Using the Right Tools

About ten years ago, I built a doghouse for my new Bernese mountain dog puppy. This was to be a masterpiece, a palace fit for my lovely princess, Lucy. It was to have everything, including air conditioning, a heated floor (cozy for western New York winters) and even photos on the wallpapered walls. I had visions of building it in a Swiss Alps chalet style, just to make her feel at home. This 30-square-foot canine castle was to have European-style shutters adorning several small windows, complete with flower planters.

Except there was one problem: I never built anything like this before. I had no experience in woodworking — not even in making a simple shelf. I had some basic tools and limited skills, but I figured I can learn along the way. Surely, given enough time and effort, it couldn’t be that difficult, could it? I studied YouTube videos and had drawings sprawled out in my garage. Once I had all the materials, I was raring to go.

Fast-forward several weeks; it turned out to be nothing like I first envisioned. I needed help and called my expert friend Rod over to help me straighten it all out. He asked what tools I used, so I told him…  a hammer, hand saw and a few other odds and ends. A quick walk around, he peeked inside…  “why did you use three-inch nails on a one-inch-thick roof? When Lucy stands up, she’ll kill herself with the nails poking through.” He continued…. “Why don’t the walls square up with the floor, and why does it look like a disastrously assembled garbage bin?”

I then realized that I truly had neither the tools nor the experience nor the skills to build this project. What was I thinking?

It also made me realize just how important the right tools, experience and skills are required for trading options. If you lack in any of those areas, you will undoubtedly be at a disadvantage — not something you would want. It is difficult enough to trade profitably without competing against those who are well-equipped. Having inadequate tools for the job is a poor excuse to lose in the markets. I felt confident in that, even though I couldn’t properly build a doghouse, I had the wherewithal to trade well.

I guess I just assumed everyone did. The last few months, we have been inundated with people asking for help in setting up their “tools.” We use primarily Schwab Think or Swim® for our charting and trade executions in our trading room, so it stands to reason that most others do too. Even if you use another program, using the same indicators and setups as we have makes sense.

For that reason, we will be hosting a very special workshop at 11:30 am, ET, Tuesday, July 30 on How to Set Up Charts on Schwab Think or Swim®. This event will show you exactly what we have set up on ours, including all our indicators and drawings. We will show you all the tools we use every day to analyze the technicals by using this powerful gold standard program. We will only teach what we use, not all the boundless features of this program. Budget 90 minutes or so for this exciting, informative and entertaining session, as you will learn tips, tricks and traps to make you a better trader, simply by invoking the right tools for the job. Watch for the promotional emails from Eagle and secure your spot, as attendance is limited to the first 500 people. Can’t make it? No problem: the session will be recorded.

I have traded with inferior charts in the past. Trust me when I say there’s no comparison to having the right tools at your disposal. What you use does make a difference. I look forward to teaching this workshop… be there!

As for Lucy’s doomed doghouse, my friend Rod walked over to his pickup, pulled out the only tool he needed: a sledgehammer. He destroyed my “work of art,” loaded the scraps into a wagon and hauled them off to the dump. “No worries, Hugh. I’ll bring you a new doghouse in a few days!  We’ll even tell everyone you built it to preserve your dignity!”

Click here for details and join the Think or Swim Setup Workshop to tackle the market with confidence!

Not sure if options trading is for you? Join us at 8 pm, ET, Sunday night for our weekly Intro to Trading / Week in Review.