Sunday, October 5, 2008

The Weekend Trader (Sunday Edition)

A few thoughts from this end heading in the new week.

After Hours Lounge - We'll give it shot and open the PalTalk evening lounge as a beta test this Wednesday at 7pm ET to check out the platform, and then open up the bar again Sunday night (I'm thinking those two nights weekly to start). I'm still looking at a few other options, but we'll start here. The software is free at your end and you'll be able to receive and send audio and text, although if you want the live video stream from my camera, you'll need to spring the $15 for their upgraded platform. Just find your way to the Business & Finance / Trading rooms, and the room will be listed there after 6pm ET.

All are welcome, keeping in mind the following few simple ground rules.

1. The intent is a true lounge (not a "how-to trade" or "what's Don going to do tomorrow"), where we can chat and vent about the markets, sports, the purpose of life, or whatever while getting to know each other a bit more.

2. If you haven't already registered via PalTalk, I encourage you to do so with a nickname that at least somewhat resembles your name. Would you really walk into a bar saying, "Hi, I'm guest45678"?

3. There will be a zero tolerance rule for any unprofessional behavior.

Why am I doing this? Simply to provide an optional after market outlet for those interested. Feedback over the years has clearly told me many serious traders are looking to meet with peers outside of the deafening intraday "it's going to the moon", "buy my service", or "trade (but I won't or can't) my call" environments. Yes, I remain outspoken on that and am sick of seeing people put money in people's pockets other than their own.

At this end, I don't care if there's just two of us or twenty, and if it turns out there's little interest, so be it. But I'm willing to give it a shot and pick up the room tab (not the upgrades) to see if it makes sense.

Self Sufficiency - Yes, I got preachy on this in a recent video, and this week's market events have reinforced my belief that people need to learn to become self-sufficient in making their financial decisions -- whether those decisions be minute-by-minute trades, swing trades, longer term investments, etc.

One problem we have in this country is that many of us -- including me at times -- are lazy. We often want others to tell us what to do, we don't have enough faith in our own abilities, talents, or potential, and are scared to act, make mistakes, learn from them, get back up, and continue to improve. That's why many market analysts, boiler room brokers, subscription services, and chatrooms have stolen -- yes, stolen -- money from the unsuspecting public.

If openly sharing my 2008 journey means anything, it's that it takes a never-say-die effort, continual self-forgiveness, and faith to get that Chinese Bamboo to finally break ground. Over the years, I've had to dust myself off more times than Ricky Henderson running the bases and have the shredded pants to show for it.

In the end, this blog isn't at all about me. It really isn't.

It's about you.


Steve0617 said...

Would love to participate but can't do any Wednesdays. Different day - I'm there. Have fun talking pathetic Chicago baseball. Sigh....

Don Miller said...

Understand Steve ... one reason I opted to do two days as I assumed one of the days won't work for folks.

If there are many conflicts, we can always change.


Anonymous said...

Hi DOn:

I am registered. I am in.
RONIN168 is my name. WHat is the name of the room?


Don Miller said...

Ronin -

The room will be named "Don Miller Evening Lounge". It won't appear until that evening though as it's not a permanent room and is only activated when I open it.