My Conversations

My conversation with David didn't turn out to be as beneficial as I had hoped but there were still some good stuff there. I didn't want to spend too much time talking about trade ideas or set ups because I personally felt that at this point the focus is on some of the more intangibles and mental aspect of the game. I wanted to figure out how to try to get to that next level, but I didn't hear anything new really. That is not a negative really, b/c it just reinforces some of the previous conversations I've had.

David's advice was to try new things, especially options and on small enough of a scale where I wouldn't care if I was wrong b/c the damage would be very minimal. I wanted to short SKF when it was way up high but we couldn't locate shares, I wish I had thought about selling some calls or buying a few puts. Next time, next time. One other thing I had to ask him was about what he was doing pre-market, which I didn't get the time to probe too much and I don't want to disclose his secret to everybody but it has to do with industry wide overall... how's that?

Next thing to work on is to scale my trading, meaning that either trade more shares of what works for me or in a different way or different industries. This led me to set up a lot more other link transformers for different stocks in the same industries that trade together or at least some what correlated. Another thing is to find a strategy that would work consistently enough for auto trading.

I've also try to take the initiative to talk to some of the newer traders, especially in our pod. Personally I felt like nobody to talk to when I first started. Only when I'm feeling extremely frustrated I'd go talk to Lawrence or Nick. In coaching them, I'm coaching myself a little bit as well. Because if I'm telling them to maintain their discipline or be patient and follow their trading rules then I better follow through on my end and be an example to them.

One of the rookies in particular... I won't name names but I'm beginning to be a little be frustrated b/c it's not necessarily he won't listen, it's just that I feel there are things he has convinced himself to be the truth when it's not really the case. I actually spent some time chatting with him after we played volleyball on Tuesday. Just so you know, by the time we were done it was about 11:40pm already and by the time I got into my car it was like 12:40am. He was incredibily frustrated and was just kind of beaten up. I'd say probably the first 40, 45 minutes or so was just me listening, relating to him. Finally it got to a point he was just whining way too much and I had to switch gears on him and tell him to pick up his skirt and go to work. Yeah, I actually did say that. Mr. Nice Guy approach wasn't getting through to him so I had to try something a little different. I told him that he knows how to trade and how to make money but he was letting little things stand in his way.

I think I'd be a good coach... I really do. I just need to get my production level up there and consistently to be nominated. A day at a time, a day at a time. I'm shooting to get there by end of May or the end of summer.