The New York Stock Exchange was really kind of non-existent at the open. I really had to sit there and think about whether or not I wanted to commit any capital to the cash open. In times like this, it is tempting to just try and wing it and maybe hold for a medium term trade seeing that there’s really no move going on but you never know if news will come out or some large order will jolt the market awake. In those cases, it’s really best not to be willy nilly about the open and call it a day if there are no opportunities – which is what I did but not before mixing it up a little bit with a light contract load.
I was fortunate to get a couple ticks going back and forth but as a businessman that owns this trading company, I know that the numbers are not on my side if I absorb any kind of loss. Even on a seemingly benign day like this, I have to be conscious of where my costs are going. The total day though was a relative success and when I say relative I am saying it in the context of getting blown out yesterday. My trading day actually started around 1am scouring the FX markets. I felt like I could get a move out of the British Pound so I decided to get in on it before London opened up. Then around 5am (or maybe 4 I don’t remember), I woke up feeling thirsty as heck, cracked open a Guiness and decided to check on the trade. I saw that the market had moved several ticks up but not in a quick and decisive way. I just felt like it bled upwards and that at any point, people would be looking to take profit. I was very fortunate because I woke up again around 7 to see sellers killing the market.
I was really fortunate with that British Pound trade because if I didn’t wake up, my position would have gotten killed and I would have had to think about another negative day. I am really really lucky. Even now, as I’m sitting here and typing this post in my backyard, I can’t help but marvel at the fortune I received in that trade. I’m sure that there are professionals out there that could have just seen what the market was going to do and would have gotten in at the point where things started dropping but I’m not one of those guys. I’m perfectly content in knowing that I won’t be as good as those traders and that my trading is – gratefully – within God’s interstellar space/time sovereign. I’m just one guy in this vast market. I’ve gotten my piece of the pie for today and now it’s time to take a short nap, wake up thankful and prepare for another slugfest tomorrow in this crap business.