The New York Stock Exchange opened mixed this morning but as we all saw, the fireworks started shortly after that. If this morning has told me anything it’s that there are some people that are willing to test the short side to see how much demand is out there. It’s reminiscient (pun intended) of Jesse Livermore’s account of a famous trader who was acting on a tip of a local floor guy who was telling him to buy sugar. The famous trader kept shorting sugar contracts and the guy was like; “bruh, i’m telling you sugar is gonna go up”. After the third time famous trader shorted sugar, he instructed his guys to buy as much as possible and explained to the bewildered tipster that he needed to see if his short positions were getting eaten and at what pace. Fascinating story. I think we are seeing something similar here.
I wasn’t able to do all that much with the cash open because the market was a little too slow. It was slow enough that I didn’t even want to engage in anymore holding shenanigans because I just felt like I didn’t have a good read on the market. While the PnL was positive, I didn’t feel like I traded that aspect of the morning productively. Still, it was good that I didn’t lose money. I wanted to put my laptop away for the day but as I was doing final scanning on my asset list, Orange Juice caught my eye. It was only a short trade but I managed a couple of ticks on the short side of things which added to the PnL. I felt like this was enough for the day and I decided to wrap it up.
I’m thankful to God that I had a positive PnL day. This business is rough enough and losing money is not something you want to go through day after day. You end up losing hope and your soul becomes dark. This is why, I believe, all these system advertisements make so much money. In a dark sea, anything that resembles any type of light is something worth grabbing onto – even if it’s just a reflection of the moon. This is why this business sucks ass. It takes a lot of well-meaning people and makes them into starving sewer rats. But the thing is, the business is a choice and there is only one obvious reason as to why you stay in. This is also the reason why I am so thankful for other aspects of my life. It’s the only way I can emotionally stay afloat in this violent ocean. I’m going to enjoy the fruits of today’s victory but I know that I’m going have to get back at it tomorrow.