Thursday, March 25, 2010
Thursday Notes - You're Fired
So I'm mad. And we're talking door-slamming, pi$$ed off mad (just ask my trading partner).
And at 10:15AM, I fired Don1 (of the last session and a half) and replaced him with Don2 (head trader during 2008-09). Don2 was of course a bit reluctant at first as he wanted to know what happened to his predecessor. But he said OK only after I agreed to provide him with his old tools ... thus the countdown clock, etc.
And wouldn't you know it, Don2 immediately sat down and fired off twelve consecutive profitable trades that more than made up for Don1's morning mess.
So here's Don2's charter: He has until April 1 to work his tail off to get back above that key equity mark, at which point prior equity resistance will have to equal support. And then from 4/1 until my 50th birthday on 3/10/11, Don2 is going to manage my last official self-imposed race with a single carrot at the end: To give myself the option to retire comfortably on my 50th. Note I said "option" ... most Type A's don't ever retire until they're six feet under.
No dollar targets. Instead, the extent of my quality of life after 50 will be completely based on whatever Don2 can contribute over the next year. And I plan on pushing him ... hard.
Word of caution - You don't want to be on the other side of Don2's trades over the coming weeks.
My only question is whether he's any good at fixing doors.
P.S. Poker and massage night tonight. But only for Don2. And if Don1 asks for a trading job, don't even bother.
Posted by Don Miller at 2:16 PM