Let’s take a moment to talk about Life as well as the markets.
There are different strokes for different folks, but the name of the game is respect.
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Some traders play position, some are swing traders and some are day traders.
The very best traders can do all three: They have a system that allows them to “see” logical stops for these ideas.
We need to know who we are, and what we are trying to do.
Did your favorite guru post these ideas specifically as I did, or did they rely on general clichés to share their “expertise”?
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Just got back from rollerblading with my wife. The 40 minute workout was interrupted half-way around. We found a fifteen pound turtle on the road in the middle of Northridge Drive. I grabbed a shovel from a neighbor and put him near the pond and sent him on his way. It’s who I am.
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In Getting to Yes , one of the books in my library, the authors suggest: “Be hard on the problem, but soft on the people.”
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“See, now I’m thinking, maybe it means you’re the evil man, and I’m the righteous man, and Mr. 9 Millimeter here? He’s the shepherd protecting my righteous ass in the valley of darkness.
Or it could mean you’re the righteous man and I’m the shepherd and it’s the world that’s evil and selfish. Now I’d like that.
But that s* ain’t the truth. The truth is…you’re the weak, and I am the tyranny of evil men. But I’m trying, Ringo. I’m trying real hard to be the shepherd.” -Jules Winnfield, Pulp Fiction
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Respect the market.
Simple calculations were shared how I pre-determined a logical swing high near 2072. I also had much more sophisticated reasons, but simplicity is king.
I made the case for retesting the 58.25 to 62 zone, and that needed to hold for the shorts or uh-oh.
Leaving positions on unattended is not my style. It’s my rule, and saves me from myself and my nonchalant attitude towards risk. I also believe even in a rabid dog reversal day like Thursday, the market will ebb and flow in logical times and prices.
I call this “sequence trading.”
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My wife and I had a wonderful evening Wednesday night with a very powerful and well known trader. I will not commercialize on who he is, that’s unimportant.
Trust is built when we respect each other as human beings, not just as traders or teachers or Doctors or whatever.
He is a savvy businessman and has more breadth and depth of knowledge in his little finger than I have in my whole body.
Interestingly, he never once played the Alpha card because I didn’t trade his chosen methodology or style, or I don’t have a huge following.
He was bigger than life.
We shared stories about politics, trading, technology, food, real estate and our values learned from our parents.
We both agreed risk management and countless hours of study and experiential learning was a pre-requisite just to be in the game.
A big thank you for that camaraderie and friendship.
We shook hands, and I left confirming what I already knew: Life is a People business. The Biggest people will reach back and help pull others up rather than throw stones at them to keep them in their place.
I welcome those opportunities with all of you.
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Even though I felt I had the right resistance zone with our Aqueduct Trade, getting home at 10:30 after a 6pm dinner would leave me uncomfortable, unable to focus on enjoying dinner.
Day trading style allows us to have a life, and pick up “tape reading” where we left off.
I was up early, as my posts showed, already knowing what to look for as the trade evolved, and I made numerous specific references along the way.
For every one way day, I will show you ten that are two way days. When an assumption is broken, look for the next support until it gets ridiculous.
Leave the last two points chump change for Late Louie or the Perfect traders on twitter who are much better than me and can nail every inch of the swing.
The Lady Huskies are about as perfect as a basketball dynasty can be, and even they had a 12 or 15 point run against them by Syracuse in the second half of the NCAA tourney.
I hope this is not coming off as defensive, it’s not meant to be so. I just want to say it’s ok to be who you are and do what works for you.
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We are People first and Traders second.
Distractions are part of the game. Some necessary, some not, and it affects our ability to play swing, position, or day trade. There are times we just cannot or don’t want to attend to business, and one size does not fit all.
This week, a few of my “distractions”:
- Visit with a neighbor with triple bypass
- Talk with a friend who broke his hip recently
- Sympathize with a neighbor who was just diagnosed with pancreatic cancer
- Encourage a neighbor who just had back surgery
- Face time with a family member needing advice regarding a construction project
- Call my 94 year old mom every night
- Dinner with friends
- Take walks and a swim every day for my own health and well being
- Review a Real estate contract for a neighbor’s parent in Illinois
- Remember and celebrate my father-in law who passed away 23 years ago this week
- Stop to enjoy the beauty and wonder of Nature all around me
- Marvel at what Geno, a true genius has accomplished from humble beginnings.
- Say “I love you” to my wife everyday. 48 years later, still my best friend.
Respect Life.
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Thanks to all for the outpouring of positive comments late Friday, it is most appreciated.
We can all be easily misunderstood when writing 140 characters; body language and many other non-verbal forms of communication are missing.
My assumption? We are all doing the best we can.
I try to give as much as possible without giving away my advantage. Who would do that? When we get advice for free, it’s often not appreciated; it’s valueless.
Toss out some ideas on twitter to show our style and help someone? Worth nothing. Context and Trust is missing without understanding the system.
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I will not be baited into ego contests.
At dinner recently a friend of mine boasted of his fee of $550 for an hour for his clients. I resisted the temptation to tell him what I felt my time was worth if you are a big player.
I have confidence that this is a “repeatable swing”. All the Pros playing in the Master’s Golf Tournament this weekend have one, and as traders, we should too.
Notes from the week have been captured and can be found under Free Videos and Charts.
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“Everything in Life serves me”.
No offense was taken at Gabby’s remarks, and avoiding cryptic symbolism, my writings over the past 10+ years will consistently show my respect for others. Subtle clues in the minute details make all the difference in markets, and astute traders understand this and look for divergences and ideas not observed by the average trader.
I use my love for music, art, sports, education, personal self-development, and for people as a medium to connect the dots and to build bridges between us.
At 70 I am still a student of Life, and wishing you and yours a great weekend.
