The New York Stock Exchange started fast but it wasn’t really like blinding fast. It was more fast in terms of headfakes and false starts only to reverse – basically a chop. I don’t know what the news is so maybe after this post, I can go in and watch CNBC for a few minutes and get myself caught up with the most important news of the day.
I traded Wheat this morning for a few go arounds. I felt like I could really exploit some movements but in the end all I did was waste commission dollars. It’s a tough thing to have an idea and then you try and catch it as it comes to fruition and then it doesn’t do what you thought it would. I guess it could have been worse, I could have actually lost money in the asset and then it would have gone where I thought it would go. Those are the kind of trades that hurt the most. With that done, I focused on the cash open. Even though there wasn’t that much volatility, I went in with size and was able to secure a good amount of ticks moving to the short side of the market. While there were one or two losing trades, I managed to control my exposure to each play and got out with a solid and cost-efficient PnL.
I can’t tell you enough how good it feels to go into the weekend with a positive PnL. If there is one thing I would really urge for traders it would be that. Forget the rest of the week, just try to end positive on Friday and it will set you up nicely for your weekend and thus the beginning of next week. Losing money on a Friday blows and if you’ve traded long enough you’ll understand why even though I cannot articulate it because I am outside typing on my laptop and it’s damn near freezing. I have no idea why I am typing out here but I’m glad I am almost done with the post. Finally, it is a very beautiful day today even though it’s cold. I am grateful for the positive PnL and I hope that I can leverage that into other things as the weekend rolls in.