Tuesday Notes – Money Never Sleeps

Yes, I’ve been relatively quiet lately – especially intra-week – as day eleven of our nineteen day training journey is complete.

And yes, we’re still waiting for our first losing session … so let me get that out once and for all as (1) it’s not abnormal, and (2) I don’t believe in jinxes. 

As I told the team, when you’ve figured out this business … I mean really figured out this business in the context of being the casino and not the speculator … you should expect to win the vast majority of the time.

Yet that’s not the purpose of this post.

Rather, the purpose is to continue to remind all traders who are no-nonsense, buckle-down serious about this business, that you have to continually work harder and sacrifice more than those against whom you’re constantly competing.

Today was probably as good as an example as I can provide.  And since it’s the end of a VERY long day, I’ll skip right to the shorthand in the context of a time-stamped recap.

Monday 9:15pm ET – Wrapped the evening team session reminding everyone that we’d be looking at a monster MATD (Morning after Trend Day) on Tuesday morning, and that it was possible the best setup would be in the Europe session given how the day closed.

Monday 11:00pm ET – Had to decide whether to sacrifice a good night’s sleep for the 3am Europe open.  Decided given the significance of the close to set my alarm for 2:30am.

Tuesday 2:30am ET – First thought: Damn … is it 2:30am already?  Second thought: Check the charts.  If Europe opens on or near late day supports, trade.  If not, go back to bed.

2:35am ET – After taking care of business (find that in any trading book … yea, I know, TMI), checked the charts and realized the market was kind enough to set the golf ball on the tee … with the golf ball appearing as large as a watermelon.

Cleared the eyes and mind and figured I’d have enough energy for about 90 minutes of trading … which would hopefully be just enough to catch the first move up.

2:45am -4:00am ET – Traded Europe’s opening MATD sequence by probing on support prior to open and adding upon Europe’s confirmation of the up move.

4:05am ET – Back to bed for a few hours of shut-eye before the Jellies would gather at 8:15am.

7:30am ET – Tossed and turned and only got about an hour’s sleep.  First thought: Damn … is it 7:30am already?  Second thought: Make sure you’re at least coherent until noon when you can take a pre-FOMC nap.

8:30am ET – Took the pre-housing news move to support long, taking it out on the pop.

9:30am -10:30am ET – Traded the early tight MATD U.S. session oscillations (the mega oscillations had already come in the Europe session as is often the case), nailing dang near each bottom and top.

11:00am ET – Faded the MATD first hour range break back into the range.

Noon ET – Nap time … whew.  Alarm set for 12:45PM ET.

1:00pm ET – First thought: You guessed it.  Damn … is it 1:00pm already? Second thought:  Prepare for the team’s FOMC session, but don’t plan to trade it given that (a) I specialize in morning rhythms and usually stink in the afternoons, and (b) I’ll likely be running on fumes by then … UNLESS the trades just “show up” and you get into a rhythm.

2:15pm - 3:00pm ET – As scary a 45 minute zone as I’ve ever been in, as the trades just started showing up – including the initial fade buy at 1131 (3 ticks off the low) a final long exit above 1142 (not the same trade but another one that I’d entered at 1137 and added at 38), a reversal short at 1143.25 (3 ticks off the high) and a final cover on the approach toward 1140 before exhaustion simply set in.

Apparently, I narrated to the team the whole time via audio as I do throughout the effort, but frankly don’t remember much about what I said.  Although I do remember constantly thinking in terms of the traders on the other side of my trades as is always my focus when I trade alone.

3:30pm ET – Closed up shop and peeked at the P&L for the first time.  Remember that scene in Trading Places where Lewis & Billy Ray glance at the final score when the bell rings and their jaws drop?  Yea.

4:30pm ET – Hit the office sofa and didn’t wake up for 3 hours.

8:30pm ET – Didn’t plan on posting today, especially since I prefer to avoid discussing outlier wins.  They happen, are expected, and as I keep telling the team … you have to act like you’ve been there before and will keep going there.

Yet after thinking it over, I decided to post anyway to continue to try to tell the full story about the journey of professional trading.  Yes, there’s May 6.  But there’s also September 21 and others like it … much of which remains purposely unspoken.

For as I’ve said from Day 1 of this public blog, this post and entire blog is not about me.

It never has been and never will be.

It’s about you.

And when you think about it, it’s actually rather simple:

When I (and you) sacrifice and work my (your) tail off, I (and you) win.  Consistently and in abundance.

When I (and you) don’t, I (and you) lose.

It’s your choice.

And mine.

Often, once you figure out the game, 95% of the effort is simply showing up.

As I told the team today, I have zero problems sharing every iota of my strategy with every trader on this planet … with zero fear that doing so will ever affect my ability to trade or profit.  I imagine that comment will go viral on the Internet trading boards quickly.  Good.

For as I said in New York in February, it is a fact that the vast majority simply won’t make that extra effort to adapt to the market’s schedule or rhythm.

And that will be true as long as trading exists.

Last I looked, there is no “Easy Street” in the trader address directory.

If you’re looking for long-term success, I’d suggest checking “Sacrifice Blvd”.

But you likely won’t find anyone home.

For they’ll be out working their tail off.

Even if you call at 3am.

Have a pleasant evening.