Some random thoughts before I head to Foxwoods for the weekend.Consecutive Outside Days - I can't remember the last time we had two consecutive outside ES days (higher high and lower low vs. prior day). You can probably count on one hand the # we've had in the past year or two. The whippy action reminds me of those final toppy days in 2000, as well as those bottoming days earlier this year. Then again, I just care about the next 5-15 minutes ... but it's good lounge talk anyway.
Suffice it to say days like this reinforce the need for premise based stops ... meaning when your premise is no longer valid, get out of dodge. Those that were able to do so today at worst will live to fight another day. The good news about these times is that such markets provide plenty of second chances, which was the case for me as I had a good day despite fouling off a few pitches.
Trader Transaction Tax Update - Despite Pelosi's babbling today, Pat Lafferty (my broker at MF Global) told me that the folks at their end still feel the tax portion of the proposed bill will never fly. Of course if rational minds prevail, it won't. Nevertheless, let's keep the heat on so stupidity and ignorance don't accidentally wipe out U.S. market liquidity, or force traders into seeking international opportunities. And I thought we were trying to keep jobs in the U.S.
Trade Size Update - I seem to be getting lots of onlooker support for my planned increase in trade size in 2010, and have exchanged notes with one trader in a very similar situation who fully understands the challenge in migrating from 50-100 contracts, which both of us could trade in our sleep, to 200-500. I of course could take the easy road and stay where I'm at and continue to make a very nice living. Yet as I've said before, I don't do "easy", and am continuing to gear up mentally for the change. More to come, so stay tuned.
Webinar Unbundling - A reminder that at the request of many, I've unbundled the Webinar sessions to lower the tuition fee to a single point on a 15-lot ES trade. Several have taken advantage of the change, and I'm pleased to be able to help those on a tight budget. I'm also getting ready to cut another check to the American Diabetes Association before the year is out, so look for an update over the next few weeks.
Webinar Unbundling - A reminder that at the request of many, I've unbundled the Webinar sessions to lower the tuition fee to a single point on a 15-lot ES trade. Several have taken advantage of the change, and I'm pleased to be able to help those on a tight budget. I'm also getting ready to cut another check to the American Diabetes Association before the year is out, so look for an update over the next few weeks.
My Biggest Current Trading Bad Habit - Playing way too tight and periods of less-than-optimal focus after extended sessions ... just like my poker game. Such is one reason I'm heading to Foxwoods for the next few days to work on that part of my game(s). Of course loving the continual challenge of poker doesn't hurt either.
Other Mailbag Tidbits - I got a kick out of one email from a longtime onlooker saying I'm now #1 on Google's search list for "Don Miller Blog" ... Don Miller being a very common name, as I once got another D.M.'s grades in error at college. Which means zilch at this end. As I've said from day one of opening up this diary, I'm not interested in eyeballs or popularity. I'm simply interested in documenting my journey and continuing to grow as a trader and person. If others want to listen in, great. If not, I'll keep writing to myself ... which is how this whole thing started.
Each week, I also tend to receive a few emails thanking me for the continued inspiration, such as Tuesday's post which referenced Robert Ballard's journey. A while back, I received one saying he likes the blog because I rarely reference trading strategy, which would pollute his own effective thinking. Which is one reason for the segregated educational site.
Of course, as I mentioned in Wednesday's video, I also get an occasional note asking for more varied content. To those folks, I respectfully remind them this is my diary, I don't have an editorial or support staff, and they've always been welcome to change the channel at any time.
For this is my story.
And as always, it will continue to be non-fiction and, hopefully, inspirational.
Perhaps that's the Google search I'd like to be found in.
Each week, I also tend to receive a few emails thanking me for the continued inspiration, such as Tuesday's post which referenced Robert Ballard's journey. A while back, I received one saying he likes the blog because I rarely reference trading strategy, which would pollute his own effective thinking. Which is one reason for the segregated educational site.
Of course, as I mentioned in Wednesday's video, I also get an occasional note asking for more varied content. To those folks, I respectfully remind them this is my diary, I don't have an editorial or support staff, and they've always been welcome to change the channel at any time.
For this is my story.
And as always, it will continue to be non-fiction and, hopefully, inspirational.
Perhaps that's the Google search I'd like to be found in.
Enjoy the weekend.
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