The New York Stock Exchange traded energetically this morning despite being down by some 80 points when the bell rang. I felt like the move was already done but little did I know that there was more razzle dazzle on the way. It really helps when the market trades wide and fast. I don’t like it when markets trade fast but then there’s only 5 or so ticks in between inflection points – that’s robot bullshit and I’m not fast enough on the keyboards to be able to take advantage of that stuff. Even if I was, my PnL would come down to my execution and while I trust my brokers implicitly, I’m not going to put pressure on them to get me the fills I need. For other traders, that is a crucial point but for me I don’t want to lean on that as my means for making or breaking the PnL because more often than not, it means it’ll break.
I felt like the NQ and the ES weren’t offering a whole lot of action and just based off of the surprise Fed decision (at least for me), I felt like the YM was gonna be the real mover of the group and I was right. I got good scalps for nice juicy size and that is what made the difference in my day and for the week. The best part about it was that I didn’t really have to be fast on the keyboards, all I had to do was just let the market wash over me like I was laying on the beach and soaping myself in the sand (how that would work, I don’t know – and sorry for the weird image). The point is, things came to me and for that I am glad. I tried trading Wheat this morning but I only ended up break even on the trade and then I went British Pound hunting which provided me with an excellent trade. This was on size as well but instead of keeping the trade on, I just decided to get out when I felt like that market was a bit too joyous. It worked out well too because the contracts retraced and as of now, I don’t even know if it’ll break the high set earlier.
I am tempted to say I am JUST lucky – which is the truth. But to use the word “JUST” is an insult to being lucky. Rather, I want to say that I am joyfully fortunate. I can’t tell you how immensely retarded this business is: when you do the wrong thing, sometimes you win but when you do the right thing, you will have a ton of losses or meandering trades. After a while, this business makes you wonder about the odds of everything from God to whether or not you can beat the yellow light on the busiest intersections of Chicago. The only thing that anchors you are the days where you make money. Life really is all about the results. All the rah-rah pep talk stuff can only get you so far before everyone turns around and Julius-Ceasar-Salads your ass. The only thing we can do is limit our risk, be thankful that we limited our risk and be thankful on the days we get rewarded for being risk-conscious. I’m going to hang out after this and just drink beer in the back. I’m gonna read your awesome entries and make some comments and learn from you guys and hope I can probably help back.
It’s a beautiful day – I’m grateful and I won’t expect more than the blessings I already got this morning. Tomorrow will be a new day.