The New York Stock Exchange started with a little bit of a pop on this rainy Monday morning. I don’t know if it’s a positive harbinger of the week to come but what matters isn’t really the direction of the market, rather how far and fast those kinds of moves come – as well as the frequency of them. I only see one big market event this week and that’s the FOMC announcement so we’ll probably have some slow trading in the meantime as traders are busy on the phone piecing clues together. Personally, I would just hold the rate cutting and I believe that has already been discounted into the market. I don’t expect anything shocking to come out of Wednesday’s announcement – but if it does: cool!
My day started extra early, around 2am. I scoured all my available asset classes on Sunday afternoon and decided that the British Pound and Wheat were going to be decent plays outside of the cash open. Wheat pretty much went nowhere for me in the morning, it was kind of annoying to give up the ticks but oh well. The winner for me was the British Pound as it kind of bled upward throughout the London session and I held it with some type of size from the get go. I thought I was going to end the day on a really positive note but then I traded the cash opening and even though we got a nice little pop, it wasn’t conducive to my scalping strategy as I chickened out of constant trading stare-downs. I don’t like to commit capital for too long in the open because that can lead to a wrecked PnL and an overall shitty morning. Even though I followed this rule, I still had a shitty go at trading the cash open. Fortunately, for me I didn’t play it with heavy size so I won on both magnitude and fortune.
There are many times (read: all the time) that I go into a trade nervous as hell because I know that there is a distinct possibility that I could come out with fewer teeth in my mouth. So when I see that my PnL has green numbers instead of red, I breathe a very very heavy sigh of relief. All the fist pumping and smiling comes hours later as I’ve shut down my trading computer for the day. But even that is short lived as I know that I will have to prepare myself mentally for the next market day and take time in the afternoon to both account for my buys/sells and scour the asset list for tradeables. Nevertheless, I am blessed that I ran into the bear’s cave today, gave it a good punch in the nose and left the cave with some coins before it could catch me. It is a very dangerous way to live which is why I am so grateful when I come out on top with something – even if it’s a break even trade. As I alluded to up top, we have storm clouds here in the east coast. It’s so beautiful to experience a continuous summer rain – especially under a canopy of trees. There is something rejuvenating about the experience and I’ve always made it a point to try and be in the moment when it happens. Today’s gains just made it all the more better. I am so grateful to have been at the right place at the right time.