Archive for Chronicles of a Million Dollar Trader
This weekend’s edition discusses the concept of “How Bad Do You Want It?, recent MATD sequences, confidence vs. cockiness, why trading like a jellyfish is every trader’s optimal goal, my current $10 million path, and ends with a motivating challenge for all of us where we’ll compare notes at the end of the week.
Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light, not our darkness, that most frightens us. Your playing small does not serve the world. There is nothing enlightened about shrinking so that other people won’t feel insecure around you. We are all meant to shine as children do. It’s not just in some of us; it is in everyone. And as we let our own lights shine, we unconsciously give other people permission to do the same. As we are liberated from our own fear, our presence automatically liberates others.
Have a relaxing weekend and invigorating week.
This weekend’s edition is admittedly a bit contemplative and includes the need to surrender our will to the market, reconnecting with so many good friends, expanding on some of the Chronicles book excerpts – including one day early in my life when I faced an unrelenting illness, hit rock bottom, and considered taking my life – and discussing Friday’s early trade errors, distractions, and readjustments.
In today’s video, I share my new year reflections as we enter a new year of trading and life.
Topics covered include current trading rhythms, Expo thoughts, reflections and feedback to the book, platform updates, and seeking ideas for further trader innovations for the new year.
Please email any trader enhancement suggestions or interest in a 1st Quarter live Jellie training effort to me at firstname.lastname@example.org.
And how about that monster MATD today!!! As I’ve long said, MATD’s remain THE highest probability trading days. 25 for 25 and one month’s income in a single session.
As it should be.
I’ll let the Vegas pics tell the full story on this Thanksgiving day, as there are simply too many things to list for which to be faithful.
Thank you God for love, family, friends, skill with which to hone a craft, the opportunity to help others, and a world of tomorrows that allows us to be better than today.
May all of you have a blessed and peaceful Thanksgiving.
In today’s video I catch up on a number of fronts, including announcing that 100% of the “Chronicles …” book proceeds will go to our charitable causes.
From finally agreeing to write a book, to managing my family through the passing of my dad, to dealing with a painful neck injury where four cervical discs were literally leaning on my spinal cord this summer, to recently dealing with a lightning strike which literally torched almost every piece of electronics in my home, my journey of life continues its never-ending (and certainly never dull!) twists and turns.
I’ve said before that one of the gifts that five decades of life provides is that of perspective, one that only time and experience can provide. It’s also reminded me – as did my physical therapist who helped me stabilize my neck condition that there are no magic pills to life and that time has to, well, “do it’s thing”.
Which brings me to some of the feedback to the book as it enters its fourth month and second printing, which continues to be highly positive with most Amazon readers giving it 5 stars, yet which more importantly clearly represents the typical mix of those who pursue this wonderful business of trading.
As a brief but funny aside, one Amazon reader indicated he didn’t like it because there was little on technical analysis, who must have skipped over the early section that stated that the book was a diary and intentionally not a book of technical analysis of which you can find hundreds. Sort of like going to a pizza joint and looking for seafood, and subsequently being shocked and disappointed when there’s no lobster on the menu. Contrast that view with one reader who wrote, “Give a trading strategy to ten people and you will get ten different results; the difference is in how the mind processes information and how it reacts.” That guy gets it. But I digress.
I say this because it’s clear that some traders are still looking for that magic pill … a pill that will catapult them to success and bypass the true prerequisites of time and energy. One reader was clearly looking for the trading equivalent of a cure for cancer for under $30. So at the risk of insulting the intelligence of the vast many who read this journal, and despite the blatantly obvious references in the book to lack of some sort of “holy grail”, I feel I need to be a bit more obvious by saying to some that THERE ARE NO MAGIC PILLS!
Now I certainly understand the impatient and short-sighted nature of most people, as I only need to look in my own mirror. In fact, my physical therapist must have given me the “lack of pill” speech at least two dozen times over the last few months as I was rehabilitating and strengthening my neck.
Yes, the book, this blog, and any of the educational tools provided are intended to leave a trail of navigating bread crumbs such that readers hopefully won’t step in the same crevices I did so they can maximize their potential and reach their final destination with as little damage inflicted as possible. For such is the clear responsibility of those of us who have been fortunate to have achieved a certain degree of success in the midst of a world that will always require that we accept and navigate around our own personal landmines and shortcomings.
But there’s no magic pill to avoid the sometimes painful journey, nor is there any Star Trek type transporter to avoid it completely.
Just like there’s no lobster on the pizza menu.
I’ll close with one reader’s view who stated “It is relatively easy to write a book full of hand-picked historical charts showing how easy is to apply specific methods and indicators, leading you to believe that achieving peak performance in the market is an easy task. But as you might know by now, trading is not just about your charts and indicators. It is a daunting mental challenge, every single day. And this book describes the nature of this challenge at its core.”
I’ll take extra pepperoni with that.
Enjoy the weekend and have a great trading week.
And the beat and interest goes on with today’s interview with Chuck Jaffe at MoneyLife.
Chuck is a fellow New Englander and regular contributor to MarketWatch, and you can find his complete bio here. He too has been an outspoken critic of some of some of the financial processes and “shingles” hung out there for investors to dry.
Special thanks to Chuck and the entire team at MoneyLife as we continue our ongoing mission of increasing transparency and pursuing equal footing for the little guy.
Now back to trading!