M8DBOID EC001The New York Stock Exchange opened up quietly this morning. It was so quiet that I didn’t like it so I dialed back my risk and just let things settle where they were going to settle. In hindsight that was a good idea because I could have ended up losing a lot of money had I tried to find a position instead of just chillin and letting the position or positions come to me.

I didn’t trade other assets today because there wasn’t a tradeable setup that I felt comfortable with. There were definitely thing that screamed “trade me” but I also choose my plays based on a careful but adaptable understanding of my trading capital. Sure, I’d like to trade something that can give me 200 ticks in a day but if I have to risk 140 ticks to get it I’m not going to touch that asset with a 10ft. pole. So yeah, after going through the usual suspects, I just decided to concentrate on the cash open and I’m glad that I did.

I didn’t make what I wanted to make today but I made enough so that it was a productive at and it got the week off to a good start. I can’t complain. I’ve got my blessings so I want to give back by being a decent and professional human being. There is tomorrow and that is what I’m getting ready for now.

EDIT:

I just realized why the open was so slow this morning, it was because of MLK day. That was pretty stupid. Pretty impressive that I got some ticks out of it though – I am very lucky that I dialed back my risk and just sat on the position!

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