Archive for Trading After Dark
At it’s been some time since we last did an extensive brain dump, let’s have at it and reflect on various musings in what may hopefully be a reinvigorated start to our popular Weekend Trader segment.
“Trading After Dark” Following Star Trek?
Is anyone old enough to remember the initial Star Trek TV series? While that show did well at the time in small circles, it was ahead of its time and received a wider viewership as years progressed. I guess you could say it “aged” into its own phenomenon. Fast forward to our six Trading After Dark “episodes” from a few years ago where we analyzed actual trade sequences and performance, which now seems to be finding a second wind based on emails and renewed interest, including some sort of possible TV syndication. If you’re new to the blog, or looking for a jump start to your passion, confidence, or simple belief in the business trading, I encourage you to check them out and I’ll keep you posted as to evolving plans should then pan out.
“Chronicles” Rip Tide
My feeble mind is admittedly still trying to put the “Chronicles” book effort in some sort of perspective as time begins its post-publication march. As I said when I was writing the book, time will ultimately be the judge as to its true impact on the trading world. I must admit that while we worked tirelessly to produce a quality, no-holes-barred resource unlike any other in the business, I didn’t expect the outpouring of industry leadership support from the likes of Raschke, Connors, et al who have ranked the effort among the best they’ve ever read, nor did even the publisher John Wiley & Sons expect Amazon to formally recognize it as one of the best books on Leadership and Business last month.
This latter unexpected point perhaps speaks best to the true undercurrents of the work, which was also reinforced by a chat I had with a reader from Texas this week who has recommended the book to several of her non-trading friends. For it’s these undercurrents – much like the below-the-surface yet powerful rip tides on Cape Cod – that in my view confirm that the “real” Bamboo seeds I was trying to plant. Yet – and as was intended – you also have to somewhat “look” for them throughout the reading. Thus I suggest if you get to the last sentence of the final chapter which asks, “Is this a book about trading or life? I’ll let you decide.” and wonder what you missed, my advice would be to re-read it trying to answer that very question, with particular emphasis on the Preface, Introduction, Part I, and Part VIII.
The Gift of Age
Continuing these thoughts, one gift that a maturing age provides us is perspective and humility, including the fact that life isn’t about who ends up “most popular” or with the most tiddly winks at the end. I say this because among the many book accolades, a few have indicated they were disappointed with my frequent mention of setbacks, stumbles, and mistakes which preceded the course corrections. Yet as I state in the book, 52 years of life have proven to me that life’s mistakes provide the necessary bedrock foundation for any degree of future success, and that history untold or misunderstood will simply be history repeated. Yes, the book includes a degree of triumph and self-actualization. Yet as intentionally stated in the subtitle, the necessary road map to such a place invariably leads us through multiple valleys before one can see … never mind attain the peaks. And such can only be accomplished as the result of time, age, and wisdom.
Beware of % Return Performance Figures
I have a very small cash futures “play” account (about $10k on Jan 1) that is up an annualized 105% this year. Yet don’t let what seems to be an inflated % fool you, as to me, it’s all about tangible P&L … which in this case, is a tiny $8k. Unlike my primarily accounts, I don’t trade it frequently (a couple of trades a month). Take-away? Don’t get too caught up on rates of return. Last I checked, my daughters’ two colleges were looking for a total of $400,000 in tangible dollars versus some intangible percent.
The Globex Trader
Back to the “After Dark” topic, as many know, I continue to be a huge proponent of trading outside of the normal Pit 9:30am to 4:15pm ET hours, especially in the early evening or Europe morning where probability is often highest and manipulative U.S. market maker games at their lowest. To that extent, I’m considering new ongoing personal journal entries specifically addressing this period, which may also help part-time traders who have full-time obligations during the “standard” U.S. hours. Plus, we’ll have some more fun. Look for more info on this as I think about how to position such an effort.
Upcoming Live Jellie Program
Finally, and intentionally mentioned at the end of today’s segment, we’ll be running our only live Jellie Trader Training effort of 2013 during the week of August 26. It will be our 10th session in what has been a well-received effort, and we’ve compressed the timeframe and reduced the participation tuition for this year’s event based on feedback and to accommodate those who can’t devote an extended period of time. As with the earlier efforts, I don’t mass market these and there will be zero mention of the August effort outside of this journal as my approach will remain trying to help those who knock on the door, versus going around doing the knocking. As I’ve said before, it may be a lousy sales approach, but I’m not interested in selling. In any event, I’m looking forward to once again going all-in for a “drink-from-the-firehose” week of trading and training.
Have a great week!!
A quick post this morning before I finally get out of the office today (Saturday) for some R&R at our annual Emmaus picnic.
Trading After Dark Episode #6 – First, a huge thank you for the mega-response to the last two Trading After Dark (TM) videos – Episodes 5 & 6 – which are now approaching 2,500 cumulative trader views.
Specifically, Episode #6 has triggered a response throughout the industry where some believe it is one of the largest steps forward ever in the financial industry with respect to sharing the intimate financial details of those who provide liquidity and make markets.
As always, transparency and truth will continue to drive our ongoing efforts … both in our trading efforts and in life.
Weekly PivotPoint Advisors Briefing – My weekly technical and portfolio Briefing for longer-term cycles for last week has been posted in the Briefing Room tab on the PivotPoint site. In this week’s notes, I show how Wednesday’s short-term 15-minute signals helped foretell Thursday’s crash.
September S&P Jellie Trader Training – A reminder that we’re only a few weeks away from our only other live S&P Jellie trader training effort scheduled for 2011.
As the 4-week effort begins right after Labor Day, and participants must view the 16 hours of Webinars prior to our start, please email me at firstname.lastname@example.org asap if you’re interested in learning the business of making a market in the S&Ps or similar markets. And as both TAD Episode #6 and last year’s talk in New York indicated, you can run an effective business on modest size.
As always, I refuse to mass market such training as I’d rather simply let people know its availability via these blogs versus actively “chasing ambulances” and hoarding people into a room. The consistent result has been a small team made up of individuals (average age of those participating in the first eight efforts has been 49) who truly care about the effort and each other.
And a reminder for those who don’t have the time commitment that the 16-Hour video series remains a viable option. Click here for the complete Webinar syllabus. As always, a portion will go to support our ongoing American Diabetes Association and/or Grow Uganda efforts.
Enjoy the weekend.
I’m frankly not sure where to start on this one except to say that Episode #6 (almost 50 minutes long!) presents some of the most comprehensive statistical reporting ever made available in support of my S&P liquidity business, as well as FOUR underlying trade sequences.
If the last Episode (1,000+ views and counting in four days) went mini-viral throughout the trading community, this one may very well double that.
I’ll let the opening comments and Episode itself say the rest as we try to take industry transparency to yet another level.
As is our practice, please post comments on the TAD site vs. here. Thanks.
Well, I finally had some time and focus to pay attention to my own trading and do some post-production today, and so Episode #5 is finally up on the Trading After Dark (TM) site … and in HD as always.
Today’s episode (about 37 minutes) uses today’s personal trading to illustrate trade sequence and time of day management from a liquidity provider’s perspective.
I begin by walking through two key sequences which reflect the bulk of the day’s +$14K take, after which I share my personally developed time-of-day management charts which helps me manage my intraday performance.
I suppose I could have titled the episode, “Providing Market Liquidity in a Thin & Volatile Market”.
Click on the pic below to go to the TAD site and enjoy!
A reminder to please place all comments on the TAD site vs. here. Thanks!
Look for a special Trading After Dark Episode shortly analyzing a full trading day … using today’s market as an example.
Trading After Dark Episode #4: “Chasing the Tail” showing an opening trade from this morning’s action is up!
Please submit any comments to the TAD post so we can keep them all in one place. Thanks.
Today’s Trading After Dark “wardrobe” video discusses how you can support our ongoing TAD charity work by purchasing polo shirts and/or caps.
As I state in the video, 15% of the proceeds will go to our GrowUganda.org and American Diabetes Association charities (calculated & tracked by the logo company), with the rest of the price going to the manufacturer. Translation: Don gets zero.
In return, you get one or two very nice pieces of quality clothing.
With the TAD views approaching 6,000, we’re clearly onto something here, so let’s help out those in need in the process.
If you’ve EVER benefited from any of the blog posts, TAD episodes, or my ongoing babbling, please consider getting a cap or shirt.
The link to the store is http://tad.logosoftwear.com.
The recent silence (due to the live 2011 Jellie trader training effort) ends in a big way today with a 40-minute Episode #3.
Technical Note: Per the TAD post, you may have to select the “Watch on YouTube” button in the lower right to view the full-screen version if it doesn’t launch on the posted page.
Please post any comments to the TAD site so we can consolidate TAD-specific feedback to that site (they’ve been turned off on this post).
In addition, if you’re interested in our longer-term investment technical briefing and portfolio positioning, this week’s recap can be found via the Briefing Room tab on the PivotPoint site.
Plus, the TAD prototype caps and shirts are on their way!