(I have been waiting since the inception of this blog to be able to title a post this way so consider this an occasion to remember.)
The New York Stock Exchange started off with good energy today. It was a roller-coaster opening as both buyers and sellers got cut up if they were too slow. In the end, the market seemed to have come to a consensus about how to eviscerate everyone dumb enough to participate in today’s session. I don’t mind it though; at least the market picked a direction. If there’s one thing that annoys me to my subatomic components, it’s a chop session that doesn’t offer traders any real opportunity to sink their teeth into a direction.
I am pretty sure I ended up net negative on the cash open because I had a couple of trades that went for wins and a couple that made me want to commit seppuku on my dining room floor. In the end, although I am positive I’m net negative I at least minimized the PnL damage and protected capital. There were two other trades I made today. The first was Wheat which didn’t go anywhere because I placed an order that didn’t get hit for a while and then I felt uncomfortable committing capital at that price point. The second order was the 30YR which surprisingly went my way for a good fistful of ticks. But alas, with the bonds, you just never really know and given that the markets have been displaying a reversal mode of late, you can never really commit that much capital to “New York affairs” (US Indices, Bonds).
I say it over & over, again & again, but you know what? I’m never going to stop repeating it: making money in this jackass of a business is so hard. Everything, and I mean everything has to go your way. There can’t be any slack on any part of rope used and if there is, it’ll show up on the PnL, that’s just the way things work out. Even though I am a really sore albeit professional-mannered loser, I still am grateful that I have enough sense not to do damage to my account when it seems that all the market wants to do is gut me like Mel Gibson in Braveheart. The best way to return this gratefulness is to give thanks to God, focus on life in front of me at this moment and not give this dumb business another thought.