This week’s edition focuses on the incredible danger related to the over-complexity of this business and almost comical aspect of many aspects of this business which generate a great deal of discussion, yet often do a tremendous disservice to the true business of trading.
Focus on the traffic light, have your foot ready for the accelerator and brake, and execute.
THAT my friends is trading.
Everything else is noise.
P.S. I know I started off by saying I’d keep this brief … yet felt the full 20 minutes was important.
As the 2016 Jellie Tank winds down today, I awoke to this note from one of our players summarizing his Top 10 Light Bulb moments, which he’s graciously allowed me to share in the hope it may help others:
I wanted to thank you a million. This experience has really opened my eyes and it was a priceless experience. There are many light bulb moments that will completely change the way I trade and I know it will put my results and performance on fast forward, saving me years of frustration.
Here are my top 10 light bulbs. These will always be close by my trading desk.
1. Always think about the other trader. Recognize what every player at the table has to do.
2. Average up. If you average down and don’t average up you will always have your greatest size on losers and smallest size on winners (This happens to me).
3. Create outliers. Never cap any time period p/l because doing so will mean you will never have an outlier.
4. Have confidence and be confident in your own work. Be like Steph Curry. Push it and push it hard and press it when hot. “Find your grip and rip it!”
5. Focus on execution. Stalk trades most of the time and maximize execution. If scalping, realize the baloney vs. the filet and that you only have so much mental capacity (this does happen to me where bigger ideas were missed trading smaller ideas)
6. All bets should not be equally weighted. If everything is equally weighted it gives equal importance to scalps and PJOs. If your account size doesn’t permit varying size based on opportunity, stick to only PJOs.
7. Always be ready for your next shot. If you were playing basketball you wouldn’t just walk off the court after taking your first shot. (This will be a big thing for me as I sometimes get distracted and think the next trade is far away)
8. Buying on the bid and selling on the ask means you are always going against the immediate market action. You want to be the aggressor.
9. KISS. If there is a problem, it is not the indicator, it is you.
10. Always be thinking, where does the market have to go to tell me I am wrong. Stop should be based on this and I should be out as soon as the premise changes. I can always get right back in (see #7 – always be ready for your next shot). (This will be huge for me as there are times where I lose focus, get sloppy and what should be small loses turn into big losses).
Thank you, thank you, thank you.
Today’s video discusses the need to always make oneself available to opportunity no matter when it may occur.
Also, a heartfelt warm welcome to incoming Jellie Trading Team #13.
Have a peaceful weekend.
Love, uplift, and inspire.
Today’s video sheds some fervent light on tapping into our true potential.
We are ALL diamonds currently undergoing polishing.
Have a great trading week!!
P.S. One footnote is that the 5pm ET timeframe I reference near the beginning reflects the closing of the RTH futures market. The traditional RTH equity close is typically 4pm ET.
For those who missed it, here’s a summary of yesterday’s catcher’s mitt trade narration posted live on Twitter as it was developing and executing.
Please read from the bottom up in sequence.
Given I talk about it quite often and it’s one of my staple trading sequences, I hope you find it useful!
For those unfamiliar with the weeklong live session, it will once again be offered via streaming media, so you can attend from the comfort of your own trading office.
In addition to the legacy material and syllabus we’ve used over the past six years, we’ll also be incorporating some incremental material and program expansion including Globex ETH monitoring, catcher’s mitt trades, volume profile, and the F6 delta chart. Additional detail describing the program intent, history, tuition, prior participant feedback, and prerequisite webinars can be found on our educational site or links in the right hand margin including our past jellie guest posts.
As always, participation will remain limited to a small group to ensure a quality and in-depth experience for all.
Please email me at firstname.lastname@example.org if you’re interested.
The return of the Weekend Trader further expands on my Q2 goals posted yesterday.
Let’s rock this quarter!
P.S. And yes, toward the end I really did say I love and forgive Jon Corzine!
As I try to quickly transition to a Q2 mindset, I feel I need to improve formally documenting and tracking to my goals. So here they are, listed in order of personal significance.
Frankly, if I just accomplish 1a and 1b, I’ll consider it a monumental quarter … the rest are simply guides and motivators.
1a. Love more.
1b. Reflect far more of God and far less of self.
2. Talk and tweet less, and only if necessary, kind, and true.
3. Finish reading book in progress (Imagine Heaven) and target two others.
4. Continue New England Emmaus Board leadership efforts including Spring Walk participation.
5. Complete weight loss program, attaining target weight of 178.5 from 203 starting point.
6. Sustain new weight level; Close quarter < 180 lbs on 6-30.
7. 100% profitable weeks & months.
8. Incur maximum six draw days in approx. 60 trading days (2 per month; <10%).
9. Optimize targeted capital preservation/growth mix (<5 years to 60!) via earnings no less than $200k w/$400k stretch goal.
10. Attain minimum of four $25k days, two $50k days, and one $100k day.
11. Increase maximize ES trading size to 300 contracts.
12. Reduce transaction costs by 25%.