tag:blogger.com,1999:blog-709390629316238746.post1048673339917972090..comments2023-04-16T05:11:52.660-04:00Comments on Don Miller Trading Journal: The Weekend Trader (Saturday Edition)Don Millerhttp://www.blogger.com/profile/13263493919935087931noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-709390629316238746.post-66634088002566626502009-04-05T22:37:00.000-04:002009-04-05T22:37:00.000-04:00On the way back home, I named my car "Grace" becau...<I>On the way back home, I named my car "Grace" because she wasn't deserved, yet I was allowed to have her anyway.</I><BR/><BR/>Our pastor had a great analogy today regarding grace.<BR/><BR/>You get pulled over for speeding and get a ticket. That's justice. You broke the law, you deserved to be punished, and you were punished.<BR/><BR/>You get pulled over for speeding and the cop lets you off with a warning. That's mercy. It's not fair, because you deserved the ticket and fine, but the price went unpaid.<BR/><BR/>You get pulled over for speeding, the cop writes a ticket, then pays the fine himself. That's grace. You deserved a ticket and you deserved the fine, but someone else paid the price.<BR/><BR/>(I noticed that one of your favorite books is <I>The Purpose Driven Life</I>. Good stuff.)Trader Kevinhttps://www.blogger.com/profile/03826070966823094363noreply@blogger.comtag:blogger.com,1999:blog-709390629316238746.post-67095115553073469622008-08-03T08:55:00.000-04:002008-08-03T08:55:00.000-04:00Yes. I believe Lou Borsellino employs a related c...Yes. I believe Lou Borsellino employs a related concept as he tries to buy something nice AFTER he's a bad day.<BR/><BR/>btw, for me, it's why I choose to trade without interaction with anyone during the day, even traders who may trade similarly. I remember when I was doing public columns or teaching live years ago, I felt pressure to have to live up to something, and that definitely impacted my trading to the downside. Now, it's just me isolated against the market with the only pressure coming from myself.<BR/><BR/>That's not to say there's anything wrong with a business plan that consists of writing or teaching if it's truly high quality and based on personal experience -- there's some great stuff out there amidst the abundance of chameleons -- it's just a different plan and for me, there are too many challenges remaining in my personal trading for me to ignore pursuing them.<BR/><BR/>DonDon Millerhttps://www.blogger.com/profile/13263493919935087931noreply@blogger.comtag:blogger.com,1999:blog-709390629316238746.post-5158273938447157162008-08-03T08:40:00.000-04:002008-08-03T08:40:00.000-04:00The two rough trading days you spoke about prior t...The two rough trading days you spoke about prior to making the BMW purchase remind me of the “fur coat” trade mentioned in the stock market classic book, “Reminiscence of a Stock Operator” by Edwin Levere. The fur coat trade basically was a trade in which a floor trader put on at the end of the day where the profits would go towards the purchase of a fur coat for his wife. This floor trader had an excellent trading day & week up to this point so he figured he’d put on just one last day to cover the expense of the fur coat he was planning on buying for his wife. As you guys have probably already guessed, this fur coat trade was put on for the wrong reasons & ended up costing this trader all of his daily & weekly profits.<BR/><BR/>As you’ve already mentioned, once one has a sound trading strategy/approach the mental aspect consists of 90+% of the rest. This “fur coat” trade fits right in there w/ the mental side. BTW, when I was a professional trader I remember my brother’s wife (who was trading w/ me at the time) telling him when he was walking out the door (I picked him up so we could ride together on our way to the office) to make lots of money. When I heard this I subtly suggested that she replace the make lots of money comment w/ trade well. I’m not sure if she got the point but the key was to take one’s thoughts off of making money & to just focus on the set-up, money management, etc. Also, I remember on the days that I was blessed w/ making large amounts of money that I tried to do something similar to what Don does & get my mind in a trading from behind mentality so as to not get overconfident/cocky for fear of getting sloppy & giving it all back & then some. <BR/><BR/>I’m thankful to hear you got the car & the tide changed for the better w/ regards to your trading performance soon after. BTW, I love the name for your car. I always told myself, if I ever had a daughter (I have a young son) I’d consider naming her Grace.<BR/><BR/>Hope you enjoy the rest of your weekend,<BR/>traderboytraderboyhttps://www.blogger.com/profile/05787820545916218396noreply@blogger.comtag:blogger.com,1999:blog-709390629316238746.post-13791266242338971622008-08-02T19:08:00.000-04:002008-08-02T19:08:00.000-04:00Don,Truly a great story of patience, frugality, an...Don,<BR/>Truly a great story of patience, frugality, and humility. And yes, you deserve to be called humble.<BR/>On an other note, our wife's know us men I think better than we do ourselves.<BR/><BR/>PaulWilltamtellhttps://www.blogger.com/profile/08172807958932353836noreply@blogger.com