught him the whole strategy. He knew it backwards and forwards. He could recite it to me better than I could myself. He knew the rules of the strategy.
He knew the rules of the trade and he could put a trade on almost better than anybody else, but the doubt of losing money or the fear of losing money would keep him from not staying in the trade. He would always jump out well before he was supposed to, and so he could not make a positive winning trade because he just kept getting out too fast. Anytime he would start losing a little bit of money, he would jump out even though that's not the way selling options works. A lot of times you put on a trade where you sell options and it might be negative for a few days. You might be sitting on a loss, eventually time to gain kicks in and that loss starts to go away and eventually turns out, hopefully in your favor. But even with the odds in our side, even with time on our side, there are no slam dunks. There is no 100%.
And so in this episode I wanted to talk about a way that you can overcome this doubt and put yourself in a situation that will be beneficial so that you have a little bit more confidence going into your trade, so you feel not only better about yourself, but a better about the trade as well. So I have to tell you about a cartoon. It's funny, right? We're going to talk about trading, but we're going to learn about trading through a cartoon. There's this cartoon called Bob the Builder. Now Bob cartoon series started back in 1999, and he is a nice fellow. He's a cartoon. He's not a regular cartoon. He's little bit animated, little different type of animation than your average Mickey Mouse or your Cinderella type cartoon.
But anyway, Bob runs a construction company and all of his employees are construction equipment. So the backhoe and the bulldozer and the whole makey-thingy machine, they're all his employees or partners or friends or whatever, and they all talk. And in every episode they're given different j
13 min