Monday, May 18, 2009

Monday Notes - Reality Day

4:00pm Before I get to today's trade, I knew the moment I wrote Friday's post that I should have passed on the comment about the market not going up on good news and possible implications on volatility, as it bordered on trying to read tea leaves like most of the industry pundits do (and they're usually wrong anyway). Simply put, we're traders and attempt to react to the true action directly in front of us ... not possible action around the corner. Plus, the "why" never matters. So going forward, I'll leave tea leaf reading to those who are much better at opening mouth and inserting foot.

In terms of today's trade, I wasn't particularly focused or sharp early in the day due partly to a couple of personal interruptions at inopportune times, and as a result chose to stay on the sidelines for parts of the day. And while doing so admittedly continued the pattern over the last decade of putting in a rather placid Monday performance (in today's case, a scratch as the result of an early morning loss as I was feeling things out, offset by a later gain once it was clear the bias was to buy pullbacks) -- and I've never had a clear answer as to why Mondays and I don't seem to get along -- the day ended with some solid reads, and I'm not too concerned about it.

Sounds like a lazy excuse or self-fulfilling prophecy Don! OK, perhaps for today, as I fully admit I just wasn't that "into it" as is the case on many Mondays as I restart the week's engine. Reminder to diary onlookers, this is simply my diary ... not a magical recipe book which I'll leave to the non-trading vendors who have 365 perfect days a year with all the answers.

As I've said before to onlookers, you see me "buck naked" here ... with all the blemishes, scratches, and imperfections. Today's post clearly won't go on Page 1 of any Million Dollar trading book. But maybe on Page 61 under "Reality Day". This is after all, a non-fiction account.

Back at it tomorrow. Hint, post-trend day!

6 comments:

Anonymous said...

Don - Given that Monday's are typically tough days for you, do you ever sense any anxiety heading into the day? Or in other words, a fear for loss? Overall, I'm personally profitable but I'm trying to get over some of that anxiety myself. Just curious.

Also, you've talked a lot about the morning after trend day a thousand times but could you add one more bit of clarity to ensure I properly get it? Tomorrow are you looking for an early morning retracement followed by a continuation of today's trend? Or something else?

Thanks!
Stan

Don Miller said...

Stan -

No anxiety, but I do certainly trade more cautiously since the day is often a pace-setter for the week's rhythm and I prefer being more aggressive once the week has settled in a bit.

You can probably do a blog search on the morning after trend concept ... essentially it's looking for some early tradable oscillations vs. another monster trend to start the day.

Don

Vic said...

If you play Golf or any athletic games you should watch this video......

If you ever had a dream watch this video...........

If you have never had a dream, watch this video.........

You will be richer for the watching and with no regrets and this is what Don is teaching us!

http://vodpod.com/watch/1165857-walk-on-espn-video

Don Miller said...

Vic -

You've rendered me speechless, and that's hard to do.

Powerful.

Very.

Don

traderboy said...

Vic -

Awesome video, thank you for sharing it.

ES_Addict said...

Great video. Thanks for sharing.

When we think we have it tough, when we take things in life for granted and the nay-Sayers try to discourage us, the story of D.J. puts it all in reflective and potent perspective.