Wednesday, October 22, 2008

Wednesday Notes - Hitting a Wall

My trading has clearly hit a wall.

On this October 22, 2008, after 295 days and well over the annual $1M target, I'm simply spinning wheels and treading water now ... and am not happy about it. I traded the last hour horrendously after a strong morning -- even in a pace for which I'm very well suited -- and am now back to a scratch for the week.

It's completely unacceptable, and I have to make some clear decisions before moving forward.

I'm not sharp mentally, and am clearly getting extremely sloppy and complacent.

I know subconsciously that I'm letting up and coasting ... exactly what I didn't want to happen.

I need to make some tough decisions.

No PalTalk tonight as I have another obligation.

3 comments:

RONIN said...

Don:

Suck it up and do the right thing, which is to take a break or a day or so and regroup. Completely clear your mind and then re tool the plan. This is like a long poker tournament and you have had a substantial chip lead but are now "loosing" it up. Go back to the basics. Tighten up, play tight and selective aggression, good, solid poker. You know what to do.
I am here to cheer you on.


RONIN

Quarrel said...

Don,

Personally I'd agree with Ronin.

While having a goal is great, you need to be conscious of how this would be at any other time when you didn't have this self-imposed hurdle. Take a small break. Clear your head, play with your kids, go on a long walk, whatever it is that you like on your downtime.

One of the GREAT things about the sort of trading we do (short term) is that we can walk away, and the market will still be there when we get back. Not only that, but it doesn't seem like volatility is going away any time soon :)

Good luck with it.

The key thing for me in the tougher times however is to make sure I don't start giving back my winnings - you certainly seem to have a handle on that portion however, which is great.


--Q

PS- the captcha I need to type to post this is "inhock". A sign? :)

KN said...

Don, whilst in the shower this morning I have come to the realization that the reason we love this business is due to the unpredictability of the whole, meaning everything, we don't know if you going to have a good day, bad day or average day let alone month year etc,

One needs to embrace this accept it and take whatever chips you made/lost with the same grace and move to tomorrow and the next day and the day after that one...

Keep the spirit high, I have certainly been there before and the circle will continue and will get there again...

Keep up the good work that you doing

I hope it helps

K