Thursday, April 23, 2009

Thursday Notes - Survivor: April

4:00pm Well, today was better, but still not spectacular both in terms of my recovery from the flu and results as I banked an acceptable +$7K gain on very light personal volume.

In general I felt my reads were strong and would have gone heavier if not for a personally uncomfortable stop and start market pace that was prevalent throughout much of the day. Specifically, my best read occurred at the end of the day where I felt it highly unlikely ES would continue its minor late-day sell-off, as the market seldom does the same thing on two consecutive days. I didn't trade it, but it was a conscious decision to sit out and that's an action nevertheless.

And you can just see and feel whipsawed traders in the charts who thought they'd finally "figured things out" ... of course you have to constantly "figure things out" on a moment by moment basis. Also must mean the flu fog is beginning to lift as I didn't fall for that sucker play.

And so this edition of Survivor: April continues, and for the moment, I found myself back on the wholesale (a.k.a "right" or "profitable") side of the trade.

One of these days I'm going to start throwing around 100+ contract sizes again. Been a long time ... last fall I believe.

But not until both the market and I are doing the dance to the same beat.

Until then, it remains grinding mode.


MBAGearhead said...

Nice job Don! You and others have inspired me to blog too. Keep on inspiring us! ...and I'll try to keep up. :)

db said...

Saw this quote and thought of your blog and your "Motto"

Success is never final.
Sir Winston Churchill

J. Scott said...

So Don,

Referencing the 10,000 hour secret to trading, how many hours do you estimate you have logged in the trading arena?

Keep trading! Thanks.

J. Scott

Don Miller said...

J. Scott -

No doubt over 10,000 figuring 8 hours a day x 250 trading days a year = 2,000 per year and I've been monitoring the market for close to a decade.

Even after factoring time away for other commitments, breaks, etc., I'd have to have averaged about 1,000 per year to total 10,000 and that seems more than reasonable.


James Edwards-Marche said...

I found that article interesting too. Hard to put a figure on it but I'd guess around 7000+...maybe more. This is considering "trading" as everything dedicated to the pursuit, or improvement of, trading not just the act itself.