“It’s mind over matter … if you don’t mind, it doesn’t matter!”
FOCUS!
One simple word, yet very powerful when you realize your life depends on it
… the market doesn’t know you, care about you, or is “fair” … but neither is life
in general … cuz where focus matters in trading is NOT doing ‘stupid shit” that
you talk yourself into and is nowhere to be found inside your trading model .
I’ve written before about life on the trading floor, and the common denominator
that ran through every single person in the building trading for their own account,
which simply put was the fear of failure and having to actually work for a living
… inside of that, though, was the fear of having to explain to family why you’re
not making money … cuz guess what? … that “hot” clerk you’re dating doesn’t
give a shit if it’s a bull market, bear market, or a dead market … “can you spend
money on me”? … YES? … great … NO? … GTFO loser, and no I’m not coming
over to order in a pizza & we’ll watch a movie on TV … and your spouse? … it’s
even worse!
And so, what you quickly figure out as a full time trader, is that you have to do
this EVERY FRICKIN’ DAY … good markets, bad markets, shit markets, whatevs
… wives, girlfriends, they all got “needs”, and not a single one of them wants to
hear about the details … like Jerry Maguire said, “Show me the money”! … and if
you can’t, your problems have only just begun. Newbie traders get all “giddy”
when they hit a good trade, until it dawns on them they have to repeat this … if
the trade was pure dumb luck, and you don’t have a clue why it worked, you’re in
trouble but don’t know it yet … and it is this realization, when it sinks in, that
separates the “men from the boys” and either makes traders or rips your heart
out without hesitation.
There is no such thing as a “comfortable trade” … initiating a buy/sell trade by
buying rallies to get long or selling breaks to get short, will put you back into the
“Pudding Business” faster than you think … "groupthink” has no place in a
successful traders handbook. My point here is simple: “take care of business
NOW, the next trade, and let everything else take care of itself”.
Well, at least the NYSE open wasn’t a complete scam, like it has been everyday
this week … still, “Plunge Protection Team” [PPT] bidding from just after the open
vey evident, especially in the NDX100, where the retail spec public is long record
amount of tech stock CALLS, which means the dealer community is SHORT those
calls … it also means the dealers are “short gamma” from the long side, meaning
any rise in all of your favorites, sees the dealers scramble to buy the stocks
whether they want to or not … they don’t have a choice, and of course this
positive feedback loop makes the bubble expand even farther … until one day it
goes “POP”!, and the fucking party is over … and the way the Dimwits at the FED
are spiking the money punch bowl, it’s gonna be one ugly affair when it’s over.
Now in the afternoon in Gotham, and what a pile of dogshit this market has
become … can’t really break cuz of the central banks, can’t rally cuz who wants to
buy the top? … add to that a 3 day weekend cuz Monday is Preezy Day and federal
workers get another paid day off while markets are closed, and only the bravest of
idiots would want to park money in stocks here at the top, and then get to wait ‘till
Tuesday to see how the world is doing with the coronavirus … all the buying today
is either from the PPT or from shorts, and that doesn’t amount to much.
An interesting video from this morning, where a guy in Shenzen, China is in his
car today, driving down to the financial district … normally tens of thousands of
people there, in office buildings, coffee shops, restaurants, etc. … it’s totally
empty of any human beings … he’s literally the only guy there … no worries, cuz
like I said yesterday, the FED has a cure for a world depression & pandemic … it’s
called QE … shovel money to banks and everything is fucking awesome! …
teenagers acne goes away, everybody’s teeth go whiter, and stocks go magically
higher … so what if half the planet will be dead within a year? … stocks are
higher! … who knew? So, the Ponzi bubble appears safe today ... buy MOAR!
Range today in tulip bulbs about as sick as we’ve seen it the entire year, and now
that Europe is closed and we’re into the New York afternoon with the criminal
element of Squid, Citigroup, JPM, and the other assorted scumbags, it will be
interesting to see who wants to go home long stocks over a 3 day period … sure,
right now, with about 4 hours to go to the close, bids are strong & plentiful from
the usual suspects … but as time goes on, let’s see what’s real and what’s
bullshit … cuz I got news for ya … it won’t be the morning breaks in the DOW30
that set off a wave of selling, it will be the break that comes out of nowhere in the
afternoon, and the later the better … it’s why one of my cardinal rules of trading
stock indices from the long side is don’t buy breaks after 2:00 PM EST that
threaten the existing low of the day … cuz if you do, on that day you’re wrong
“they” come for you and your account!
And here in the Gotham P.M., it looks like stocks are having a slight case of
“buyers remorse” from earlier … not acting well in the face of reports out of
China that 1) WHO wants some answers RE health professionals getting the
virus, and 2) a ChiCom research paper, that could only have been released with
the blessing of the CCP, that says the virus was man made ina lab in Wuhan
… look next week, or sooner, for some lab workers to fall on the sword for Xi,
and take the blame for the outbreak … scapegoats, scapegoats everywhere!
… it’s been a very strange week in the DOW30, with Monday & Wednesday seeing
big overnight moves, and other than that, very little else in terms of making any
kind of move in the NYSE session … no matter, we make money under ALL
CONDITIONS!
It’s after 1:30 PM EST, and we’ve just been through some new lows for the day in
the DOW30, with very feeble rally attempts … the trading action down around the
low is terrible … there is no “POP” in price, just drifting like it’s sleepwalking or
something … until somebody who is long can’t take it anymore and we go down
in an M1 pretty fast … yes, we might get a rally here, but for my money with how
stretched this shit is and the real need for a break in price, the risk in the
afternoon isn’t worth the reward of the long scalp … for some who are more
aggressive than me, go for it, but it simply isn’t my style … with a 3 day weekend
coming up, the entire world long stocks, and the pandemic only getting worse,
what could possibly go wrong into the close? … very strange down here, just no
trading action, which tells me a bunch of people are stuck, and more importantly
no buyers are showing up to lift price, and if you’re long that should scare the
shit out of you … we’ll see.
Only one algo buy signal today … FX CHOICE PAMM / MAM UP SLIGHTLY MORE
THAN 0.1%.
Not at all happy with FX CHOICE today … my entry fill was literally horrible … about
4 index points off where I thought I should have been filled at … liquidation was
normal, and so I called the managing partner up on the phone and let my thoughts
be known … what pissed him off some, was when I said, “Don’t turn this place into
Turnkey with shit fills, OK”!? … I guess it has to happen once in a while, but it
doesn’t make it any better when it happens … fucking robber asshole thieving
LP’s! … but I digress … it’s Valentine’s Day so I’m in a loving mood!
I’ll be working this weekend on my new e-book … I’m hoping it will be done by
Sunday, but no promises .. we’ll see … if not, next weekend for sure … outta
here … until Sunday’s blog update mi amigos … Onward & Upward!!
Have a great weekend everybody!
-vegas
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