SPY on the Market: Borrowed from the Aviation World: ‘IMSAFE’

You are receiving this email because you signed up to receive our free e-letter DayTradeSPY's SPY on the Market, or you purchased a product or service from its publisher, Eagle Financial Publications. [SPY-on-the-market-banner-1200] [Trading Room]( [Pick of the Day]( [Inner Circle]( [Ultimate Trading Workshop]( [SPY Signal]( SPY on the Market: Borrowed from the Aviation World: ‘IMSAFE’ by Hugh Grossman and Ahren Stephens 04/18/2024 SPONSORED CONTENT [Trade Options With the Pros]( Ever thought of trading stock options, but didn’t want to do it alone? Now, you can join two professionals, with 40+ years experience, and make the very same trades they do. [Click here for a free test drive.]( A shout out to Captain Bob P. for his suggestion on implementing the “IMSAFE” program. Thank you! The Federal Aviation Administration (FAA) released this self-assessment tool for pilots, which is designed to help keep them safe. As you know, pilots use checklists for virtually everything. They check it all, even long before starting the engine. They even examine the color of the fuel to make sure it’s the right grade! This applies not just to their aircraft, weather, traffic and all phases of flight but also to themselves. After all, what is safe about strapping oneself in a fiberglass tube only to be hurled through the air at 100 mph? Nothing! They need to ensure everything is okay in order to do this as safely as possible. One such self-check is the “IMSAFE” Checklist, an acronym that all pilots should consider before taking to the air. This checklist can apply to traders, too. Thanks to the FAA for this invaluable aid. Henceforth, all traders should follow this guideline to improve their performance, or at the very least, help keep them out of trouble. Before opening up your trading site, consider the following: Sponsored Content [Elon Musk's ChatGPT Could Soon Mint New Millionaires]( Elon Musk made $180 million on PayPal... $47 Billion on SpaceX...and $94.2 Billion on Tesla. He's about to shock the world again with his version of ChatGPT. [And you could go along for the ride if you make this one simple move.]( IMSAFE: I -- Illness: Do I have any symptoms? Headaches or other pains can impact my thought processes. M -- Medication: Have I been taking prescription or over-the-counter drugs? Side effects can affect judgment and response time. S- Stress: Am I under psychological pressure of any kind? Am I worried about financial matters, health issues or family discord? A - Alcohol: Have I been drinking? It’s no secret that a couple morning mimosas may menace the mind. F - Fatigue: Am I tired and not adequately rested? A lack of proper rest and nutrition hampers our trading performance, especially affecting those living in early morning time zones. E - Emotion: Am I emotionally upset? Did I argue with my spouse, kids, neighbors? This attempt to objectively assess whether you are suitable to trade is not to hinder your ability to make money, but rather to try to keep you out of trouble. Options trading requires one’s focused attention on the task at hand, especially with short expiration dates. It is far too easy to lose money in this endeavor, and far too challenging to earn it back. Remember, if you lose 50% of your account, you need to earn 100% to regain it. Optimal performance requires the trader to be 100% “on.” If you are not feeling spot on, we recommend staying out of the market in terms of real money. Instead, do some paper trades. When I review my errors, I can usually attribute at least one of the above “IMSAFE” factors to my loss. As an example, recently being under medication to fight an illness, combined with expectations of me to perform great trades in front of hundreds in the trading room, led me to make bad decisions, hasty decisions and decisions that ultimately resulted in a loss that was not only financially costly but also affected my confidence. Fortunately, I did rebound in all areas. But I have little doubt that anyone blindly following my footsteps may have also suffered. While I do not suffer losses lightly, I abhor being the cause of others’ losses, even though we are all responsible for our own trades. [Your Recession Shield is A.I.]( You don't have the time to just sit around for the "interest rate" to play out. All professionals have their “tools” to improve success. And more and more traders are embracing Artificial Intelligence to forecast market trends 1 - 3 days in advance with up to 87.4% proven accuracy. [Come See the Stocks Set To Skyrocket In A Brave New World>]( Any trader who would invoke the IMSAFE checklist before even opening their account would be much safer, financially speaking. Remember the maxim: “I would rather not be in a trade wishing I was, than to be in a trade wishing I wasn’t.” Those in our Trading Room would know this. Are you ready to join? [Click here to subscribe.]( We discuss many things in this venue, including answers to your questions and tips on how to stay as safe as possible, especially in trying times. Goodness knows, these days we have major wars going on, elevated inflation and interest rates, a weak administration with a former/possible upcoming president on trial for felony charges, earnings season, record stock prices and a myriad of other factors that are influencing the markets. Trying to make sense of it all requires your full-on attention. Are you still looking to see if options trading is for you? [Click here to join us for a free session at 8 p.m. ET, on Sunday night]( for this informative, engaging and entertaining session. Experienced traders Ahren Stephens and I host this weekly event where we review the trades of the day and check out what’s on tap for the next few days. Don’t miss it! Sincerely, [Hugh Grossman][Ahren Stephens] Hugh Grossman and Ahren Stephens Editors, [Trading Room]( [Pick of the Day]( [Inner Circle]( and [Signal]( About Hugh and Ahren: [Hugh Grossman]Hugh Grossman has manned the helm of DayTradeSPY for over a decade now. A self-taught trader, who turned master trader, has learned everything about trading the SPY (the SPDR S&P 500 ETF). Hugh has been guiding his subscribers of Inner Circle, Pick of the Day, DayTradeSPY Signal, and the Trading Room to daily profits since 2010. [Ahren Stephens]Ahren Stephens has been studying the markets since his teens. He opened his first trading account at the age of 18 and has studied the stock market, forex market, and commodities markets for more than 20 years. Ahren is a licensed commodity broker, and was most recently an analyst at an award-winning, multi-million-dollar firm. With his knowledge he has been guiding his subscribers of Inner Circle, Pick of the Day, and the Trading Room to daily profits. About Us: Eagle Financial Publications is located in Washington, D.C. – only a few blocks from the Capitol. Our products have been helping investors build their wealth for several decades. Whether you’re a long-term investor or short-term trader, you’ll find the right strategy for you, including how to earn more steady income to spend now, preserve and grow your capital to enjoy later, and whatever other investment goals you have. 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