My frustration from yesterday has dragged into today, I’m taking the day off to do some deep thinking and introspection.
I figure Wednesday is a good day to take off, I’ve had a couple mediocre trading days Mon-Tues and this allows me to get back at it to end the week.
Odd, after just one day of ditching my smart phone I’ve already started to be more introspective. (Blog post series coming soon)
Like most people I redo and edit my trading rules when I get frustrated. Overall trading has been going very well for me this year, but frustrated lately by a lot of the same issues and I think my too diverse trading rules may be partially to blame. Its very easy to come up with or copy a bunch of trading rules but once they sprawl out so much I think its difficult to remember them all and be disciplined about following them all.
So I’ve decided to dial it back to a list of 10. I could probably do more, maybe less but I like the idea of constraining myself to a manageable number that can be re-read daily and have pinned to my desktop.
I also wanted to focus on being more of a day trader and being in cash each night. The majority of my success comes from day trades. The majority of my failures, holding losers overnight. I’ve become so conditioned to hating overnight holds that even when I’m holding a winner I get anxiety. On nights that I’m in cash I’m so happy and will literally say to myself “Yep, I’m in cash mother fucker.” and smile. A perfect example is a day like today, I held overnight and got bought in, while a manageable loss I thought about this stock all night, got up this morning dwelling on it, then got the email I was getting bought in. It then botched my prep mentally pre market and I’ve been dwelling on it all day.
Had I followed my “revised” trading rules all of this anxiety and wasted mental energy would be gone. I’m so much happier when I “Nail and Bail” even if its a loss, the longer I hold a stock, again even if its a winner, the more annoyed and aggravated I get.
So this rule set has been built to focus on what I do best, what I enjoy doing most and constrain me more.
If you are familiar with my friend and mentor @investorslive you will notice this list is built around and inspired by some of his favorite rules. Giving credit here so I don’t get accused of plagiarizing 🙂
“An hour of effective, precise, hard, disciplined – and integrated thinking can be worth a month of hard work. Thinking is the very essence of, and the most difficult thing to do in business and in life. Empire builders spend hour-after-hour on mental work…while others party. If you’re not consciously aware of putting forth the effort to exert self-guided integrated thinking…if you don’t act beyond your feelings and instead take the path of least resistance, then you give in to laziness, make bad decisions and no longer control your life.” – Kekich Credo #44
One of the points that Mike Rowe hammers home in his book, Profoundly Disconnected, is that Americans are disconnected from the things that keep our lives and society running on a daily basis (hence the title of the book). Without the trades, our society would literally crumble. Roads/bridges would go into disrepair. Cars would break down and not be fixed, and new cars wouldn’t be made to replace them. Our electrical grid would shut down and we’d lose power. Plumbing would break down or back up, and we’d all be swimming in our own waste. Not a pretty picture, is it? It may seem sort of dystopian, but in fact our infrastructure is falling apart before our eyes. The American Society of Civil Engineers rates it as a D+. 60 Minutes, just this week, did a feature on America’s crumbling infrastructure. This is an incredibly salient issue. Without more skilled tradesmen, it will only get worse.
via Reviving Blue Collar Work: 5 Benefits of Working in the Skilled Trades | The Art of Manliness.
“Don’t let the fear of the time it will take to accomplish something stand in the way of your doing it. The time will pass anyway; we might just as well put that passing time to the best possible use.” – Earl Nightingale
But here’s the thing: I’d rather be exhausted striving for excellence than churning out work that succeeds merely because it offends the least amount of people. The cost? The fear of financial uncertainty. But I willingly accept this cost because it allows me to follow my path and craft the type of career and lifestyle that I want and need.
There are things that I will not compromise on, including my sanity, happiness, time with my family, spontaneous travel with my son, and creative control in the work I choose to take on. If I fail, I will fail on my own terms, doing what I love.
via You Can Have an Easy Life or an Awesome One. Choose Wisely. – 99U.
I’ve only been back at work for a few days, but already I’m noticing that the more wholesome activities are quickly dropping out of my life: walking, exercising, reading, meditating, and extra writing.
The one conspicuous similarity between these activities is that they cost little or no money, but they take time.
via Your Lifestyle Has Already Been Designed.
So think about this, long and hard. Get out a notebook and write down your answers then give it some serious consideration.
If your doctor told you today that you had 6-12 months to live what would you immediately stop doing?
What do you do regularly that you have no passion for?
What brings you down that should stop doing?
Who brings you down that you should stop spending time with?
What are you wasting countless hours each week doing?
What things would you start doing?
What have you always wanted to do or learn but put off because you were “too busy?”
What friends could you reach out to more often that you haven’t seen or talked to in a while?
What experiences would you want to have?
Who would you want to spend time with?
What would you want your legacy to be?
via Jason Ferruggia | Muscle Building Workouts | Bodyweight Exercises.