Thursday, March 25, 2010

Thursday Notes - You're Fired

It's back.  All of it. 

Charter blog onlookers will know them well: The countdown clock, the fictitious drawdawn, the scorecard, and yes, even the anger ... everything that kept me focused and motivated during the 1/08-3/09 $2 Million run.  I'd even wear my old socks if my wife hadn't thrown them out.  Remember, I'm a tightwad.

Why?  Simple. After sleepwalking through two days of market action, searching for a post-Jellie reason to trade, looking for every excuse in the book why not to make a trade, and simply not caring about trading just enough to cause me to loan some funds to the market with two stupid a$$ unfocused and undisciplined sequences right after I reached a key equity mark, at 10:15AM EDT, I decided I'd had enough. 

Case in point, I was doing my taxes during market action the other day, and then chose to sleep in during today's anticipated Europe breakout.

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.


steve said...

Not much to add here except that my neighbor has fixed one door already and my wife has gotten good at repairing drywall.

Unknown said...

Today, it looks like someone mistakely shot the PPT thinking they were Bin Laden.

Hope Don2 took advantage of this.