Archive for March, 2015
Following up on yesterday’s video, today was a day of preparation on many fronts as – for the first time in this man’s two decade trading journey – I came to grips with the preparation truly required to move from trading’s equivalent of routinely flying airplanes to piloting the space shuttle.
Most of today’s pre-launch training was spent attending an incredibly inspiring men’s event hosted by a group called “Guywire”, which was a timely reinforcing event in terms of reminding ourselves of our true mission and purpose, which is to show and reflect God’s grace and glory … something that I fear had diminished a bit in recent times as I once again become more active in the politically “correct” (or more accurately stated, “incorrect”) world of Twitter and social media.
Without belaboring that point, I’ll say at the time of this writing that I honestly don’t know if I’m supposed to pursue or succeed this endeavor. This is because it’s become clearer to me every year that God has opened and closed various windows and doors of opportunity based on His design … not mine.
I certainly don’t need the money given my non-market related income, nor do I seek or want any more recognition other than to show what God can do when we simply surrender our will to His.
So why am I pursuing entering trading’s equivalent of the space shuttle launch pad? Frankly, it’s because I feel that there’s a deeper element of fear that I’ve never been able to fully eradicate from my trading and life, and one that despite painful setbacks and perceived successes on multiple fronts, has held me back from completely surrendering my will, capital, and everything else for which we are all simply temporary stewards. And it’s time to fully eradicate this fear.
This element of fear became painfully evident to me on Friday morning, when this multi-million dollar trader traded a woefully minuscule 15 contracts on the tight initial balance break, which is one of my top 5 trade setups. And while it had been some time since we had seen such a tight opening range, I chose to play it safe … which in the long run is ironically the more risky choice.
Anyway, here’s my pre-launch checklist as I get ready to close the cockpit door and begin the launch sequence.
- Acknowledge where this endeavor stands in life’s priority, which is far behind God, family, and pay-the-bills income. (For non-book readers or newer blog readers, please remember that I trade to grow assets and NOT to put food on the table.)
- Engage simplest dashboard scenario; DOM, 2 chart timeframes, F6.
- Initial sequences will reflect an extreme Sniper mode with a target of 1-2 high-probability points. We’ll build on that after lift-off.
- Trade extremely infrequently and only when able, passing on most opportunities to ensure the recognition of higher-priority non-market commitments and the strongest level of focus and execution when able.
- Don’t rush or force things … if the first trade is an hour or day from now given circumstances, so be it.
- Stay on high alert level at all times.
- Maximize focus by eliminating all involvement in intraday social media, all social drinking, and sex during the work week.
- Tithe 10% … no exceptions.
- Remember that just as dark and light can’t co-exist, neither can fear and love. For fear will always be defeated by love.
- Love everyone and everything and let go all grudges and judges.
- And yes, once and for all, forgive Jon Corzine.
So there it is as I see the shuttle door closing.
I guess the outcome is no longer in my hands.
In fact, it never was.
Fire up the engines.
I could and may fail (1).
But I have to try.
This weekend will be about getting in shape … physically, mentally, and spiritually. For opportunity will only favor the prepared.
Another journey. Another unknown destination. Am I too old at 54?
We’re about to find out.
(1) Failure is not an option.
This weekend’s edition follows up on recent discussions on Twitter, including a discussion on MATD, why I’m tweeting (hint: personal journaling!), and acknowledging our weaknesses.
Key Thursday & Friday tweets are also shown below.
Have a peaceful and fun-filled weekend.
In today’s video, I follow up on Friday’s trade sequence tweets with emphasis on KISS and developing an “acquired instinct” (using our NFL quarterback’s example from the beta Jellie team!) to maximize trading success.
I also continue to discuss my thoughts on maximizing the use and context of social media, including a stellar post today by Peter Reznicek of Shadow Trader style describing how he traded the exact same sequence. Maybe we can get him on a Trading After Dark episode!
Key Friday tweets and a chart reference are also listed below.
Today’s video reminds us of the need to manage our finite amount of human capital (as much or more so than our trading capital!), as well as the need to optimize our trading results and how social media and our ego can help or detract from this effort.
Enjoy and have a restful weekend.