Hey traders,
Last Friday, I sent out a survey asking you, my readers who haven’t started trading yet, what’s stopping you from getting started.
First off, I want to thank everyone who has filled out the survey so far. For those who haven’t, the survey is still open. Fill it out here.
The top answer, selected by over 60% of readers, is “I’m overwhelmed by the amount of information available.“
So today, I want to talk about that.
I know what it’s like to be overwhelmed by information.
I wasn’t born into a rich family. I didn’t go to Harvard.
I didn’t have anything handed to me.
I grew up in Gary, Indiana, which at one point was known as the murder capital of the US.
I had to work for everything. And studying for my Series 7 stock broker’s license was like drinking from a fire hose.
I still remember the sheer volume of information I had to memorize. And so much of it was academic “blah blah” stuff that didn’t actually help you make better trades.
Once when I was living in New York City, I had to come back home to Indiana on a bus because I had spent the last of my money on an option trade that didn’t work out.
My dad was waiting at the bus stop and told me to give up on Wall Street. He had a job waiting for me at the plant he worked at where I could wash trucks.
That left me feeling like crushed grapes, but it never for a second made me consider leaving the markets.
I was not going back to Gary, Indiana to wash trucks for the rest of my life.
I’m not telling you this to make you feel bad for me.
I just want you to see that I’m no better than you.
I’m no smarter than you.
I just know a few tricks that I’ve refined over the decades.
And if you read along and apply the knowledge, you can achieve the same things I have. Maybe even more.
I’m going to wait for some more responses to come in on the survey, so click here and fill it out if you haven’t done so yet.
But I’m starting to get an idea for what I’m going to do for you.
For now, I’m going to leave you with one tip:
If you’re overwhelmed by the amount of information that’s out there, there’s only one way to handle that: Pick one thing and stick with it.
Do you like the sound of covered calls? Read it, and apply the knowledge.
Maybe credit spreads are more your style.
Maybe you haven’t decided yet. Read my head-to-head comparison of the different strategies I use.
Whatever it is, once you understand that one thing, you can build on that knowledge.
Whatever you decide to work on, focus like a laser on that and tune out everything else.
So many times, we waste time, energy and motivation running from one thing to the next.
It can feel like you’re being productive — like you’re doing “something.”
But you have to spend enough time on one thing until you “crack that nut.”
Because until you get over that “beginner’s hump,” it’s going to be really easy to stay overwhelmed.
So that’s the tip I’ll leave you with for now. Pick one thing and get started with it.
And don’t forget to fill out the survey if you haven’t already.
Trade well,
Jack Carter
P.S. There are three golden rules to building a rock solid portfolio. Wednesday, July 31st @ 11am Eastern, I’ll be sharing them for FREE. Click here to save your spot to join me.
