Tuesday, August 23, 2005

Confucius Say.....

My friends and family can attest that I could easily get by eating PF Chang’s 3 days a week, as long as the other 4 have pizza involved. Tonight the Chang’s Spicy Chicken was superb.

It’s this fortune cookie I can’t get over.

No one conquers who doesn’t fight.

What? I went from polishing off one of my favorite meals to contemplating my lifetime goals in 2.9 seconds! Even faster than those Ferraris at Wynn Las Vegas. I wanted my fortune to say that people like me or that all my dreams will come true without having to vote for Pedro. Instead, this thought is all over me. I had to shave and shower just to see if it would go away, but nope. Even after my favorite show Rock Star: INXS, it was on my mind.

No one conquers who doesn’t fight.

I know there are many applications for this and many examples in our world today. Lance Armstrong. Tiger Woods. Superman. Pretty much anyone who refuses to take NO for an answer is a fighter, and as a result they conquer. I’ve fought to achieve, and it takes determination. I worked for my All-American plaques, but it wasn’t easy and I sacrificed a lot of other things to get that label. Winning takes effort and pain and…..WORK!

But what about trading? That’s the part that’s bothering me. Trading isn’t always about sweat. I can’t grit my teeth on this trade and force it to work. I can’t look at the guy beside me and decide that I want it more than him and go get it. Profits are often elusive. Profits don’t care how many charts I looked at last night, or what size my trading account is, or how many trades I’ve executed over the past decade. To get them I have to be right.

I took vacation a week ago, and this week the market isn’t moving yet. My brokerage wonders if I’m at the movies instead of logged in. Basically, this week I haven’t been in the fight much at all, so how am I supposed to conquer?

Then I realized this doesn’t apply directly to my next trade. How could it? If it did, then one day my determination might blow out my account, and that would be bad for business! So, since I can’t apply this from one trade to the next, I have to look at the process in order for this to work. I have to look at my results over time, my effort over time, my P&L over time, and THEN decide if I’m fighting hard enough to conquer. The fact is that as a trader, if I want to be successful and keep losses under control, I must check my ego at the door every day.

Times like this when the market is offering very little (as I stated tonight in my swing trading newsletter), my JOB is to sit back and wait for the market to come to me. I can’t go on attack mode when I don’t have an edge. My job at the moment is to wait for this market to indicate a direction, set up some quality chart patterns, and THEN enter the fight.

Until that happens, I’m going to assume these are lucky numbers on the back of this little paper and not Fibonacci retracement levels.

Have a great night,

The Stock Bandit


Blogger MyFriendFate said...

Vote for Pedro! LOL My friend has the T-shirt.

3:25 PM  

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