Post feedThursday Part III
Just to clear the air...This mornings post was just a way to vent a few frustrations. I am hoping that the few of you that have only known me for a short time don't look upon me as the "head 
case that can't trade." To be outright honest and vocal (and sometimes borderline inappropriate) about my surroundings allows you to see what the reality of what some of you consider your "dream job" to be like. It is a tough game. But it is also a very rewarding game. Had I not been in the market for several years, and know what I know about trading rules, I would already have been killed by the market. Money management keeps me alive, as it does all the great ones. My lifetime win/loss ratio (not including the 90's) is not that flattering, but my win/loss ratio has never concerned me. What concerns me is making more money than I lose. I have done a very good job of this over my career. Even though I am in a slump currently, I am only losing the money I made Jan-April. Just to reiterate a concept you all know well...please, please, please....use a proper money management approach in your trading. Eventually, I will find balance and walk out of this smiling, but in the meantime I cannot blow up all my capital. It will make me very ineffective when the market becomes easier to trade in.
The e-mails and posts I have received have been very friendly and supportive. Thanks for being encouraging people. I hope at the same time I have been able to provide a few worthwhile moments for each of you along the way.
Now, getting down to business. The one winning trade I have at the moment, VIP is now reaching a level of resistance. So those Aug 45 calls I purchased for $2 are now trading at $5.60. I am watching carefully to see how it holds up before closing out. BTW- BA finally confirmed that Descending Triangle, so I took a trade on it today. BA has been a winner on the last few times I have traded it, so I am looking forward to another good outcome with it.
One last item to mention...I have been asking for the company to allow me to present a new "trading room" session. It will be on option pricing, which also includes greeks and implied volatility. Even though it is all secondary material in an option trade, I think it will still be a very valuable course. I am still in the early stages of details on the course, but as soon as everything is finalized you will all be first to know.
See you all in the morning.
Jeff
case that can't trade." To be outright honest and vocal (and sometimes borderline inappropriate) about my surroundings allows you to see what the reality of what some of you consider your "dream job" to be like. It is a tough game. But it is also a very rewarding game. Had I not been in the market for several years, and know what I know about trading rules, I would already have been killed by the market. Money management keeps me alive, as it does all the great ones. My lifetime win/loss ratio (not including the 90's) is not that flattering, but my win/loss ratio has never concerned me. What concerns me is making more money than I lose. I have done a very good job of this over my career. Even though I am in a slump currently, I am only losing the money I made Jan-April. Just to reiterate a concept you all know well...please, please, please....use a proper money management approach in your trading. Eventually, I will find balance and walk out of this smiling, but in the meantime I cannot blow up all my capital. It will make me very ineffective when the market becomes easier to trade in.The e-mails and posts I have received have been very friendly and supportive. Thanks for being encouraging people. I hope at the same time I have been able to provide a few worthwhile moments for each of you along the way.
Now, getting down to business. The one winning trade I have at the moment, VIP is now reaching a level of resistance. So those Aug 45 calls I purchased for $2 are now trading at $5.60. I am watching carefully to see how it holds up before closing out. BTW- BA finally confirmed that Descending Triangle, so I took a trade on it today. BA has been a winner on the last few times I have traded it, so I am looking forward to another good outcome with it.
One last item to mention...I have been asking for the company to allow me to present a new "trading room" session. It will be on option pricing, which also includes greeks and implied volatility. Even though it is all secondary material in an option trade, I think it will still be a very valuable course. I am still in the early stages of details on the course, but as soon as everything is finalized you will all be first to know.
See you all in the morning.
Jeff
Your posts the last couple of days have been most beneficial. The pictures you have used to describe your emotions have been worth a thousand words each. Your comments have been very supportive in this very difficult market. Thanks for the openness and the honesty. It REALLY helps!
Posted by
Anonymous |
8/11/2006 04:43:00 AM
Jeff,
I hope you are able to persuade the powers that be to allow a Trading Room class on the Greeks and Volitility. Learning how to "read" how volitility impact's a trade in "real time" would be quite helpful.
Please know that I watch your Trading Room recordings on a regular basis. I wish I could join you live, but my other life gets in the way.
Some of us on the east coast have difficulty tuning in live at the ungodly hours of 8pm and 9pm...but I guess the west coasters have trouble tuning in before the sun comes up in the morning. Thank goodness for technology that allows us to view the recordings.
Thanks again for the teriffic education!
bcj
bcj
Posted by
Anonymous |
9/03/2006 11:20:00 AM