The New York Stock Exchange traded slowly but at least it had some type of direction in the morning. I was able to pull some ticks from the market but it didn’t come without some sweat and luck. I’m thinking that this may signal the start of a relatively small bull-run for the market; things are quiet and we have less noise coming out of the political sphere. I notice that these are when the whales open their wallets and call in orders.
As you can probably conclude from my title, I was distracted this morning. I had to trade mobile because of obligations that I had to fulfill and time was a factor. The best place I could find – and usually do – is a Starbucks so I parked the car, got the bag and went in. Trading mobile is no big deal to me. Like I said yesterday, I was going to scale down on size so latency wasn’t going to be an issue – it surprisingly never really is. I’ve taken size on some orders using free Wi-Fi and I’ve never had a problem getting my orders filled beyond the obvious issues of size itself even when I needed to get out quickly. Anyway, when I trade mobile I always make sure that I’m in a comfortable seat away from the crowd if possible. And if not, I have no issue sitting next to someone. I just go in, plop down on the chair and quietly go about my business. I do, though, face away from everyone else.
I’ve learned over the years that no matter how much you prep for distraction, sometimes you just have to deal with it. It’s been so long since I’ve gotten distracted that when it happened today, I almost didn’t know what to do. I won’t go into the specifics but you can surmise what it was from the title. At that moment, I didn’t realize that the market had already opened and the frenetic price action was already underway. I’m lucky that I’m used to this because I probably wouldn’t have acted as quickly as I did. I started off digging myself in a hole but thankfully, the Dow rallied and I was able to catch the ticks on subsequent trades. All that wouldn’t have been possible had I not been fully conscious and aware of what was happening once I snapped back into work mode. This is also a point as to how important trading practice is to me. I wake up on the weekends around 9 and do mock run throughs of trading in the market open. It’s somewhat more advantageous on bank holidays as that is an extra day of practice. Otherwise, I’ll do run throughs during the afternoon from time to time.
My other trades covered their commissions so there wasn’t much to say about that. I followed the rules that I needed to follow and didn’t try to ad-lib given how the market has been acting lately. I traded the British Pound in the London session and gave Wheat a shot this morning.
I’m really lucky that I didn’t get myself into a bad situation given today’s distraction. In retrospect, if I were to be uber critical of my performance, I would say that my failing came in that I attempted to trade when I was distracted instead of waiting for a window. That would have saved me money in commissions and would have gone towards giving me a better overall PnL number. But like I said, distractions like that are extremely rare for me and I’ve practiced enough where situations like this result in a minimal distraction at best. I’ve got the man upstairs to thank for that.
And of course, I’m not going to relay this story back to the fiancée – I want to live to see grandchildren.