My friend Mike was a former CIA agent.
Before that he worked in the military as a fighter pilot.
And he’s been a phenomenal option trader for about 30 years too.
In fact, I learned everything I needed to become a successful trader from Mike.
And it can be put into 2 sentences:
|1.||It’s all about money and risk management,|
|2.||and do NOT know too much.|
I’ve already shared a lot about money and risk management in past. It was a huge breakthrough for me. Mike showed me that entries are not really that important (despite what other traders think). Thanks to Mike, I learned to see the bigger picture. The simple, yet essential math behind profitable trading. I even did a crucial, fundamental coaching call in the Breakout Strategies Masterclass on that (it’s called “The Simple Math Behind Profitable Trading”).
Source: Breakout Strategies Masterclass
But there’s also that second point I learned from Mike. That’s crucial too.
The ‘do NOT know too much’.
As you know, the work of CIA is about intel.
There’s probably no agency in the world that knows more about collecting and assessing intel than the CIA.
They can put together comprehensive intel on anything and anybody, at any time.
But here’s the thing:
Quite often, there’s so much intel, that it causes paralysis.
I know this from Mike.
Too much information. And quite a lot of it contradictory.
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Yet, decisions need to be made.
An agenda needs to be pursued.
Everything needs to be moving ahead, the enemy never sleeps.
Which is exactly what happens to many traders too:
Total paralysis caused by information overload.
I used to be like that as well. I wanted to know everything. In detail. I wanted to understand every aspect of trading. Every detail. Until I started sinking into information overload and absolute confusion.
Fortunately, it was Mike who pulled me out of this mess.
He simply said:
Do NOT know too much.
Imagine you’re forced to forget 90% of what you know about trading.
What would be the 10% you keep?
Use only THAT information.
Because subconsciously, that somehow already make the most sense to you.
And that’s how I learned about unlearning and using less information to make more money.
So, if you also sometimes feel stuck because of too much information and are unable to make the final move, here are my tips:
|1.||Find the 10% of the stuff that TRULY resonates with you in trading.|
|2.||Stick only with that.|
|3.||Go deeper with that 10% and make it work for you.|
That’s it. You don’t need to know everything to be successful.
Happy trading and less overthinking!
Tomas and Andrew
Precisely distilled and proven breakout-trading intel can be also gathered in the Breakout Strategies Masterclass.
7 Proven Tips to Build Profitable Breakout Strategies FAST
✓ The most common mistakes breakout traders often make that costs them money – don’t let these catch you out
✓ How to choose the best markets and timeframe for quicker and more consistent results