The New York Stock Exchange traded with some energy this morning. I figured it would do as much given that there wasn’t all that much action in the London Session and the Asian session. I suppose everyone there is saving all their energy – and capital – for here. I didn’t take a look at the news today because I traded from the dining room table – a modern luxury that I do not take for granted. Now, looking at today’s market, I’d probably say things are set for a rock & roll week next week so I’d like to make sure that I’m prepared and the best way to do that is to not overtrade on a day like today and play the long game.
With the action that I anticipated going into the cash open, I felt like I could go in with max risk and that’s exactly what I did. There were good moves across the board especially one to the downside and I suspect that’s where everybody – including myself – made the lion’s share of their profits. It would be hard to justify trading after being able to exploit a move like that scalping back and forth. It was a great way to trade the liquidity. Additionally, I traded Cocoa in the early goings and like the cash open, I felt like I could do things with size. I was pleased with how the market moved and everything was just enough that my trades counted and were more productive than I thought they would be. Overall, I’ve earned the right to veg out in front of the couch this afternoon and play Halo: Reach firefight.
I’m not sure if I could do that given the fact that I can’t stay awake for more than 3 hours at a time these days but I sure will try. One though though to bring this crest of happiness back to a productive neutrality. I remember when I traded shitty this week and I was so furious that I wanted to log back in and hurl contracts back and forth to the market. I really was pissed off and all I could think of was getting the money back that I had lost. However, in the midst of logging in I realized that I keep my business costs in mind precisely for those days when I was feeling the way I was feeling. I employ capital-saving measures & cost cutting measures to make sure that I will be able to trade longer and with better emotional stability. Finally, I learned that if you allow money to make you its bitch – in this business – then you will only have short-lived, if any, success. In this dumb realm, I don’t want money to own me. I own money here. I expect to make money every single time I trade and on every single trading session. If I don’t make money or I lose money, I get pissed off to hell and wish that trading was a person so I could strangle them. The point here is that you’ve got to pick and choose your battles, when to trade and when not to trade, when to keep punching and when to go back to the corner and take a break.
I’m thankful to God that I have learned this lesson. Because of this, I can go into the weekend with a clear conscience.