Tuesday Notes - Going the Extra Mile

5:30pm Well, while today will go into the books showing only a modest, but respectable chip gain, I'm going to rank it as one of my better "managed" trading days in a while despite the fact that I had to trade remotely in the afternoon. And here's where the "life" part of trading must be addressed which also happens to be one of those chapters left out of all those "How To Trade" books thrown out there by everyone putting up a shingle in the cottage industry of the late 1990s.

It started last night when I already knew I wouldn't be at my trading station for the 2-4pm period due to a prior commitment, which given how the market had been developing over the last few days, I figured would be a fertile time for a breakout of the 810-830 logjam. So my plan heading into the day was to (1) short scalp any morning initial approach toward 830 if we got it, (2) sit tight for much of any consolidation that would likely take place intraday, and (3) make darn sure I had access to the market on a remote basis after 2pm if indeed the market broke the range.

#1 was accomplished within 15 minutes after open as I finally found some morning rhythm. Check. #2 was also accomplished as I stayed out of trouble during the midday chop. Check. And finally, #3 was accomplished when I made darn sure I had access (thanks again Sony Vaio and Sprint PCS) to the market in the afternoon when ES indeed broke the 830 barrier on decent volume. Check. And while I purposely kept sizes light given my circumstances, I ended the day with a few decent sequences -- amidst a rather choppy breakout pace where the market closed well off its highs -- to nip any chance of a consecutive day losing streak in the bud. And I hate losing streaks ... that single 3-day streak last year still doesn't sit well with me.

And while some gave me grief for trading remotely a few weeks ago, I contend that "just being there" is often 90% of the job. Sure it wasn't a home run as I couldn't size as I would have liked under the conditions. Yet it was a couple of solid base hits when the alternative was to not bat at all.

Most who know me -- including likely those who follow the blog -- know I'm extremely critical judging my own trading. Today was simply one of those days where I had the option of not going the extra mile and earning nothing, or making sure I was prepared ahead of time and giving myself a chance to earn something.

In hindsight, I think today was a strong example of what separates those serious about the markets from the "hobbyists". You simply have to go the extra mile. You have to want it more than everyone else, and then work even harder.

Over the years, I've learned firsthand that many pursuing this business are lazy at heart. Thus providing fertile ground for the "advisory service" and chatroom fleecing of the flock. They want others to tell them what to do, often use the slight inconveniences of life as an excuse not to be prepared, and then complain about their own results while telling others who do well that they're "lucky".

Someone asked me last year what I thought separated the tiny minority of Million Dollar traders from the rest. Included in my response was, "a helluva lot of hard work that most won't bother to pursue".

You have to go the extra mile.