The New York Stock Exchange didn’t really trade as well in the open. There were opportunities, don’t get me wrong but overall, things just felt too sluggish and too distracted. I know better than to trade these markets because liquidity vacuums like this are when people get their capital reserves drained.
Today was a bit of a double whammy for me and I’ll explain why:
I didn’t trade any assets today because I looked at my charts and I was like: “hmmm, doesn’t really look like I can get into anything in a meaningful way, or even in a reduced risk way…”, so I decided that instead of going small into trades that I didn’t feel good about, I would just wait for the cash open to use my capital in a more productive way. Thinking back, I would have been better off trading any asset outside of the equity indices. When the NYSE opened up, I took a handful of trades on default size and realized I painted myself into a corner. I could have kept trading looking for a rainbow but I realized that would cost me more capital than it was worth. I logged off the trading software and called it a day.
I do not like looking at red numbers in my final PnL but that’s the reality that I had to accept after today’s performance. I did not do well by my standards and could have avoided the capital expenditure. I feel bad, yes so I will more than likely go do some housework to get the bad taste out of my mouth. I’ll be ready for tomorrow; thank God I still have the capital and that I’m still in business.