The New York Stock Exchange traded slowly out of the gate this morning. I had a feeling that it would because I sat down for a few minutes last night to survey the action on the Nikkei and there was a little bit of weakness there. Coupled with China’s slowdown in manufacturing production, I just felt like the malaise would make its way over to London and then over to New York. I just decided that I wouldn’t size up but neither would I take my default contract size for the cash open. It was all for the good because even though the Dow did take a direction, most of the steam was from the pre-market move and everything after the opening bell was just pickings from the ground.
I did attempt to trade the cash market but I did not do well at all. I did not perform as well as I could have performed and even though I made it a point to just stay in the Nasdaq to preserve capital, things just didn’t really pan out PnL-wise. I also took a trade on Cocoa and the British Pound. While I got 3 – 4 ticks on each asset, it wasn’t enough to really make a dent on my cash open failure after commissions. I just ended up giving myself more of a headache. Still, I’m glad that I traded today and that I did what I needed to do to protect the account. The only consolation on a losing day like this is that I took a relatively miniscule amount of risk and didn’t allow slow markets to turn against me. In the end, not only did I preserve my frame of perspective but I also preserved the gains that I got last week and since this is already the third week of May, it’s really important that I hold on to what I’ve got instead of swinging wildly at whatever pitch gets thrown at me.
I don’t have a whole lot to do today outside of some accounting and check balancing. It seems like this week – when I’m going to be busy – will be the week that the East Coast will be getting pre-summer weather (go figure). It would have been nice if this was the case two weeks ago when I was completely doing jack-shit and I could have enjoyed the sun. I wasn’t particularly thrilled about the results of this morning because like I said: I’m in this dumb business to make money. I’m not in it for hollow victories and Instagram posts with positive messages written in cursive. I firmly believe each morning that I will make money and I don’t have time for days when I don’t. Still, I know that I do have to be thankful for a lot outside of trading. I was actually thinking about taking the grill outside to cook some bbq for the fiancée when she gets home from work later this afternoon. Mother’s Day was nice as we got to see both of our mothers but because of the weird weather, we just had to do oven cooking or going out to eat and you know how crowded those restaurants can be on this occasion. That being said, since I didn’t get to grill yesterday, I figure I might do it today.
I’m a pretty lucky guy. I’ve got a lot to be thankful for. But I can’t stand this stupid business when I don’t get money. If trading was a pig, I’d slow roast the crap out of it without a second of hesitation – that’s how frustrating this business is to me.