The New York Stock Exchange opened up slowly and I wasn’t sure that I could get a trade off with size so I just limited myself in the face of a stuttering market and took what I could get. Can’t force any moves especially this early in the month when I’m trying to get good footing for making money. I didn’t do well last month. What makes it a little more vexing is that I had to dip into savings more than I wanted to in order to cover my expenses and have a little peace of mind money to spend. I hope that May will be a little better for me. But it started off with some distractions which is why I didn’t get to post a blog last night. I was really tired and I thought that I could just wait it out after everything was out of the way but I plopped down on the couch and next thing I knew it was 4:30 in the morning.
This is the first time that I’ve missed posting and I hate it when that happens. I feel like I have failed myself. It really matters to me that I post every day because it’s a way for me to be able to chronicle my thoughts about trading and when I look at my posts over the weekend, I am able to discern new ways of the markets just by how I’m reacting to the price action that I catch. So yeah, this is why involving myself every day in blogging is just as important as trading itself. It’s like studying film in sports – you just want to have that overview of what you’re doing.
So yesterday, I traded the Nasdaq at the open and I got knocked around a little bit. I wasn’t positive for that part of my trading but I subsequently made back money for my longer holds in Hogs and Orange Juice. Overall, I was kind of “eh” about yesterday but the PnL was green and I didn’t incur too many business expenses by way of commission so that was that.
Today, as I said above, I traded the Dow at the open and made a couple of ticks but because of the smaller size, I wasn’t able to offset a failed Euro trade that I made before I pretty much died on the couch last night. I would like to trade Cattle but I don’t feel comfortable getting in at current levels so today is pretty much a scratch day for me. I wish I didn’t have as many distractions as I did but that’s how the business works sometimes. I wish I had like a for real dedicated office for this stuff. I was thinking of even renting a cubicle office in Manhattan and travelling there every morning like I used to do when I was a naïve idiot out of college. However, this time, I’ll just drive into Manhattan. Of course, this is a stupid pipe dream as well as a VERY uneconomical activity because then I pretty much increased my daily overhead by like 2000% and in this business, if you’ve got that much overhead you’d better be able to predict every single move in the market or have really good contacts in investment banks in order to get insider trading information. I’ve learned that if you saddle yourself with expenses in this business you are more than likely the type of person that will fail. Two computers are enough. One monitor is enough. Get a nice, comfy chair and a wide table. Have some peace and quiet and just trade. Rinse and repeat.
I’m thankful that I didn’t get beat up today in the market. I woke up this morning and had a feeling it was gonna be one of those days. I’m glad that I made quick decisions and I cut losing trades. Now, if I could only get my hands on some of those nice winners then all my days would be awesome.