The New York Stock Exchange traded a little slow out of the gate this morning. I don’t even think I can attribute trading to any news this morning as I didn’t see anything out of the Wall Street Journal that jumped out at me besides Oil trading downward. Maybe that’s what’s weighing the markets down in terms of volatility – there’s probably both the glut and the slowing in demand. Who knows – I certainly don’t. I love it when people try and ask me about world economics, I literally talk out of my ass and watch them nod their heads up and down in agreement. I really should tone that behavior down a little bit.
I only had Wheat to trade this morning and I dug myself a deep hole in the PnL. Needless to say, I was not pleased by that result and expected things to be worse. However, my daily PnL limit wasn’t hit so that was something that I could hopefully build on. I didn’t have any other assets to trade outside of the cash open so I really concentrated on that. There were no scalping opportunities because of the tepid open so I waited for an opportunity that I could hit with size either to a.) recoup the earlier Wheat loss or b.) completely blow my shit out altogether for the daily PnL risk. Did choice a come through? In an alternate universe where I was a millionaire – yes. But in this dimension, my ES trade didn’t move the way I thought it would move and took some ticks away from me. So, in the end, my Wheat trade pretty much dictated my whole day.
I’m glad that I didn’t blow out my daily PnL limit. I hate ending negative on Fridays and I hate reaching my loss limit on the PnL – those two things really kill my emotional capacity for like 5 hours so even though I had a losing day, I’m glad that it wasn’t those types of days. This isn’t to say that I’m happy or anything. I’ll probably spend the next couple of hours playing Halo or something to get the bad taste out of my mouth. Like I say in my posts – I go into every morning expecting to make money and when I don’t I’m like a little fat baby that didn’t get its daily pizza. I really hate losing. But I also know I have to have some chill and mentally prepare myself for tomorrow. I’m thankful for the rest of the beautiful day that I can enjoy, I’m thankful I can still trade the markets tomorrow and I’m thankful that I have the emotional discipline to let myself reset.