The New York Stock Exchange started off wildly this morning (no surprise) but I’m starting to get the sense that everyone in the market understands that it’s best for prices to sort of “chill” and have some type of balance in order for all transactions to fill their purposes without slippage and similar inconveniences. Does this mean that the market won’t freak out at the next geopolitical fire – no. We’ve already seen how susceptible market prices can be at every news headline. The best we can all do – even know with the market calming down – is to play good defense and to ensure that we can get out of bad trades as quickly as we can.
Which brings me to my own trading performance for the day. While I wish I could have done better for the entirety of the PnL, I just didn’t and it ended up being a crappy day for me. Let’s start with Wheat. So, I traded it this morning and just when I thought there was a good setup for me, something that would put me in the promised land, a couple of trades went against me and those were, unfortunately, for size. I was trying to remain positive and thinking to myself that I’ll get it back in the cash open. For a little time, I felt like I was on a roll and I could see that negative PnL number diminishing and getting closer and closer to positive green. Then, I hit a row of four bad trades and that pretty much put me down where I started with the Wheat PnL.
Something in the air? Maybe. The impending nor’easter we’re all supposed to get on Wednesday? Could be. The fact that I had stale Corn Pops cereal this morning and the staleness of the cereal transferred over to my trading? I’ll probably give that the 99% nod over the other two. I’m kidding. I don’t know. I just basically shit the bed but for all of that, I’m glad that I didn’t go beyond my daily loss limit and start trading like a cocaine-raging bro. Sure I’m pissed but what else is new in this dumb business. This is the only business where you can do everything right and still end up on the losing end of the day. The only thing that helps you is how much you love yourself. Do you love yourself enough to stop losing so much money that it starts digging into you capital reserves? Do you love yourself enough to take days off and not let trading affect other parts of your life? Do you love yourself enough to appreciate the other things that life and God has to offer instead of money – even though that’s like 98% of everything(LOL)? The answer to those questions for me are a definitive YES and it should be for you too.
Now, if you’ll excuse me I’m going to get off of my soapbox and smash the monitor with it.